Majority of rates increase | Current mortgage rates, December 26, 2024

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Dec 26, 2024 / 3 min read

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Mortgage rates were mostly higher versus last week, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates declined.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	7.01%	6.84%	+0.17
15-year fixed	6.30%	6.12%	+0.18
5/1 ARM	6.21%	6.22%	-0.01
30-year fixed jumbo	6.95%	6.82%	+0.13

Rates accurate as of December 26, 2024.

The rates listed here are marketplace averages based on the assumptions shown here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, December 26th, 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 three times 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 fixed-rate mortgage goes up, +0.17%

Today's average rate for the benchmark 30-year fixed mortgage is 7.01 percent, an increase of 17 basis points over the last week. A month ago, 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 $665.97 per month in principal and interest for every $100,000 you borrow. That's up $11.38 from what it would have been last week.

There are several advantages to choosing a fixed-rate mortgage to purchase a new home, including predictable mortgage payments.

15-year mortgage rate moves higher, +0.18%

The average rate for a 15-year fixed mortgage is 6.30 percent, up 18 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $860 per $100,000 borrowed.

5/1 ARM retreats, -0.01%

The average rate on a 5/1 ARM is 6.21 percent, sliding 1 basis point over the last 7 days.

Monthly payments on a 5/1 ARM at 6.21 percent would cost about $613 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate goes up, +0.13%

Today's average rate for jumbo mortgages is 6.95 percent, an increase of 13 basis points from a week ago. A month ago, the average rate for jumbo mortgages was above that at 6.95 percent.

At today's average rate, you'll pay $661.95 per month in principal and interest for every $100,000 you borrow. That's up $8.69 from what it would have been last week.

30-year fixed-rate refinance rises, +0.20%

The average 30-year fixed-refinance rate is 7.05 percent, up 20 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 $668.66 per month in principal and interest for every $100,000 you borrow. That's up $13.40 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.

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.