Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01

Mortgage Rates Reach Seven-Week High

Mortgage rates moved slightly higher on a week highlighted by better-than-anticipated home sales figures. The average 30-year fixed rate mortgage is now 6.24 percent, the highest since Nov. 15. According to Bankrate.com’s weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.27 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing increased to 5.99 percent. The same was true for larger loans, with the average jumbo 30-year fixed rate up modestly to 6.47 percent. The average 5/1 adjustable rate mortgage climbed to 6.15 percent and the average one-year ARM inched upward to 5.94 percent. Movements in mortgage rates were subtle during the holiday season, with little in the way of economic data or market volatility to push rates one way or the other. The most significant news came in the form of better home sales figures for November. This pushed bond yields higher on the belief that the Federal Reserve would be unlikely to cut interest rates any time soon. Mortgage rates are closely related to the yields on long-term government bonds. Fixed mortgage rates are sharply lower since the Fed stopped raising interest rates. Six months ago, the average 30-year fixed mortgage rate was 6.91 percent. At the time, the monthly payment on a loan of $165,000 was $1,087.79. With the average 30-year fixed rate now 6.24 percent, the same loan originated today would carry a monthly payment of $1,014.86.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please