Mortgage Rates Today, Dec. 30, 2024: Market Sentiment Leading Mortgage Rates

The average 30-year fixed rate mortgage is 6.94% today, a decrease of 0.07% since yesterday. The 15-year fixed mortgage rate stands at 6.01%, down by 0.13%. The 30-year FHA mortgage now averages 6.16%, having dropped by 0.22. Meanwhile, the 30-year jumbo mortgage rate is 7.36%, reflecting a decrease of 0.09%.
In brief
We focus a lot on new economic data because those are the main drivers of changes in mortgage rates. However, last week showed other things can move those rates.
Last week's economic reports were deadly dull yet mortgage rates rose appreciably over the week. That was largely down to market sentiment, which is a fancy way to describe the prevalent mood among bond investors. Right now, that's pretty low.
Those investors are still adjusting to the Federal Reserve's forecast on Dec. 16 that showed it's expecting to make only two cuts to general interest rates next year. Previously, it had penciled in four.
Some investors are also worried about aspects of President-elect Donald Trump's signature policies. Many fear that tariffs, mass deportations and unfunded tax cuts will fuel inflation, forcing the Fed to push interest rates (and indirectly mortgage rates) higher.
This week's economic reports are very nearly as dull as last week's were. We're due construction spending on Thursday and a purchasing managers' index on Friday. But even those typically move mortgage rates only a bit and then temporarily. The others often pass by unnoticed.
So, this week may be a repeat of last for mortgage rates: largely driven by market sentiment. Let's hope investors cheer up.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 6.94% | 6.98% | -0.07% | +0.24% |
15-Year Fixed | 6.01% | 6.07% | -0.13% | +0.21% |
30-Year Fixed FHA | 6.16% | 6.99% | -0.22% | +0.16% |
30-Year Fixed VA | 6.21% | 6.36% | -0.22% | +0.21% |
30-Year Fixed USDA | 6.19% | 6.33% | -0.06% | +0.31% |
30-Year Fixed Jumbo | 7.36% | 7.38% | -0.09% | +0.21% |
5/6 Year ARM | 6.89% | 6.93% | -0.09% | +0.3% |
Refinance Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 7% | 7.03% | -0.09% | +0.32% |
15-Year Fixed | 6% | 6.06% | -0.13% | +0.35% |
30-Year Fixed FHA | 6.14% | 6.97% | -0.22% | +0.17% |
30-Year Fixed VA | 6.21% | 6.37% | -0.21% | +0.22% |
5/6 Year ARM | 6.98% | 7.01% | +0.01% | +0.34% |
Coming up
Mortgage rates today, tomorrow and Wednesday
Mortgage rates rarely change in response to the Chicago Business Barometer or pending home sales, which are today's two reports. And they're even less likely to respond to tomorrow's S&P Case-Shiller home price index (20 cities).So, as described above, we're likely looking at market sentiment when we seek drivers to changes in mortgage rates. Of course, news reports that affect the economy can always deliver change.
Markets will be closed on Wednesday for the New Year holiday. And mortgage rates shouldn't move that day.
