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Dec. 07, 2023
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Compare current mortgage rates for today

On Thursday, December 07, 2023, the national average 30-year fixed mortgage APR is 7.44%. The average 15-year fixed mortgage APR is 6.72%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Thursday, December 07, 2023, the national average 30-year fixed mortgage APR is 7.44%. The average 15-year fixed mortgage APR is 6.72%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Mortgage industry insights

Mortgage rates sink, could be headed back below 7%

The average rate on 30-year mortgages dropped to 7.41 percent this week, down from 7.55 percent last week, according to Bankrate’s weekly national survey of large lenders.

Mortgage rates retreated partly because of a downtrend in 10-year Treasury yields, the most relevant benchmark for the 30-year mortgage. After a tepid jobs report and lower inflation numbers last week, the 10-year Treasury dropped from 5 percent to less than 4.3 percent in recent weeks.

“The 10-year bond yield has dropped to levels that we haven’t seen for nearly three months as economic data points to lower inflation and weakness in the economy,” says Melissa Cohn, regional vice president at William Raveis Mortgage. “It’s a wonderful holiday gift to the real estate market.”

Despite the recent reversal, home loans are by no means as cheap as they were two years ago. The run-up reflects a variety of factors, including the Federal Reserve's continuing fight against inflation. While the Fed doesn't directly set fixed mortgage rates, it does establish the overall tone.

The central bank decided against another rate hike at its Nov. 1 meeting, but it left open the chance of another hike before the end of the year. Given recent developments, that seems unlikely. The Fed could even begin cutting rates in 2024.

A growing number of housing economists say mortgage rates could fall below 7 percent in the coming months. If you’re shopping for a mortgage, keep in mind that 7.41 percent is just an average — some lenders advertise below-average rates on Bankrate.

Location plays a role, too. In some areas of the U.S., rates are below 7.2 percent.

Many homebuyers have been sidelined by the recent rise in rates, along with the ever-present issue of low inventory. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months.

Learn more: Weekly mortgage rate trend analysis

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.42% 7.44%
20-Year Fixed Rate 7.17% 7.19%
15-Year Fixed Rate 6.69% 6.72%
10-Year Fixed Rate 6.72% 6.74%
5-1 ARM 6.71% 7.85%
10-1 ARM 7.62% 7.85%
30-Year Fixed Rate FHA 6.41% 7.30%
30-Year Fixed Rate VA 6.50% 6.62%
30-Year Fixed Rate Jumbo 7.47% 7.49%

Rates as of Thursday, December 07, 2023 at 6:30 AM



How to get the best mortgage rate for you

Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you comparison-shop. Here’s how to do it:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates. There’s only one way to be sure you’re getting the best available rate, and that’s to shop at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate’s mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you’re buying.
  • Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.

FAQ about mortgages

How to refinance your current mortgage

Now that rates are higher, few homeowners today can save money with a standard rate-and-term refinance.
Even so, refinancing your mortgage might still make sense in some cases. Perhaps you want to switch from an ARM to a fixed-rate loan before your variable rate resets. Maybe you want to ditch your FHA loan to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circumstances. If you want to pay down your mortgage more quickly, you can refinance and shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it’s also possible that a refinance could free you from paying for private mortgage insurance. The bump in value might allow you to refinance and tap your home equity to pay for home renovations, as well.
There are upfront costs associated with refinancing, including for the appraisal, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time. Most experts say the ideal breakeven timeline is 18 months to 24 months.

Compare refinance rates and do the math with Bankrate's refinance calculator.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride