how much you ll have to pay for a mortgage depends on the type such as fixed or adjustable its term such as 20 or 30 years any discount points paid and the interest rates at the time interest rates can vary from week to week and from lender to lender so it pays to shop around 
mortgage rates sank to historic lows in 2020 and 2021 recording their cheapest levels in almost 50 years from roughly the start of the pandemic april 2020 to jan 2022 the 30 year fixed rate average hovered below 3 50 including an ultimate low of 2 65 345but 2022 and 2023 saw mortgage rates skyrocket setting records in the opposite direction the 30 year fixed rate average breached the 7 threshold for the first time in 20 years in oct 2022 65 this past october the rate was closer to 8 notching a 24 year peak reading of 7 79 76 in the months since then the 30 year mortgage rate has fluctuated dropping by more than a percentage point by the end of 2023 and surpassing 7 again in april and may 2024 according to the federal home loan mortgage corp average interest rates looked like this as of july 2024 