Mortgage Rates Today, Dec. 24, 2024: A Quiet Day in Prospect?
The average 30-year fixed rate mortgage is 7.03% today, an increase of 0.05% since yesterday. The 15-year fixed mortgage rate stands at 6.06%, up by 0.04%. The 30-year FHA mortgage now averages 6.32%, having risen by 0.03. Meanwhile, the 30-year jumbo mortgage rate is 7.39%, reflecting an increase of 0.02%.
In brief
It's the eve of both Christmas and the start of Hanukkah. So, there's a good chance investors will be as distracted as the rest of us by the season. And that could spell a quiet day for mortgage rates today.That's especially true because no economic reports are on today's calendar. Yesterday, MarketWatch listed two. But, somehow, those snuck out yesterday morning.
All yesterday's reports turned out worse for the economy than markets were expecting. And, normally, that would be good for mortgage rates. But it wasn't.
There's no obvious reason for mortgage rates rising yesterday. But we think it may be an indecently long hangover following last Wednesday's Federal Reserve events.
Mortgage rates shot up that day, fell a couple of days later on better-than-expected inflation figures, and then lost much of that day's gains yesterday. Investors could be forgiven for taking a while to process the Fed's hammer blow.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.03% | 7.07% | +0.05% | +0.11% |
| 15-Year Fixed | 6.06% | 6.13% | +0.04% | +0.08% |
| 30-Year Fixed FHA | 6.32% | 7.15% | +0.03% | +0.09% |
| 30-Year Fixed VA | 6.35% | 6.5% | +0.02% | +0.04% |
| 30-Year Fixed USDA | 6.28% | 6.42% | -0.01% | +0.04% |
| 30-Year Fixed Jumbo | 7.39% | 7.42% | +0.02% | +0.04% |
| 5/6 Year ARM | 6.85% | 6.89% | +0% | +0.16% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.1% | 7.13% | +0.04% | +0.19% |
| 15-Year Fixed | 6.06% | 6.12% | +0.04% | +0.21% |
| 30-Year Fixed FHA | 6.31% | 7.14% | +0.03% | +0.09% |
| 30-Year Fixed VA | 6.34% | 6.5% | +0.03% | +0.02% |
| 5/6 Year ARM | 6.88% | 6.92% | +0% | +0.22% |
Coming up
Mortgage rates today and tomorrow
As remarked, there are no obvious drivers for changes in mortgage rates today. If they move, it will likely be either a continuing reaction to last week's Fed events or some fresh news that affects the economy.
Tomorrow, markets are closed for Christmas Day. So mortgage rates shouldn't move then.
The rest of this week
The economic reports scheduled for Thursday and Friday tend to be low-key.
Thursday brings the number of initial claims for unemployment benefits during the week ending Dec. 21. They're expected to barely move, just
inching up to 225,000 from the previous week's 220,000.
On Friday, we're due November's trade balance in goods, plus retail and wholesale inventories for that month. Yawn.
Further ahead
In case you missed yesterday's update on mortgage rate forecasts (and you'll need a note from your mother if you did), we'll repeat them today.
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.
