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Mortgage Rates Today: December 12, 2024—Rates Remain Fairly Steady
- The current average mortgage rate on a 30-year fixed mortgage is 7.05%, compared to 7.08% a week earlier, according to Curinos.
- For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.20%, down 0.05 percentage point from the previous week.
- To get an idea of how much you’ll pay for a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 7.05%, the Forbes Advisor mortgage calculator shows it will cost you about $669 including principal and interest (taxes and fees not included) each month. The total interest over the life of the loan would be around $140,743.
- Today’s 15-year mortgage (fixed-rate) is 6.20%, down 0.05 percentage point from the previous week.
- On a 30-year jumbo, the average interest rate sits at 7.04%, lower than it was at this time last week.
- The Federal Reserve’s restrictive monetary policy—including its interest rate hikes, which it’s using to restrain inflation—is the primary factor that’s pushing long-term mortgage rates higher. The state of the economy and housing market also affects mortgage rates.
- Shop around and talk to various lenders to get a sense of each company’s mortgage loan offerings and services.
- Multiple factors affect the interest rate for a mortgage, including the economy’s overall health, benchmark interest rates and borrower-specific factors.
- Home buyers can make several moves to improve their finances and qualify for competitive rates.
- Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn’t require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan.
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