Mortgage rates moved in different directions today. The average for a 30-year fixed-rate mortgage held steady, but the average rate on a 15-year fixed declined. Meanwhile, the average rate on 5/1 adjustable-rate mortgages decreased.
Rates as of December 9, 2020.
Data source: Bankrate overnight averages data
Mortgage rates are constantly changing, but overall, they are very low by historical standards. If you’re in the market for a mortgage, it may make sense to lock if you see a rate you like. Just be sure to shop around.
Compare mortgage interest rates from lenders nationally.
Current 30 year mortgage rates
The average rate you’ll pay for a 30-year fixed mortgage is 2.92 percent, unchanged over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.02 percent.
At the current average rate, you’ll pay principal and interest of $417.30 for every $100,000 you borrow.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year mortgage rates
The average 15-year fixed-mortgage rate is 2.39 percent, down 1 basis point from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $662 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.
5/1 Adjustable Rate Mortgage Rates
The average rate on a 5/1 ARM is 3.01 percent, sliding 2 basis points over the last 7 days.
These loan types are best for people who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.01 percent would cost about $422 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rates
The average rate for the benchmark jumbo mortgage is 2.91 percent, a decrease of 5 basis points over the last seven days. Last month on the 9th, the average rate on a jumbo mortgage was above that, at 3.07 percent.
At today’s average rate, you’ll pay a combined $416.77 per month in principal and interest for every $100k you borrow. Compared with last week, that’s $2.68 lower.
To stay up to date with daily mortgage rates, see our daily rates news hub.
Where to find the best rates
Interest rates can vary widely based on overarching market forces, the size of the loan, your location, your financial situation and how eager mortgage lenders are to get your business. Keep in mind that the rates we cite are averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.
It’s important when you’re searching for a loan to shop around and compare all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.
Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain current on today’s rates. If you’re not happy with the results there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.
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Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.
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December 09, 2020 at 06:32PM
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