Visual Capitalist Charts Mortgage Banking Highs and Lows

Mortgage boom or bust cycles are nothing new. But what’s different about our current marketplace involves the degree of fluctuation we’ve seen in the last few years. A recent Visual Capitalist infographic clearly illustrates the industry’s epic shifts and hints at the challenges ahead.

Key findings include:

• The U.S. 30-year fixed-rate mortgage reached its highest level since 2002. In 2021, 30-year fixed-rate mortgages accounted for 70% of market share nationwide.

• U.S. housing affordability is at its lowest point since 1989 – an issue compounded by rising home rates and limited housing inventory.

• In the last few years, 30-year fixed-rate mortgages hit their lowest point in U.S. history – 2.65% in January 2021 – before skyrocketing to their current rate of 7.31% (October 3, 2023).

For complete details, view the infographic here: “Charted: The U.S. Mortgage Rate Vs. Existing Home Sales.”