Mortgage Rates for December 18, 2024
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Mortgage rates have remained in the high-6 to 7 percent range this year, reflecting a return to the historical average of about 7.2 percent but significantly higher than rates seen in the past decade. These rates generally follow the 10-year Treasury yield, which fluctuates based on economic conditions and global events. Recent influences include inflation, the upcoming election, and international geopolitical developments. While the Federal Reserve doesn’t directly control fixed mortgage rates, its policies still play a role, with another rate cut expected at its next meeting on Dec. 18. According to Sean Salter, a finance professor, mortgage rates are likely to stay near current levels despite short-term fluctuations.
All rate data is accurate as of December 18, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.80 percent, an increase of 7 basis points from last week. The average rate was higher just a month ago, at 6.92 percent. At this rate, monthly payments total $651.93 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 6.13 percent. At this rate, monthly payments total $851 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 6.625 %, with a 6.7122 % APR available today in our mortgage lender network.
