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30-year fixed averaged 3.94% — falling rates
3.94%
Annual avg rate
30-yr fixed
-0.60pp
vs 2018
Year-over-year
2.16%
Fed funds rate
Annual avg
+1.81%
CPI inflation
Year-over-year
Estimated monthly rates based on annual averages and adjacent-year interpolation. Seasonal pattern reflects typical mortgage market spring/summer premium.
The Federal Reserve maintained a federal funds rate averaging 2.16% during 2019. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 1.81% in 2019. Inflation was within or near the Federal Reserve's long-run target range.
With historically low mortgage rates averaging 3.94%, housing affordability was near the best levels in decades. Declining rates spurred refinancing activity and supported home purchases.
$1,422/mo
At 2019 rate (3.94%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$542/mo
2019 was cheaper
vs today on same loan