# Mortgage rates under Joe Biden, 2021–2025

Source page: https://govargus.com/presidents/biden/mortgage-rates

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.

30-year mortgage rate: 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 (https://fred.stlouisfed.org/series/MORTGAGE30US), fetched Oct 19, 2026.

## 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 |

## Every term

Sorted by yearly change, fastest rise first. A term's first year mostly reflects the previous administration's policies, and Congress, the Federal Reserve and the world economy move these numbers too. Govargus describes; it does not score presidents.

| President | Term | 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 |

## Events during the term

- Mar 16, 2022, federal reserve: Fed begins raising rates. First of eleven rate hikes over 2022–23 to fight post-pandemic inflation.