Short answer. The annual average 30-year fixed mortgage rate in 2024 was 6.84%, with weekly readings ranging from 6.08% to 7.79% across the year.
The 2024 annual average 30-year fixed mortgage rate was 6.84% per the Freddie Mac PMMS. Weekly readings ranged from a year-low of 6.08% in late September (after the Fed's first rate cut since 2020) to a high of 7.79% in late October (as the post-election rate environment took hold).
The Fed pivot of 2024
The Federal Reserve held the federal funds rate at 5.25–5.50% from July 2023 through August 2024 — its longest pause since the early 2000s. In September 2024, the Fed delivered a 50-basis-point cut, followed by 25-basis-point cuts in November and December. The federal funds rate ended 2024 at 4.25–4.50%.
The rate-lock context
The 6.84% rate sat well above the 4% threshold that mortgage analysts identify as necessary to meaningfully unlock listing inventory. With approximately 76% of mortgaged owners holding loans below 5%, the rate-lock effect continued to dominate market dynamics. Existing-home sales of 4.06M were the lowest since 1995.
Long-view context
The 6.84% rate is below the full-history (1971–2024) PMMS average of 7.7% but well above the 2010-2021 range of 2.96%–4.54% that defined the post-crisis era. Mortgage analysts generally see a long-run equilibrium rate of 5.5–6.5% under normal economic conditions, suggesting 2024's reading is modestly above neutral.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.