Mortgage rates have declined significantly across the board, according to recent data from Bankrate. The current average rate for a 30-year fixed mortgage is 6.73%, a decrease of 6 basis points from last week.
The decline in mortgage rates has been attributed to several factors, including inflation, geopolitical developments, and expectations of an impending Federal Reserve rate cut. Experts predict that the Fed’s next move will have little impact on mortgage rates in the short term.
As of December 16, 2024, Bankrate’s data shows:
* 30-year fixed mortgage: 6.73% (down from 6.79%)
* 15-year fixed mortgage: 6.04% (down from 6.11%)
* 5/1 adjustable rate mortgage: 6.27% (down from 6.32%)
* Jumbo loan interest rate: 6.82% (down from 6.88%)
These declines represent a significant drop in mortgage rates compared to just a few years ago, when rates were significantly higher. Experts believe that while mortgage rates may fluctuate in the coming weeks and months, they are unlikely to decrease further before the new year.
With these lower interest rates, borrowers can expect to save on their monthly payments. Bankrate’s mortgage calculator can help you approximate your monthly payments and calculate how much interest you’ll pay over the life of your loan.
Source: https://www.bankrate.com/mortgages/todays-rates/mortgage-rates-for-monday-december-16-2024