Mortgage Rates Today, Dec. 23, 2024: A Light Week Ahead?
The average 30-year fixed rate mortgage is 6.98% today, an increase of 0.02% since yesterday. The 15-year fixed mortgage rate stands at 6.02%, down by 0.02%. The 30-year FHA mortgage now averages 6.29%, having risen by 0.09. Meanwhile, the 30-year jumbo mortgage rate is 7.37%, reflecting a decrease of 0.01%.
In brief
Last Friday, markets were jittery about the possibility of a government shutdown. There followed a legislative farce from which nobody emerged looking good. But the threat was lifted.
So, with luck, we should be entering a quiet week for mortgage rates. Yes, that's tempting fate. But, after last week's Fed events, does anyone on Wall Street have the energy to stir up trouble — absent some huge, world-shattering shock?
Probably, this week's most exciting economic report is this morning's consumer confidence index for December. More on that below.
That index rarely moves mortgage rates far or for long. And neither do tomorrow's durable goods orders and new home sales. The ones after Christmas are even more dull.
Yes, any economic report can affect mortgage rates. But relatively few do. And this week's would need to contain some pretty shocking data to change much.
By the way, mortgage rates had a pretty good day last Friday following the publication of the Fed's favorite gauge of inflation. That showed prices rising more slowly than markets were expecting.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.98% | 7.02% | +0.02% | +0.06% |
| 15-Year Fixed | 6.02% | 6.09% | -0.02% | +0.03% |
| 30-Year Fixed FHA | 6.29% | 7.12% | +0.09% | +0.06% |
| 30-Year Fixed VA | 6.32% | 6.48% | +0.06% | +0.02% |
| 30-Year Fixed USDA | 6.29% | 6.43% | +0.17% | +0.05% |
| 30-Year Fixed Jumbo | 7.37% | 7.39% | -0.01% | +0.01% |
| 5/6 Year ARM | 6.85% | 6.89% | +0.03% | +0.16% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.05% | 7.09% | +0.04% | +0.15% |
| 15-Year Fixed | 6.01% | 6.08% | -0.02% | +0.17% |
| 30-Year Fixed FHA | 6.27% | 7.11% | +0.09% | +0.06% |
| 30-Year Fixed VA | 6.32% | 6.47% | +0.06% | +-0% |
| 5/6 Year ARM | 6.88% | 6.92% | +0.04% | +0.22% |
Coming up
Mortgage rates today and tomorrow
Today's lone economic report is the consumer confidence index for December. That's expected to rise to 113.0, up from 111.7 previously.For it to push mortgage rates lower, we'd like to see a number below 113. But don't expect a big change, even if the figure is lower than expected.
Tomorrow's two reports concern durable goods orders and new home sales in November. The orders are expected to dip to -0.3% from October's +0.2%. And the home sales are expected to rise to 675,000 from October's 610,000.
Again, lower-than-expected numbers tend to be good for mortgage rates.
Further ahead
Last week, Fannie Mae and the Mortgage Bankers Association both published their latest forecasts for mortgage rates. And they make disappointing reading for those still hoping for appreciably lower rates anytime soon.
Fannie expects rates for 30-year fixed-rate mortgages to average 6.4% next year and 6.1% through 2026. Meanwhile, the MBA is even more gloomy, forecasting that rate to average 6.4% in 2025 and 6.3% in 2026 and '27.
Of course, these are just forecasts and may well turn out to be wrong. But they back the message that we've been consistently delivering for many months: Don't bank on significantly lower mortgage rates in the foreseeable future.
