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Rates peak at 7.79% (Oct); highest since 2000
6.81%
Annual avg rate
30-yr fixed
+1.47pp
vs 2022
Year-over-year
5.02%
Fed funds rate
Annual avg
+4.12%
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 Fed raised rates four more times in early 2023, reaching 5.25–5.5% by July — the highest since 2001. The Fed held rates steady through year end, with its first acknowledgment of possible 2024 cuts. Banking stress (SVB, Signature failures) briefly complicated policy.
CPI fell from 6.4% in January to 3.4% by December — significant progress but still above the 2% target. Core CPI (ex-food/energy) remained stickier, particularly shelter costs.
Mortgage rates peaked at 7.79% in the last week of October — the highest weekly reading since April 2000. Housing affordability fell to the worst levels since 1985. Existing home sales hit 28-year lows as the "lock-in effect" persisted.
$1,958/mo
At 2023 rate (6.81%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$6/mo
2023 was cheaper
vs today on same loan