Rates decrease | Today's mortgage rates, December 3, 2024

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Dec 03, 2024 / 3 min read

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Mortgage interest rates trended lower across the board compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.91%	7.03%	-0.12
15-year fixed	6.19%	6.30%	-0.11
5/1 ARM	6.52%	6.57%	-0.05
30-year fixed jumbo	7.06%	7.08%	-0.02

Rates accurate as of December 3, 2024.

The rates listed here are averages based on the assumptions indicated here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, December 3rd, 2024 at 7:30 a.m. ET.

Market mortgage rates fluctuate as the economy evolves, new data releases and lenders decide how much risk they’re willing to tolerate on a given day.

That includes Federal Reserve decisions. Since the central bank started cutting interest rates, mortgage rates have climbed, rather than retreat. That’s because the Fed doesn’t outright determine fixed mortgage rates. Instead, they increase or decrease mostly 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.

Historical mortgage rates: How do today’s rates compare to years past?

The Fed has one more 2024 meeting slated in December, when it’ll release economic projections for next year and potentially cut rates again.

Still, your housing needs might change regardless of the Fed and yields. If you're in a position to buy or sell a home now, it might be better to make a move than try to wait out the market. Wherever prevailing rates are, shop lenders to help uncover the best deal.

30-year fixed-rate mortgage moves down, -0.12%

The average rate you'll pay for a 30-year fixed mortgage today is 6.91 percent, a decrease of 12 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.90 percent.

At the current average rate, you'll pay principal and interest of $659.27 for every $100,000 you borrow. That represents a decline of $8.05 over what it would have been last week.

There are various advantages to choosing a fixed-rate mortgage when buying a new house, including predictable mortgage payments.

Learn more: What is a fixed-rate mortgage and how does it work?

15-year mortgage rate moves lower, -0.11%

The average rate you'll pay for a 15-year fixed mortgage is 6.19 percent, down 11 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $854 per $100,000 borrowed.

5/1 ARM rate dips, -0.05%

The average rate on a 5/1 ARM is 6.52 percent, down 5 basis points since the same time last week.

Monthly payments on a 5/1 ARM at 6.52 percent would cost about $633 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate moves lower, -0.02%

The average rate for a 30-year jumbo mortgage is 7.06 percent, a decrease of 2 basis points over the last week. A month ago, the average rate was below that at 6.87 percent.

At today's average jumbo rate, you'll pay a combined $669.34 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $1.34 lower.

Current 30 year mortgage refinance rate trends down, -0.16%

The average 30-year fixed-refinance rate is 6.83 percent, down 16 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 6.91 percent.

At the current average rate, you'll pay $653.92 per month in principal and interest for every $100,000 you borrow. That's $10.71 lower, compared with last week.

When will mortgage rates go down?

Mortgage rates have only gone up since the Fed started cutting rates in September. As of Nov. 20, the average 30-year fixed mortgage rate was 7.02 percent — up over 80 basis points from the September meeting, according to Bankrate data.

“Add in the proposed Trump tariffs, and there’s some real concern that inflation isn’t whipped, and the expected big Fed rate cuts aren’t as much a sure thing as they were just a few weeks ago,” says Sean Salter of Middle Tennessee State University, who expects rates to further trend upward in the coming weeks.

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.