Rates go down - Today's mortgage rates, December 12, 2024

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Dec 12, 2024 / 3 min read

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Average mortgage rates were down across all terms 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.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.73%	6.79%	-0.06
15-year fixed	6.03%	6.09%	-0.06
5/1 ARM	6.07%	6.19%	-0.12
30-year fixed jumbo	6.79%	6.84%	-0.05

Rates accurate as of December 12, 2024.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates displayed on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, December 12th, 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. Still, mortgage rates have yet to return to the lows seen in September as investors anticipate what a Republican-led government will mean for the economy.

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’re financially ready to move, check mortgage rates regularly to help find the lowest-cost lender.

30-year mortgage rate retreats, -0.06%

The average rate for a 30-year fixed mortgage for today is 6.73 percent, down 6 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 6.91 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.

15-year mortgage rate dips, -0.06%

The average rate you'll pay for a 15-year fixed mortgage is 6.03 percent, down 6 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $845 per $100,000 borrowed.

5/1 ARM slides, -0.12%

The average rate on a 5/1 adjustable rate mortgage is 6.07 percent, ticking down 12 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.07 percent would cost about $604 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate falls, -0.05%

The average jumbo mortgage rate is 6.79 percent, a decrease of 5 basis points from a week ago. This time a month ago, the average rate for jumbo mortgages was above that at 6.97 percent.

At the average rate today for a jumbo loan, you'll pay a combined $651.26 per month in principal and interest for every $100,000 you borrow. That's a decline of $3.33 from last week.

30-year mortgage refinance rate drops, -0.05%

The average 30-year fixed-refinance rate is 6.76 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 $649.26 per month in principal and interest for every $100,000 you borrow. That's a decline of $3.33 from 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.

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.