Rates increase - Mortgage rates for today, December 24, 2024

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Dec 24, 2024 / 3 min read

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Average mortgage rates increased for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans rose.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	7.00%	6.79%	+0.21
15-year fixed	6.27%	6.11%	+0.16
5/1 ARM	6.76%	6.43%	+0.33
30-year fixed jumbo	7.02%	6.96%	+0.06

Rates last updated December 24, 2024.

These rates are 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 Tuesday, December 24th, 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 moves higher, +0.21%

The average rate you'll pay for a 30-year fixed mortgage today is 7.00 percent, up 21 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.96 percent.

At the current average rate, you'll pay principal and interest of $665.30 for every $100,000 you borrow. That's $14.04 higher compared with last week.

Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgage rate moves higher, +0.16%

The average rate you'll pay for a 15-year fixed mortgage is 6.27 percent, up 16 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $859 per $100,000 borrowed.

5/1 adjustable rate mortgage moves up, +0.33%

The average rate on a 5/1 adjustable rate mortgage is 6.76 percent, up 33 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.76 percent would cost about $649 for each $100,000 borrowed over the initial five years.

Jumbo loan interest rate trends higher, +0.06%

The average rate for a 30-year jumbo mortgage is 7.02 percent, up 6 basis points from a week ago. A month ago, the average rate was lower at 6.96 percent.

At today's average rate, you'll pay a combined $666.65 per month in principal and interest for every $100,000 you borrow. That's an additional $4.03 per $100,000 compared to last week.

30-year mortgage refinance trends higher, +0.29%

The average 30-year fixed-refinance rate is 7.05 percent, up 29 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.98 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 $19.40 higher compared with 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.