Rates increase - Mortgage rates for today, December 27, 2024

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Dec 27, 2024 / 3 min read

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Mortgage rates rose for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans moved higher.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.99%	6.89%	+0.10
15-year fixed	6.35%	6.15%	+0.20
5/1 ARM	6.50%	6.49%	+0.01
30-year fixed jumbo	7.00%	6.95%	+0.05

Rates last updated December 27, 2024.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, December 27th, 2024 at 7:30 a.m. ET.

At the conclusion of its latest meeting on Dec. 18, the Federal Reserve announced another quarter-point rate cut — the third cut in a row. Although the Fed has cut interest rates 100 basis points since September, mortgage rates have only risen, up 0.71 percentage points since September’s low, according to Bankrate data.

Thirty-year mortgage rates tend to track the 10-year Treasury yield, which shifts continuously alongside the economy and the forces that shape it. More recently, rates have been driven by factors like inflation, the election and geopolitical developments abroad.

“As expected, the Fed lowered rates again by 0.25 percent — it also lowered its expectations for rate cuts in 2025,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

30-year mortgage rate goes up, +0.10%

The average rate you'll pay for a 30-year fixed mortgage today is 6.99 percent, an increase of 10 basis points from a week ago. Last month on the 27th, the average rate on a 30-year fixed mortgage was lower, at 6.91 percent.

At the current average rate, you'll pay a combined $664.63 per month in principal and interest for every $100,000 you borrow. That's an extra $6.70 compared with last week.

15-year mortgage rate goes up, +0.20%

The average rate you'll pay for a 15-year fixed mortgage is 6.35 percent, up 20 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $863 per $100,000 borrowed.

5/1 adjustable rate mortgage goes up, +0.01%

The average rate on a 5/1 adjustable rate mortgage is 6.50 percent, ticking up 1 basis point from a week ago.

Monthly payments on a 5/1 ARM at 6.50 percent would cost about $632 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate increases, +0.05%

The average rate for the benchmark jumbo mortgage is 7.00 percent, an increase of 5 basis points since the same time last week. Last month on the 27th, the average rate on a jumbo mortgage was lower at 6.95 percent.

At today's average rate, you'll pay $665.30 per month in principal and interest for every $100,000 you borrow. That's $3.35 higher compared with last week.

30-year fixed-rate refinance rises, +0.13%

The average 30-year fixed-refinance rate is 7.01 percent, up 13 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.92 percent.

At the current average rate, you'll pay $665.97 per month in principal and interest for every $100,000 you borrow. That's an increase of $8.71 over what you would have paid last week.

When will mortgage rates go down?

Mortgage rates have decreased somewhat since earlier this year, with the 30-year fixed-rate loan down from a high of 7.39 percent in May.

As for next year, expect more of the same — at least for now.

“For those expecting a dramatic drop in 30-year mortgage financing rates, 2025 is probably not the year,” says Ken Johnson, Walker Family chair of Real Estate for the University of Mississippi.

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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