Mortgage interest rates sunk across all terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.
| Loan type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.79% | 6.92% | -0.13 |
| 15-year fixed | 6.09% | 6.20% | -0.11 |
| 5/1 ARM | 6.19% | 6.56% | -0.37 |
| 30-year fixed jumbo | 6.84% | 6.95% | -0.11 |
Rates last updated December 5, 2024.
The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, December 5th, 2024 at 7:30 a.m. ET.
Market mortgage rates constantly change as the economy ebbs and flows, policymakers and investors digest new data and lenders decide how much risk they’re willing to tolerate on a given day.
That includes Federal Reserve decisions. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy.
Historical mortgage rates: How do today’s rates compare to years past?
The Fed will meet next in December. At that time, we’ll get a rate decision and learn more about what policymakers expect for the economy in 2025.
Still, your housing needs might change regardless of the Fed and yields. If you want to buy a home or need to sell now, shop around to find the lowest-possible rate.
Current 30 year mortgage rate falls, -0.13%
The average rate for a 30-year fixed mortgage for today is 6.79 percent, down 13 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.92 percent.
At the current average rate, you’ll pay principal and interest of $651.26 for every $100,000 you borrow. That’s lower by $8.68 than it would have been last week.
The 30-year mortgage is the most popular option for borrowers. It has a number of advantages. Among them:
- Lower monthly payment: Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly payments spread over time.
- Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
- Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
- Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
Learn more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate falls, -0.11%
The average 15-year fixed-mortgage rate is 6.09 percent, down 11 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $849 per $100,000 borrowed.
5/1 ARM rate drops, -0.37%
The average rate on a 5/1 adjustable rate mortgage is 6.19 percent, down 37 basis points from a week ago.
Monthly payments on a 5/1 ARM at 6.19 percent would cost about $612 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rate declines, -0.11%
The average rate for the benchmark jumbo mortgage is 6.84 percent, a decrease of 11 basis points over the last seven days. This time a month ago, the average rate was higher at 6.96 percent.
At the average rate today for a jumbo loan, you’ll pay a combined $654.59 per month in principal and interest for every $100,000 you borrow. That represents a decline of $7.36 over what it would have been last week.
30-year mortgage refinance rate moves down, -0.14%
The average 30-year fixed-refinance rate is 6.81 percent, down 14 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.93 percent.
At the current average rate, you’ll pay $652.59 per month in principal and interest for every $100,000 you borrow. That’s down $9.36 from what it would have been last week.
When will mortgage rates go down?
Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.
“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming weeks.
More on current mortgage rates
- Expert poll: Mortgage rate trend predictions for this week
- Latest mortgage news for this week
- Compare mortgage rates for today
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
