Rates go down | Today's mortgage rates for December 4, 2024

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Dec 04, 2024 / 4 min read

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Mortgage interest rates came down 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 declined.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	6.80%	6.96%	-0.16
15-year fixed	6.13%	6.24%	-0.11
5/1 ARM	6.36%	6.57%	-0.21
30-year fixed jumbo	6.83%	6.96%	-0.13

Rates last updated December 4, 2024.

These rates are averages based on the assumptions here. Actual rates available on-site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, December 4th, 2024 at 7:30 a.m. ET.

Market mortgage rates shift up and down as the economy changes, new data becomes public 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 want to buy a home or need to sell now, shop around to find the lowest-possible rate.

30-year fixed-rate mortgage falls, -0.16%

The average rate you'll pay for a 30-year fixed mortgage today is 6.80 percent, a decrease of 16 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.89 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 a decline of $10.69 from last week.

While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year fixed-rate mortgage also has some downsides:

More total interest paid. Stretching out repayment to a 30-year term means you pay more overall in interest than you would with a shorter-term loan.
Higher mortgage rates. Lenders charge higher interest rates for 30-year mortgages compared to 15-year loans. That's because they're taking on the risk of not being repaid for a longer time span.
Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster payoff of the loan amount.
Buying a pricier house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

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

15-year mortgage rate trends down, -0.11%

The average rate for a 15-year fixed mortgage is 6.13 percent, down 11 basis points from a week ago.

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

5/1 ARM rate moves lower, -0.21%

The average rate on a 5/1 ARM is 6.36 percent, sliding 21 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.36 percent would cost about $623 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate moves lower, -0.13%

The average rate for a 30-year jumbo mortgage is 6.83 percent, a decrease of 13 basis points over the last week. This time a month ago, the average rate on a jumbo mortgage was greater than 6.83 at 6.86 percent.

At the average rate today for a jumbo loan, you'll pay a combined $653.92 per month in principal and interest for every $100,000 you borrow. That's $8.70 lower, compared with last week.

Today's 30-year mortgage refinance rate moves lower, -0.18%

The average 30-year fixed-refinance rate is 6.80 percent, down 18 basis points compared with a week ago. 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 $12.03 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.