Mortgage rates under Joe Biden
30-year mortgage rate · Democratic · Jan 20, 2021 – Jan 20, 2025
Under Joe Biden, the average 30-year mortgage rate went from 2.68% in Dec 2020 to 6.72% in Dec 2024, up 4.04 pts. That is +1.01 pts/yr, against −0.38 pts/yr in the four years before. Ranked by yearly change, it is the 2nd-fastest rise of the 8 completed terms since 1977.
Average rate on a 30-year fixed-rate mortgage (Freddie Mac Primary Mortgage Market Survey), weekly survey averaged by month. Follows long-term Treasury yields and the Federal Reserve's policy more than anything a president does directly. Source: Freddie Mac, via FRED MORTGAGE30US. Monthly data, fetched Oct 19, 2026. The chart runs from four years before the term to two years after it.
Mortgage rates under Biden, year by year
Highest reading during the term: 7.62% in Oct 2023. Lowest: 2.68% in Dec 2020.
| Period | Value | Change |
|---|---|---|
| Dec 2020, before inauguration | 2.68% | |
| Dec 2021 | 3.10% | +0.42 pts |
| Dec 2022 | 6.36% | +3.26 pts |
| Dec 2023 | 6.82% | +0.46 pts |
| Dec 2024 | 6.72% | −0.10 pts |
Mortgage rates under every president
Terms sorted by yearly change, fastest rise first, each next to the trend over the four years before it. A term's first year mostly reflects the previous administration's policies, and Congress, the Fed and the world economy move this number too. Why nothing here is a score.
| President | During term | 4 years before |
|---|---|---|
| Jimmy Carter 1977–1981 | 8.79% → 14.79% +1.50 pts/yr | +0.34 pts/yr |
| Joe Biden 2021–2025 | 2.68% → 6.72% +1.01 pts/yr | −0.38 pts/yr |
| Donald Trump (2nd term) 2025–present | 6.72% → 6.86% +0.08 pts/yr · through Sep 2026 | +1.01 pts/yr |
| Bill Clinton 1993–2001 | 8.21% → 7.38% −0.10 pts/yr | −0.60 pts/yr |
| Barack Obama 2009–2017 | 5.29% → 4.20% −0.14 pts/yr | −0.11 pts/yr |
| George W. Bush 2001–2009 | 7.38% → 5.29% −0.26 pts/yr | −0.05 pts/yr |
| Donald Trump (1st term) 2017–2021 | 4.20% → 2.68% −0.38 pts/yr | +0.21 pts/yr |
| Ronald Reagan 1981–1989 | 14.79% → 10.61% −0.52 pts/yr | +1.50 pts/yr |
| George H. W. Bush 1989–1993 | 10.61% → 8.21% −0.60 pts/yr | −0.64 pts/yr |
Every term lined up from inauguration day on one chart · 30-year mortgage rate by president since 1980
Events during the term that bear on mortgage rates
- Mar 16, 2022 Federal ReserveFed begins raising rates. First of eleven rate hikes over 2022–23 to fight post-pandemic inflation.