Mortgage Rates for December 19,2024
Mortgage rates have continued to rise despite the Federal Reserve’s third consecutive rate cut on Dec. 18, increasing 0.71 percentage points since September’s low, according to Bankrate. The Fed’s recent quarter-point cut aligns with its efforts to address economic conditions, though it has scaled back expectations for rate cuts in 2025. Thirty-year mortgage rates typically follow the 10-year Treasury yield, which fluctuates with economic factors like inflation, elections, and global events. “As expected, the Fed lowered rates again by 0.25 percent,” says Melissa Cohn, regional vice president of William Raveis Mortgage. This upward trend highlights the disconnect between Fed actions and mortgage rate movements.
All rate data is accurate as of December 19, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.84 percent, an increase of 11 basis points from last week. The average rate was higher just a month ago, at 6.96 percent. At this rate, monthly payments total $654.59 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 6.12 percent. At this rate, monthly payments total $850 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 6.500 %, with a 6.587 % APR available today in our mortgage lender network.