Today’s mortgage & refinance rates, December 24th, 2021 – Most rates fall

Mortgage rates were mostly down compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans decreased, while rates for adjustable rate mortgages remained flat.

Rates as of December 24, 2021.

The rates listed above are averages based on the assumptions indicated here. Actual rates displayed on-site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Friday, December 24th, 2021 at 7:30am.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage rates

Today’s 30-year mortgage rate drops, -0.05%

The average rate you’ll pay for a 30-year fixed mortgage is 3.19 percent, a decrease of 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.18 percent.

At the current average rate, you’ll pay a combined $428.10 per month in principal and interest for every $100k you borrow. That’s $6.56 lower, compared with last week.

How do I view personalized 30-year mortgage rates?

Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

15-year mortgage moves lower,-0.02%

The average rate you’ll pay for a 15-year fixed mortgage is 2.50 percent, down 2 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $390 per $100k borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM rate goes unchanged

The average rate on a 5/1 adjustable rate mortgageis 2.74 percent, unchanged over the last week.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.74 percent would cost about $402 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Current jumbo mortgage rate retreats, -0.06%

The average rate for a jumbo mortgage is 3.18 percent, down 6 basis points from a week ago. Last month on the 24th, the average rate for jumbo mortgages was below that, at 3.17 percent.

At the current average rate, you’ll pay principal and interest of $428.10 for every $100,000 you borrow. That’s $6.56 lower, compared with last week.

Recap: How mortgage rates have changed

  • 30-year fixed mortgage rate: 3.19%, down from 3.24% last week, -0.05
  • 15-year fixed mortgage rate: 2.50%, down from 2.52% last week, -0.02
  • 5/1 ARM mortgage rate: 2.74%, unchanged from last week
  • Jumbo mortgage rate: 3.18%, down from 3.24% last week, -0.06

Mortgage refinance rates

Current 30 year mortgage refinance rate moves down, –0.05%

The average 30-year fixed-refinance rate is 3.16 percent, down 5 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.15 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow.

Are mortgage rates going up?

Throughout 2021, mortgage rates are expected to begin rising again. The National Association of Realtors expects rates to average 3.1% and the Mortgage Bankers Association (MBA) says mortgage rates will average 3.3% in 2021. These rate estimates are both up from the 3.0% mortgage rate average in 2020 but lower than 2019’s average rates. Many experts say it could be years before mortgage rates return to their pre-pandemic levels.

Sources:

  • National Association of Real Estate Editors
  • Freddie Mac Federal Home Loan Mortgage Corporation

Keep reading:

Featured lenders for December 24, 2021

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