Majority of rates decline | Mortgage rates for December 2, 2024

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Dec 02, 2024 / 3 min read

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Mortgage rates were mostly down compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages each moved lower, while rates for ARM loans rose.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.91%	6.98%	-0.07
15-year fixed	6.18%	6.24%	-0.06
5/1 ARM	6.68%	6.41%	+0.27
30-year fixed jumbo	6.95%	6.98%	-0.03

Rates accurate as of December 2, 2024.

The rates listed above are averages based on the assumptions shown here. Actual rates displayed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, December 2nd, 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 is meeting once again in December, when policymakers will share economic projections and a decision on rates.

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.

30-year mortgage rate retreats, -0.07%

The average rate you'll pay for a 30-year fixed mortgage today is 6.91 percent, down 7 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.93 percent.

At the current average rate, you'll pay $659.27 per month in principal and interest for every $100,000 you borrow. That's a decline of $4.69 from last week.

Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.

15-year mortgage rate declines, -0.06%

The average rate for a 15-year fixed mortgage is 6.18 percent, down 6 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $854 per $100,000 borrowed.

5/1 adjustable rate mortgage climbs, +0.27%

The average rate on a 5/1 adjustable rate mortgage is 6.68 percent, rising 27 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.68 percent would cost about $644 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate moves lower, -0.03%

The average rate you'll pay for a jumbo mortgage is 6.95 percent, down 3 basis points over the last seven days. Last month on the 2nd, jumbo mortgages' average rate was greater than 6.95 at 6.98 percent.

At the current average rate, you'll pay $661.95 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $2.01 lower.

30-year fixed-rate refinance falls, -0.06%

The average 30-year fixed-refinance rate is 6.92 percent, down 6 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.91 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.02 over 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.

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.