1970s Mortgage Rates Were Much Higher Than Today's 7.4%, And The Housing Market Still Boomed. So Why Is It Frozen Now? - 24/7 Wall St. On Tuesday's Marketplace Morning Report, host Kimberly Adams raised a puzzle. The average 30-year fixed mortgage stands "just shy of 7.5%â€, which is actually below the roughly 7.5% average since 1971. Economist Craig Richardson bought his first home in the early 1990s at 7%, and it felt cheap because his parents had paid 15%. Today a similar rate has stalled the market. Hou ...