Rates decline | Current mortgage rates, December 16, 2024

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Dec 16, 2024 / 3 min read

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Mortgage rates sunk across the board compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.73%	6.79%	-0.06
15-year fixed	6.04%	6.11%	-0.07
5/1 ARM	6.27%	6.32%	-0.05
30-year fixed jumbo	6.82%	6.88%	-0.06

Rates as of December 16, 2024.

The rates listed above are marketplace averages based on the assumptions here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, December 16th, 2024 at 7:30 a.m. ET.

Despite falling in August and September, mortgage rates have since regained ground and remain higher than they were just a few years ago. That’s closer to the historical norm of about 7.2 percent, but still much higher than what borrowers became accustomed to in the last decade.

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.

The Federal Reserve, too, has some impact, although it doesn’t directly set fixed mortgage rates. The Fed is expected to announce another rate cut at the conclusion of its next meeting on Dec. 18.

"I expect mortgage rates to yo-yo around the current level,” says Sean Salter, associate professor of Finance at Middle Tennessee State University. “With a Fed rate cut expected next week, I believe markets will generally remain in the current rate neighborhood in the interim."

30-year mortgage moves down, -0.06%

The average rate for a 30-year fixed mortgage for today is 6.73 percent, a decrease of 6 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.96 percent.

At the current average rate, you'll pay a combined $647.27 per month in principal and interest for every $100,000 you borrow. That represents a decline of $3.99 over what it would have been last week.

Use our mortgage calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.

15-year mortgage rate moves down, -0.07%

The average 15-year fixed-mortgage rate is 6.04 percent, down 7 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $846 per $100,000 borrowed.

5/1 adjustable rate mortgage trends down, -0.05%

The average rate on a 5/1 adjustable rate mortgage is 6.27 percent, down 5 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.27 percent would cost about $617 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate drops, -0.06%

The average jumbo mortgage rate is 6.82 percent, a decrease of 6 basis points over the last seven days. A month ago, the average rate was above that at 7.05 percent.

At the average rate today for a jumbo loan, you'll pay $653.26 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.00 over what it would have been last week.

Current 30 year mortgage refinance rate falls, -0.05%

The average 30-year fixed-refinance rate is 6.74 percent, down 5 basis points since the same time last week. 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 $647.93 per month in principal and interest for every $100,000 you borrow. That's down $3.33 from what it would have been 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 to 6.78 percent as of mid-December.

Still, don’t count on more declines before the year’s out.

“The year is winding down, and the markets will settle in through the holidays,” says Derek Egeberg, branch manager with Guild Mortgage in Yuma, Arizona. “Do not expect much movement in either direction until the new year kicks off and the new administration takes over.”

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.