Today’s mortgage and refinance rates
Average mortgage rates fell yesterday. But only by the smallest measurable amount. And, according to Mortgage News Daily’s archive, those for 30–year, fixed–rate, conventional mortgages closed on Friday precisely where they were the previous Friday.
Unfortunately, mortgage rates remain fundamentally unpredictable. Next Wednesday, a key, two–day Federal Reserve meeting will report some decisions that are critical to those rates. And, of course, medical data concerning the Omicron variant of COVID–19 might emerge, and they, too, might have an impact. More on both, below.
Find and lock a low rate (Dec 11th, 2021)
Current mortgage and refinance rates
Program | Mortgage Rate | APR* | Change |
---|---|---|---|
Conventional 30 year fixed | 3.302% | 3.322% | Unchanged |
Conventional 15 year fixed | 2.525% | 2.558% | Unchanged |
Conventional 20 year fixed | 3.154% | 3.194% | Unchanged |
Conventional 10 year fixed | 2.617% | 2.683% | -0.01% |
30 year fixed FHA | 3.289% | 4.054% | -0.01% |
15 year fixed FHA | 2.596% | 3.242% | Unchanged |
5/1 ARM FHA | 2.295% | 3.175% | Unchanged |
30 year fixed VA | 3.223% | 3.421% | Unchanged |
15 year fixed VA | 2.877% | 3.225% | +0.02% |
5/1 ARM VA | 2.507% | 2.539% | -0.01% |
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here. |
Find and lock a low rate (Dec 11th, 2021)
Should you lock a mortgage rate today?
Really, I can offer very little reliable guidance on when to lock your rate. Because we’re waiting on two things that could push mortgage rates in either direction. Read the “What’s moving mortgage rates” section (below) for details.
That means that your decision is mostly down to your personal tolerance for risk. If you’re financially conservative, lock your rate soon. If you’re happy to take a gamble on rates falling, carry on floating.
Being a cautious type, I changed my personal rate lock recommendations earlier this week. And they’re now:
- LOCK if closing in 7 days
- LOCK if closing in 15 days
- LOCK if closing in 30 days
- LOCK if closing in 45 days
- LOCK if closing in 60 days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine – or better. So be guided by your gut and your personal tolerance for risk.
What’s moving current mortgage rates
The Federal Reserve
The Federal Open Market Committee (FOMC) begins a two–day meeting next Tuesday (Dec. 14) and will hold a news conference early on Wednesday afternoon.
The FOMC is the Fed’s monetary policy body and its utterances are hugely important to markets generally, including the one in which mortgage–backed securities (MBSs) are traded. And MBSs largely determine mortgage rates.
Since March 2020, the Fed has been buying MBSs at a rate of $40 billion a month. And that’s been keeping mortgage rates artificially low.
But, as inflation grew as a problem, the Fed announced that it would gradually reduce those purchases, starting last month. In a process called “tapering,” it planned to take its monthly purchases down to zero by mid–2020.
But yesterday’s consumer price index showed prices rising at their fastest rate since 1982. And that’s putting pressure on the Fed to announce next Wednesday that it will reduce its MBS purchases more quickly, perhaps ending them in March or April. It may also that day signal that it will hike its own interest rates sooner than planned.
Of course, we don’t know what the Fed will say on Wednesday. But, if it does announce either or both those measures, that will likely push mortgage rates upward.
Omicron
Markets seem to have put away their concerns about the Omicron variant, at least for now. But that doesn’t mean that chapter’s closed.
True, early signs suggest the new variant may tend to bring less harmful health outcomes for most patients than earlier ones. But, if it spreads as quickly as looks likely, that may not matter much from the point of view of hospitalization and death rates. Because a small proportion of a huge number can be a very high raw number.
The UK is only days ahead of us in terms of infections. And, on Wednesday, the British health secretary told parliament that the country was bracing for 1 million Omicron infections by the end of this month, according to The Guardian. Allowing for population differences, and assuming a similar spread of the disease, that could mean 5 million Omicron cases here in early January.
If only a small proportion of those cases turn out to be serious enough to require hospitalizations, that might still be enough to overwhelm health care resources.
The good news is that booster vaccinations appear to provide real protection against serious health outcomes from Omicron. But fewer than 50 million Americans have received their boosters. So we have a way to go to head off the new variant.
Meanwhile, none of the data we’ve received so far is wholly reliable, because they’re all based on small samples. And, if Omicron turns out to have more serious economic implications than markets are currently assuming, then mortgage rates should fall.
What this means for mortgage rates
So, just as last week, we’ll just have to wait and see. Will the Fed push mortgage rates higher? Or will Omicron drag them lower? Nobody knows.
But we might be in for some volatility while the tussle between the two continues.
Economic reports next week
The FOMC meeting on Wednesday might turn out to have the biggest impact on mortgage rates next week. But there are some economic reports, too, that might move those rates.
The key ones below are in bold. And, of those, retail sales are most likely to affect mortgage rates.
But none of the other economic reports listed below is likely to cause much movement in markets unless it includes shockingly good or bad data:
- Tuesday – November producer price index
- Wednesday – November retail sales and import price index
- Thursday – November building permits and housing starts. And November industrial production index and capacity utilization. Plus weekly new claims for unemployment insurance to Dec. 11
Watch out for Wednesday.
Show me today’s rates (Dec 11th, 2021)
Mortgage interest rates forecast for next week
Mortgage rates could go either way next week — or roughly hold steady. Unfortunately, nobody can predict either what the Fed might say or what might happen to Omicron.
Mortgage and refinance rates usually move in tandem. And a gap that had grown between the two has been largely eliminated by the scrapping of the adverse market refinance fee.
Meanwhile, another recent regulatory change has likely made mortgages for investment properties and vacation homes more accessible and less costly.
How your mortgage interest rate is determined
Mortgage and refinance rates are generally determined by prices in a secondary market (similar to the stock or bond markets) where mortgage–backed securities are traded.
And that’s highly dependent on the economy. So mortgage rates tend to be high when things are going well and low when the economy’s in trouble.
Your part
But you play a big part in determining your own mortgage rate in five ways. And you can affect it significantly by:
- Shopping around for your best mortgage rate – They vary widely from lender to lender
- Boosting your credit score – Even a small bump can make a big difference to your rate and payments
- Saving the biggest down payment you can – Lenders like you to have real skin in this game
- Keeping your other borrowing modest – The lower your other monthly commitments, the bigger the mortgage you can afford
- Choosing your mortgage carefully – Are you better off with a conventional, FHA, VA, USDA, jumbo or another loan?
Time spent getting these ducks in a row can see you winning lower rates.
Remember, they’re not just a mortgage rate
Be sure to count all your forthcoming homeownership costs when you’re working out how big a mortgage you can afford. So focus on your “PITI.” That’s your Principal (pays down the amount you borrowed), Interest (the price of borrowing), (property) Taxes, and (homeowners) Insurance. Our mortgage calculator can help with these.
Depending on your type of mortgage and the size of your down payment, you may have to pay mortgage insurance, too. And that can easily run into three figures every month.
But there are other potential costs. So you’ll have to pay homeowners association dues if you choose to live somewhere with an HOA. And, wherever you live, you should expect repairs and maintenance costs. There’s no landlord to call when things go wrong!
Finally, you’ll find it hard to forget closing costs. You can see those reflected in the annual percentage rate (APR) you’ll be quoted. Because that effectively spreads them out over your loan’s term, making that higher than your straight mortgage rate.
But you may be able to get help with those closing costs and your down payment, especially if you’re a first–time buyer. Read:
Down payment assistance programs in every state for 2021
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The result is a good snapshot of daily rates and how they change over time.
The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
Fantastic items from you, man. I have understand your
stuff prior to and you are just extremely magnificent. I actually like what you have bought right here, certainly like what you’re
stating and the way in which through which you say it. You are making it entertaining and you continue to care for to
stay it sensible. I cant wait to read far more from you. This is really a great web site.
Online poker
You need to be a part of a contest for one of the greatest blogs on the internet.
I am going to recommend this blog!
buy viagra online
May I simply say what a comfort to uncover an individual who
actually knows what they’re discussing on the net. You actually
understand how to bring an issue to light and make it important.
A lot more people have to read this and understand this side
of the story. It’s surprising you aren’t more popular given that you surely possess the gift.
hello!,I like your writing very a lot! proportion we be in contact more about your
post on AOL? I require a specialist in this space to
unravel my problem. Maybe that’s you! Looking forward to see you.
Does your site have a contact page? I’m having trouble locating it but, I’d like to shoot you an email.
I’ve got some recommendations for your blog you might be interested in hearing.
Either way, great website and I look forward to seeing it develop over time.
Hurrah! After all I got a weblog from where I be able
to truly get helpful information regarding my study and
knowledge.
Thanks for another informative blog. The place else may just I get that kind of information written in such
a perfect manner? I have a project that I’m just now
operating on, and I’ve been on the glance out for such info.
penis enlargement
I’ve been surfing online more than 4 hours today, yet
I never found any interesting article like yours.
It’s pretty worth enough for me. In my opinion,
if all web owners and bloggers made good content as you did, the internet will be a lot
more useful than ever before.
Online poker
When some one searches for his necessary thing, so
he/she wants to be available that in detail,
so that thing is maintained over here.
Wow! This blog looks exactly like my old one! It’s on a totally different
subject but it has pretty much the same page layout
and design. Superb choice of colors!
I am truly grateful to the holder of this web page who has shared this enormous article at at this place.
I was wondering if you ever considered changing the page layout of your website?
Its very well written; I love what youve got to say. But maybe you could a little more in the way
of content so people could connect with it better. Youve got an awful lot of text for only having 1
or 2 pictures. Maybe you could space it out better?
buy viagra online
penis enlargement
buy viagra online
Aw, this was a very good post. Taking a few minutes and actual effort to
produce a good article… but what can I say… I procrastinate a lot and never seem to get nearly anything
done.
Appreciate the recommendation. Will try it out.
Every weekend i used to pay a quick visit this web site, as i wish for enjoyment,
for the reason that this this web page conations genuinely pleasant funny information too.
Howdy very nice blog!! Guy .. Excellent .. Superb .. I’ll bookmark your
blog and take the feeds also? I am satisfied to seek out
numerous helpful info here within the post, we’d like develop
extra techniques in this regard, thank you for sharing.
. . . . .
Also visit my site … LOTTOUP
Hello! Do you know if they make any plugins to protect against hackers?
I’m kinda paranoid about losing everything I’ve worked hard on. Any tips?
Hello there! Do you kmow iif they make any pluggins to assist wirh SEO?
I’m trying to gett my blog too rannk forr ome targeted
keyworrds but I’m not seeing ver good success.
If youu knhow off anny please share. Many thanks!
Thank you, I’ve just been searching for information about this topic for a while and yours is the best I’ve discovered so far.
However, what concerning the conclusion? Are you positive concerning the supply?
buy viagra online
Online poker
penis enlargement
I would like to thank you for the efforts you have put in penning this website.
I’m hoping to see the same high-grade content from you later
on as well. In fact, your creative writing abilities has encouraged me to get my own, personal blog now 😉
I was recommended this web site by my cousin. I am not sure whether this
post is written by him as nobody else know such detailed about my difficulty.
You’re incredible! Thanks!
Superb blog! Do you have any helpful hints for aspiring writers?
I’m hoping to start my own website soon but I’m a little lost on everything.
Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely confused ..
Any recommendations? Bless you!
Also visit my web site แทงบอลออนไลน์
Online poker
If you would like to increase your experience simply
keep visiting this web page and be updated with
the most recent news posted here.
penis enlargement
I’ve been surfing online more than three hours these days, but
I never discovered any attention-grabbing article like
yours. It’s beautiful value sufficient for me. In my view, if all site
owners and bloggers made just right content material as you did, the web
will be a lot more useful than ever before.
Feel free to surf to my web-site … LOTTOUP
Please let me know if you’re looking for a article
author for your blog. You have some really good articles and I think I would be a good asset.
If you ever want to take some of the load off, I’d love to write some articles for your blog
in exchange for a link back to mine. Please send me an e-mail if interested.
Cheers!
Thank you, I’ve recently been looking for information approximately this topic for a long time and yours
is the best I’ve came upon so far. But, what in regards to the conclusion?
Are you sure in regards to the supply?
buy viagra online
payday loan
buy viagra online
payday loan
Thanks for finally writing about > Mortgage Rates Today, Dec.
11 & Rate Forecast For Next Week – Finance Essence < Liked it!
buy viagra online
2008, 40 572 574 zithromax without rx mexico TGF beta was measured by ELISA; p21 waf1 cip1 and retinoblastoma Rb protein levels were measured by Western blot; PKC activity was measured by kinase assay; and effects upon cell cycle were measured by flow cytometric analysis
payday loan
Fantastic blog! Do you have any helpful hints for aspiring writers?
I’m hoping to start my own blog soon but I’m a little lost on everything.
Would you suggest starting with a free platform like
Wordpress or go for a paid option? There are so many choices out there that I’m totally overwhelmed
.. Any recommendations? Thanks a lot!
payday loan
payday loan
buy viagra online
penis enlargement
buy viagra online
buy viagra online
buy viagra online
buy viagra online
payday loan
buy viagra online
buy viagra online
buy viagra online
Online poker
buy viagra online
buy viagra online
buy viagra online
payday loan