Rates remain elevated | Current mortgage rates for December 17, 2024

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Dec 17, 2024 / 3 min read

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Mortgage rates moved in different directions compared to last week, according to Bankrate data. Read on for a breakdown of how different loan types moved.

Loan type	Today's rate	Last week's rate	Change
30-year fixed	6.79%	6.80%	-0.01
15-year fixed	6.11%	6.14%	-0.03
5/1 ARM	6.43%	6.38%	+0.05
30-year fixed jumbo	6.96%	6.96%	N/C

Rates as of December 17, 2024.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, December 17th, 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 central bank is poised to cut its benchmark interest rate again next week.

"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 rate moves down, -0.01%

The average rate for a 30-year fixed mortgage for today is 6.79 percent, down 1 basis point from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.92 percent.

At the current average rate, you'll pay a combined $651.26 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $0.67 lower.

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

15-year mortgage rate drops, -0.03%

The average rate for a 15-year fixed mortgage is 6.11 percent, down 3 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $850 per $100,000 borrowed.

5/1 adjustable rate mortgage moves upward, +0.05%

The average rate on a 5/1 adjustable rate mortgage is 6.43 percent, up 5 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.43 percent would cost about $627 for each $100,000 borrowed over the initial five years.

Jumbo mortgage interest rate flat for the week

The average rate for a 30-year jumbo mortgage is 6.96 percent, unaltered since the same time last week. Last month on the 17th, the average rate was lower at 6.92 percent.

At the average rate today for a jumbo loan, you'll pay principal and interest of $662.62 for every $100,000 you borrow.

30-year mortgage refinance rate dips, -0.01%

The average 30-year fixed-refinance rate is 6.76 percent, down 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.93 percent.

At the current average rate, you'll pay $649.26 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $0.67 lower.

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.