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Mortgage Rates Today, Dec. 27, 2024: The End of a Quiet Yet Unfriendly Week

Open house sign 3: mortgage rates today

The average 30-year fixed rate mortgage is 7.01% today, unchanged since yesterday. The 15-year fixed mortgage rate stands at 6.14%, up by 0.06%. The 30-year FHA mortgage now averages 6.37%, having risen by 0.08. Meanwhile, the 30-year jumbo mortgage rate is 7.45%, reflecting an increase of 0.41%.

In brief

Yesterday, we mentioned a risk factor at this time of year: "The holiday season can sometimes create volatility. That's partly because the volume of trading in bond markets (including the one that largely determines mortgage rates) tends to be lower than usual at such times. And relatively small trades can create appreciable movements."

We've seen some of that in action over recent days, despite the absence of obvious drivers. Based on Mortgage News Daily's archives, mortgage rates start today moderately higher than they were last Friday evening.

And Freddie Mac, whose reporting periods run from Thursday to Thursday, concurs. In a statement yesterday, it said, "Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month."

Indeed, the graph on Freddie's website (on the page that the last link takes you to) suggests mortgage rates were yesterday at their highest since Jul. 10.

Of course, there's always hope they'll fall back. But few experts are expecting them to dip below 6% for at least a year or two.

Mortgage Rate Trends: Past 90 Days

Purchase Rates

Loan Type Rate APR Daily Change Monthly Change
30-Year Fixed 7.01% 7.05% +-0% +0.27%
15-Year Fixed 6.14% 6.2% +0.06% +0.31%
30-Year Fixed FHA 6.37% 7.2% +0.08% +0.38%
30-Year Fixed VA 6.43% 6.58% +0.15% +0.39%
30-Year Fixed USDA 6.26% 6.4% -0.37% +0.25%
30-Year Fixed Jumbo 7.45% 7.47% +0.41% +0.23%
5/6 Year ARM 6.98% 7.02% +0.05% +0.32%

Refinance Rates

Loan Type Rate APR Daily Change Monthly Change
30-Year Fixed 7.09% 7.12% +0.02% +0.35%
15-Year Fixed 6.13% 6.19% +0.08% +0.46%
30-Year Fixed FHA 6.36% 7.19% +0.1% +0.39%
30-Year Fixed VA 6.43% 6.58% +0.15% +0.39%
5/6 Year ARM 6.97% 7% +0% +0.32%
How we source rates and rate trends.

Coming up

Mortgage rates today

This morning brings three economic reports. But they're typically so inconsequential that MarketWatch doesn't even quote market expectations for them. For the record, they're all November reports and cover:

⇉ Advanced U.S. trade balance in goods
⇉ Advanced retail inventories
⇉ Advanced wholesale inventories

Although these are unlikely to drive mortgage rates higher or lower, that doesn't necessarily mean those rates won't move for some other reason.

Next week

Next week's reports are almost as boring as this week's were. There's a purchasing managers' index (PMI) that Friday but the others rarely affect mortgage rates.

Things get much more interesting the following week, which starts on Jan. 6.
About The Author:

Peter Warden has been covering mortgage, real estate, and personal finance for 15 years. He has appeared on The Mortgage Reports, Credit Sesame, Bills.com, and other publications.

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