Rates increase | Today's mortgage rates for December 23, 2024

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Dec 23, 2024 / 3 min read

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Mortgage rates jumped 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	6.93%	6.73%	+0.20
15-year fixed	6.20%	6.04%	+0.16
5/1 ARM	6.45%	6.27%	+0.18
30-year fixed jumbo	6.94%	6.82%	+0.12

Rates as of December 23, 2024.

These rates are averages 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 Monday, December 23rd, 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 rises, +0.20%

Today's average 30-year fixed-mortgage rate is 6.93 percent, an increase of 20 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.03 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's an increase of $13.34 over what you would have paid last week.

Most mortgage lenders defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home because it allows the borrower to disperse mortgage payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate rises, +0.16%

The average rate you'll pay for a 15-year fixed mortgage is 6.20 percent, up 16 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost $855 per $100,000 borrowed.

5/1 ARM trends higher, +0.18%

The average rate on a 5/1 adjustable rate mortgage is 6.45 percent, up 18 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.45 percent would cost about $629 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate goes up, +0.12%

The current average rate you'll pay for jumbo mortgages is 6.94 percent, up 12 basis points over the last seven days. A month ago, jumbo mortgages' average rate was higher at 7.08 percent.

At today's average jumbo rate, you'll pay principal and interest of $661.28 for every $100,000 you borrow. That's $8.02 higher compared with last week.

Today's 30-year mortgage refinance rate moves up, +0.22%

The average 30-year fixed-refinance rate is 6.96 percent, up 22 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.99 percent.

At the current average rate, you'll pay $662.62 per month in principal and interest for every $100,000 you borrow. That's up $14.69 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 6.91 percent as of Dec. 18.

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.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.