Yes, mortgage interest rates are slightly higher today compared to yesterday.
The average interest rate on a 30-year fixed-rate mortgage has increased to 6.01%. This is only one basis point higher than yesterday but still 12 basis points lower than a week ago. (Refer to our chart below for more details).
If you’re closely monitoring mortgage rates in anticipation of a drop, don’t lose hope. Lenders constantly adjust their advertised rates throughout the day, so any news can lead to quick changes in mortgage rates. It’s essential to analyze the overall trend to determine whether daily fluctuations are isolated incidents or part of a larger pattern.
Average mortgage rates over the last 30 days
📉 When can we expect mortgage rates to drop?
Mortgage rates are constantly fluctuating due to various factors such as inflation reports, job numbers, Fed meetings, and global news. Even minor changes in the bond market can impact mortgage pricing.
Last week witnessed significant economic news that influenced the market, but this week’s calendar is relatively quiet. With markets winding down for the holidays, we may not see much movement until the new year. Although 2026 may seem distant, it’s only a few days away.
As we take a break for the holidays, we’ll resume our daily mortgage rate coverage on Monday, Jan. 5. In the meantime, you can stay updated on mortgage rates by visiting our mortgage rates page, which is updated daily. Happy holidays!
🔁 Is refinancing a good option for me?
Consider refinancing if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you intend to remain in your home long enough to recoup closing costs).
Given the current rates, it might be wise to contemplate a refinance if your existing rate is around 6.51% or higher.
Additionally, define your objectives: Do you aim to reduce your monthly payment, shorten your loan term, or leverage your home equity? Depending on your goals, you might find a higher rate acceptable for a cash-out refinance than for a rate-and-term refinance, as long as the overall costs are lower than retaining your original mortgage and adding a HELOC or home equity loan.
If you’re seeking a lower rate, utilize BW’s refinance calculator to estimate savings and comprehend the breakeven period for refinancing costs.
The ideal time to start shopping may vary; what’s crucial is whether you can comfortably manage a mortgage at today’s rates.
If the answer is affirmative, don’t fixate on potential lower rates in the future; you can always refinance later. Focus on getting preapproved, comparing lender offers, and determining a monthly payment that aligns with your budget.
BW’s affordability calculator can assist in estimating your potential monthly payment. If purchasing a new home isn’t feasible presently, there are measures you can take to enhance your buyer profile. Use this time to reduce existing debts and build your down payment savings. By doing so, you can enhance your cash flow for future mortgage payments and potentially secure a better interest rate when you’re ready to buy.
🔒 Should I lock my rate?
If you’ve received a satisfactory quote, it’s advisable to consider locking your mortgage rate, especially if your lender offers a float-down option. A float-down feature enables you to benefit from a lower rate if the market shifts during your lock-in period.
Rate locks shield you from rate increases while your loan is in progress, providing peace of mind amidst the market’s constant fluctuations.
🤓 Nerdy Reminder: Rates are subject to daily and even hourly changes. If you’re content with a deal, don’t hesitate to commit.
🧐 Why does the rate I viewed online differ from the quote I received?
The advertised rate is a sample rate typically for a borrower with excellent credit, making a substantial down payment, and opting for mortgage points. This may not align with every buyer’s specific situation.
In addition to market factors beyond your control, your personalized quote is influenced by factors such as:
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Location and property type
Even individuals with similar credit scores could receive different rates based on their overall financial profiles.
👀 If I apply now, can I secure the rate I viewed today?
Possibly, but even personalized rate quotes are subject to change until you lock them in. Lenders adjust pricing multiple times a day in response to market fluctuations.