Rates increase | Mortgage rates for December 18, 2024

Average mortgage rates moved higher for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans jumped.

Rates accurate as of December 18, 2024.

The rates listed above are averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, December 18th, 2024 at 7:30 a.m. ET.

Although mortgage rates dropped in the fall, they've primarily stayed in the high-6 and 7 percent ranges this year. 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 Fed is expected to announce another rate cut at the conclusion of its next meeting on Dec. 18.

"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."

Current 30 year mortgage rate moves higher, +0.07%

Today's average rate for the benchmark 30-year fixed mortgage is 6.80 percent, an increase of 7 basis points from a week ago. Last month on the 18th, the average rate on a 30-year fixed mortgage was higher, at 6.92 percent.

At the current average rate, you'll pay $651.93 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.66 higher.

There are many benefits to choosing a fixed-rate mortgage , including predictable mortgage payments.

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

15-year mortgage rate trends higher, +0.06%

The average rate for the benchmark 15-year fixed mortgage is 6.13 percent, up 6 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $851 per $100,000 borrowed.

5/1 ARM rate climbs, +0.05%

The average rate on a 5/1 adjustable rate mortgage is 6.30 percent, rising 5 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.30 percent would cost about $619 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate trends upward, +0.06%

The average jumbo mortgage rate today is 6.84 percent, an increase of 6 basis points over the last seven days. A month ago, the average rate for jumbo mortgages was greater than 6.84 at 6.89 percent.

At today's average jumbo rate, you'll pay principal and interest of $654.59 for every $100,000 you borrow. That's an increase of $4.00 over what you would have paid last week.

30-year fixed-rate refinance increases, +0.05%

The average 30-year fixed-refinance rate is 6.80 percent, up 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher at 6.93 percent.

At the current average rate, you'll pay $651.93 per month in principal and interest for every $100,000 you borrow. That's an additional $3.33 per $100,000 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 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.”

More on current mortgage rates

• Expert poll: Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare current mortgage rates

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.