Average mortgage rates came down 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 fell.
| Mortgage type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.80% | 6.91% | -0.11 |
| 15-year fixed | 6.14% | 6.19% | -0.05 |
| 5/1 ARM | 6.38% | 6.52% | -0.14 |
| 30-year fixed jumbo | 6.96% | 7.06% | -0.10 |
Rates accurate as of December 10, 2024.
These rates are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, December 10th, 2024 at 7:30 a.m. ET.
Market mortgage rates shift up and down as the economy changes, new data becomes public and lenders decide how much risk they’re willing to tolerate on a given day. The Federal Reserve cut interest rates at its September and November meetings, with some Fed officials hinting at another rate cut this month. Still, mortgage rates remain higher than the lows seen just a few months ago.
Historical mortgage rates: How do today’s rates compare to years past?
The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to increase or decrease 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, including monetary policy.
Still, your housing needs might change regardless of the Fed and yields. If you’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.
Current 30 year mortgage rate falls, -0.11%
The average rate for a 30-year fixed mortgage for today is 6.80 percent, a decrease of 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.88 percent.
At the current average rate, you’ll pay principal and interest of $651.93 for every $100,000 you borrow. That’s a decline of $7.34 from last week.
Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.
15-year mortgage rate declines, -0.05%
The average rate for a 15-year fixed mortgage is 6.14 percent, down 5 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $851 per $100,000 borrowed.
5/1 ARM moves lower, -0.14%
The average rate on a 5/1 ARM is 6.38 percent, sliding 14 basis points over the last 7 days.
Monthly payments on a 5/1 ARM at 6.38 percent would cost about $624 for each $100,000 borrowed over the initial five years.
Jumbo loan interest rate declines, -0.10%
The average rate for a 30-year jumbo mortgage is 6.96 percent, a decrease of 10 basis points over the last seven days. This time a month ago, jumbo mortgages’ average rate was lesser at 6.89 percent.
At today’s average rate, you’ll pay principal and interest of $662.62 for every $100,000 you borrow. Compared with last week, that’s $6.72 lower.
Current 30 year mortgage refinance rate drops, -0.06%
The average 30-year fixed-refinance rate is 6.77 percent, down 6 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.90 percent.
At the current average rate, you’ll pay $649.93 per month in principal and interest for every $100,000 you borrow. That’s lower by $3.99 than it would have been last week.
When will mortgage rates go down?
It’s possible. With the changing administration, investors are buying up low-risk Treasury bonds, driving their yields down. In times of uncertainty, mortgage prices tend to retreat.
“Expect volatility and unpredictability with bond yields and mortgage rates netting out a bit lower,” says Greg McBride, CFA, chief financial analyst for Bankrate.
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.
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