Mortgage rates were 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 declined.
| Loan type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.79% | 6.91% | -0.12 |
| 15-year fixed | 6.11% | 6.18% | -0.07 |
| 5/1 ARM | 6.32% | 6.68% | -0.36 |
| 30-year fixed jumbo | 6.88% | 6.95% | -0.07 |
Rates as of December 9, 2024.
These rates are averages based on the assumptions shown here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, December 9th, 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. Yet, mortgage rates remain higher.
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 want to buy a home or need to sell now, shop around to find the lowest-possible rate.
Current 30 year mortgage rate moves lower, -0.12%
The average rate for a 30-year fixed mortgage for today is 6.79 percent, down 12 basis points over the last seven days. Last month on the 9th, the average rate on a 30-year fixed mortgage was higher, at 6.90 percent.
At the current average rate, you’ll pay principal and interest of $651.26 for every $100,000 you borrow. Compared with last week, that’s $8.01 lower.
Use Bankrate’s mortgage rate calculator to estimate 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 pay over the life of your loan.
15-year mortgage rate moves down, -0.07%
The average rate for the benchmark 15-year fixed mortgage is 6.11 percent, down 7 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $850 per $100,000 borrowed.
5/1 ARM rate eases, -0.36%
The average rate on a 5/1 ARM is 6.32 percent, falling 36 basis points from a week ago.
Monthly payments on a 5/1 ARM at 6.32 percent would cost about $620 for each $100,000 borrowed over the initial five years.
Jumbo mortgage moves down, -0.07%
The average rate for the benchmark jumbo mortgage is 6.88 percent, down 7 basis points over the last week. Last month on the 9th, jumbo mortgages’ average rate was higher at 7.00 percent.
At the average rate today for a jumbo loan, you’ll pay principal and interest of $657.26 for every $100,000 you borrow. That’s down $4.69 from what it would have been last week.
30-year mortgage refinance rate trends down, -0.13%
The average 30-year fixed-refinance rate is 6.79 percent, down 13 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.87 percent.
At the current average rate, you’ll pay $651.26 per month in principal and interest for every $100,000 you borrow. That represents a decline of $8.68 over what 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
- The 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.
