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Mortgage and refinance rates today, December 1, 2024: Rates drop week over week
It might feel like mortgage rates will never stop increasing, especially since just a couple of months ago, many people expected rates to be lower than they are now.
However, week-over-week rates have actually gone down. According to Zillow, the 30-year fixed mortgage rate has decreased by 15 basis points to 6.45%, the 15-year fixed rate is down 12 basis points to 5.80%, and the 5/1 ARM rate has plunged by 62 basis points to 6.59%.
Today could be a good time to buy a house, especially if you have a good credit score, a low debt-to-income ratio, and enough money saved for a down payment and closing costs.
Learn more: How to get the lowest mortgage rate possible
Current mortgage rates
Here are the current mortgage rates, according to the latest Zillow data:
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30-year fixed: 6.45%
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20-year fixed: 6.35%
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15-year fixed: 5.80%
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5/1 ARM: 6.59%
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7/1 ARM: 6.53%
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30-year VA: 5.87%
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15-year VA: 5.44%
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5/1 VA: 6.08%
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30-year FHA: 5.58%
Remember, these are the national averages and rounded to the nearest hundredth.
Current mortgage refinance rates
These are today's mortgage refinance rates, according to the latest Zillow data:
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30-year fixed: 6.47%
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20-year fixed: 6.44%
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15-year fixed: 5.82%
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5/1 ARM: 6.04%
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7/1 ARM: 6.18%
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30-year VA: 5.91%
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15-year VA: 5.82%
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5/1 VA: 5.49%
Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case.