Mortgage Rate Trends 2024. House prices have been largely flat over the past 12 months (annual property price rises range from 1.1% to 1.6%) according to the latest. Mortgage lenders typically adjust their rates in increments of 0.125% (e.g., 6.875%, 7.0%, 7.125%, 7.25%, etc.).

The housing market was downright hostile in 2023. From 1971 to present, the highest average mortgage rate ever recorded was 18.63% in october 1981.