Mortgage Rates for December 16, 2024
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Mortgage rates, which fell in August and September, have since rebounded and remain higher than in recent years, aligning closer to the average of 7.2 percent. Thirty-year mortgage rates are influenced by the 10-year Treasury yield, which fluctuates with economic conditions and global events. Inflation, the upcoming election, and geopolitical developments are key drivers of current rate trends. While the Federal Reserve doesn’t set fixed mortgage rates, its policies impact the market, with a rate cut expected on Dec. 18. Sean Salter, a finance professor at Middle Tennessee State University, predicts rates will “yo-yo” around current levels for now.
All rate data is accurate as of December 16, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.73 percent, a decrease of 6 basis points from last week. The average rate was higher just a month ago, at 6.96 percent. At this rate, monthly payments total $647.27 per $100,000 borrowed in principal and interest.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.04 percent. At this rate, monthly payments total $846 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 6.490 %, with a 6.576 % APR available today in our mortgage lender network.
