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Prior to the 1930's mortgages were mainly short-term loans with balloon payments.

In 1934 the FHA (Federal Housing Authority) was created to insure mortgage loans, motivating banks to give loans to low-income borrowers with low down payments with interest rates around 6-7%.

By the end of the 1940's and early part of 1950's interest rates were at 5% for a 20 year fixed loan.

In 1944 the VA (Veterans Affairs) loan program was created

In 1948 the FHA stretched out the loan term to 30 years.

From the mid-1960's most mortgages were at 5-6% interest rate, and were funded by large Commercial Banks or Savings and Loans Associations (S&L's) which were insured by the FDIC (Federal Department Insurance Corp)

In 1970 Rates were at 7.5% Freddie Mac (FHLMC, Federal Home Loan Mortgage Corp) was created to buy loans from the S&L's

Late 1960's and early 1970's interest rates climb 

In late 1970's rates rose from less than 10% to 18% in 3 years!

In 1981 the rate hits 18.5% for 30 year fixed rate mortgage and Adjustable Rate Mortgages (ARMs) are offered

Toward the end of 1985 fixed rates dropped to 9%

In the 1990's interest rates fall below 8%

Until the mid 1990's to get a mortgage borrowers had to disclose income and assets, and have good credit scores   - If you did not have these things, i.e. lower income, no assets, low credit scores, one could still get a loan but at a higher rate

2000 30 Year Fixed Rate was 8%

2008 30 Year Fixed Rate was 5%

From 1970 -2010 30 Year Fixed Rate less than 10% for almost 11 years

2000 - 2009 average rate was 6.3%

2009 Disclosure of income and assets plus good credit scores is required to obtain a mortgage. Interest rates keep dropping

***End of September 2010 - Less Than 4.37% 30 Year Fixed  - Less Than 3.75%  15 year Fixed !!!

History has shown that rates can move quickly upward if economic conditions change!

Right now, Fixed mortgage rates are the LOWEST IN HISTORY!

REFINANCE.....BUY IF YOU CAN....DON'T SIT ON THE FENCE TOO LONG!!!

(Most Info found on pedia.  If you have other information please comment!! - Thank you! - Gloria)