 But today, that is certainly not true. High supply is due to the least affordable housing market in U.S. history. Here's how affordability has changed over the last four years. Four years ago, the 30-year mortgage rate was a little under 3%, and the average new home price in the U.S. was $369,000. Today, the 30-year mortgage rate is over 7%, and the average new home price is $525,000.