Most rates increase | Mortgage rates for December 31, 2024

Mortgage rates were mostly up compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo mortgages ticked up, while 5/1 ARM rates decreased.

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Rates accurate as of December 31, 2024.

These rates are marketplace 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 Tuesday, December 31st, 2024 at 7:30 a.m. ET.

At the conclusion of its latest meeting on Dec. 18, the Federal Reserve announced another quarter-point rate cut — the third cut in a row. Although the Fed has cut interest rates 100 basis points since September, mortgage rates have only risen, up 0.71 percentage points since September’s low, according to Bankrate data.

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.

“As expected, the Fed lowered rates again by 0.25 percent — it also lowered its expectations for rate cuts in 2025,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

30-year mortgage rate advances, +0.04%

The average rate for a 30-year fixed mortgage for today is 7.04 percent, up 4 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.80 percent.

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At the current average rate, you’ll pay $667.99 per month in principal and interest for every $100,000 you borrow. That’s an additional $2.69 per $100,000 compared to last week.

Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of your loan.

15-year mortgage rate goes up, +0.10%

The average rate for the benchmark 15-year fixed mortgage is 6.37 percent, up 10 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $864 per $100,000 borrowed.

5/1 ARM drops, -0.14%

The average rate on a 5/1 ARM is 6.62 percent, falling 14 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.62 percent would cost about $640 for each $100,000 borrowed over the initial five years.

Current jumbo mortgage rate climbs, +0.17%

The average rate for a jumbo mortgage is 7.19 percent, an increase of 17 basis points from a week ago. A month ago, the average rate was lesser at 6.83 percent.

At the average rate today for a jumbo loan, you’ll pay a combined $678.11 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $11.46 higher.

Current 30 year mortgage refinance rate slides, -0.03%

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The average 30-year fixed-refinance rate is 7.02 percent, down 3 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.80 percent.

At the current average rate, you’ll pay $666.65 per month in principal and interest for every $100,000 you borrow. That’s down $2.01 from what it would have been 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.

As for next year, expect more of the same — at least for now.

“For those expecting a dramatic drop in 30-year mortgage financing rates, 2025 is probably not the year,” says Ken Johnson, Walker Family chair of Real Estate for the University of Mississippi.

More on 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.