Today’s mortgage and refinance rates
Average mortgage rates barely moved yesterday, edging up just a bit. Overall, they’re certainly higher than they were in the summer. But changes over the last couple of months have been muted.
Mortgage rates today look likely to be unchanged or barely changed. But we’re all used to seeing markets swap direction during the day.
Find your lowest rate. Start here (Dec 29th, 2021)
Current mortgage and refinance rates
|Conventional 30 year fixed||3.355%||3.377%||-0.02%|
|Conventional 15 year fixed||2.528%||2.563%||+0.04%|
|Conventional 20 year fixed||3.137%||3.167%||Unchanged|
|Conventional 10 year fixed||2.655%||2.722%||+0.02%|
|30 year fixed FHA||3.232%||3.945%||+0.01%|
|15 year fixed FHA||2.601%||3.247%||+0.01%|
|5/1 ARM FHA||2.46%||3.224%||+0.04%|
|30 year fixed VA||3.029%||3.219%||+0.03%|
|15 year fixed VA||2.896%||3.244%||-0.01%|
|5/1 ARM VA||2.5%||2.533%||Unchanged|
|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.|
Should you lock a mortgage rate today?
Many investors continue to shrug off the threats posed by Omicron, the new COVID–19 variant. And they might yet be proved right. But I’ve been expecting much more caution from them at least until we can be sure how economically damaging it might be.
So far, I’ve been wrong in that expectation. But I still think attitudes might change, bringing lower mortgage rates. Read more on that below.
In any event, for now, my personal rate lock recommendations remain:
- FLOAT if closing in 7 days
- FLOAT if closing in 15 days
- FLOAT if closing in 30 days
- FLOAT if closing in 45 days
- FLOAT if closing in 60 days
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data, compared with roughly the same time yesterday, were:
- The yield on 10-year Treasury notes inched down to 1.46% from 1.48%. (Good for mortgage rates.) More than any other market, mortgage rates normally tend to follow these particular Treasury bond yields
- Major stock indexes were mostly higher soon after opening. (Bad for mortgage rates.) When investors are buying shares they’re often selling bonds, which pushes prices of those down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
- Oil prices rose to $76.07 from $73.69 a barrel. (Bad for mortgage rates*.) Energy prices play a large role in creating inflation and also point to future economic activity
- Gold prices edged up to $1,816 from $1,811 ounce. (Neutral for mortgage rates*.) In general, it is better for rates when gold rises, and worse when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to push rates lower
- CNN Business Fear & Greed index – increased a little: to 57 from 56 out of 100. (Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are better than higher ones
*A change of less than $20 on gold prices or 40 cents on oil ones is a fraction of 1%. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today might remain unchanged or just inch either side of the neutral line. However, be aware that “intraday swings” (when rates change direction during the day) are a common feature right now.
Find your lowest rate. Start here (Dec 29th, 2021)
Important notes on today’s mortgage rates
Here are some things you need to know:
- Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care
- Only “top–tier” borrowers (with stellar credit scores, big down payments and very healthy finances) get the ultralow mortgage rates you’ll see advertised
- Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements – though they all usually follow the wider trend over time
- When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
- Refinance rates are typically close to those for purchases. And a recent regulatory change has narrowed a gap that previously existed
So a lot is going on here. And nobody can claim to know with certainty what’s going to happen to mortgage rates in coming hours, days, weeks or months.
Are mortgage and refinance rates rising or falling?
We often highlight the closeness of the relationship between mortgage rates and yields on 10–year Treasury notes. But recent business days have shown that the relationship is far from perfect. Treasury yields have inched lower while those rates haven’t.
Of course, I’m still hoping mortgage rates will catch up. But that’s far from certain. As is much else, in particular the threat posed by Omicron.
Many markets are acting as if the new variant poses no threats to the economy. Yesterday, all the major US stock indexes surged higher, with nearly all of them looking likely to end the year 20%+ higher than they started it.
Some of this may be down to the “Santa Claus rally,” a common event at the end of many years when stocks rise. As CNN Business observed this morning:
Wall Street may have aged out of its belief in Santa (apologies to our readers under age 10). But it does have faith in the so–called “Santa Claus rally.”
— CNN Business, “Before the Bell” e-newsletter, Dec. 28, 2021
But the last 24 hours have seen plenty of evidence of the economic harm that Omicron is already causing:
- China added hundreds of thousands more people to the lockdown in the city of Xi’an, where more than 13 million people are already under strict stay–at–home notices
- France tightened its restrictions, including mandatory home working for all who can for at least three days each week
- Delhi, India, has introduced near–lockdown conditions
- Malaysia banned mass New Year celebrations
- Thousands of flights have been canceled
- New York City implemented a vaccine mandate on small businesses
- Austria is introducing a vaccine mandate for its entire population
And they’re on top of a pile of economically damaging measures in countless countries that were already in place before yesterday morning.
Now, it’s true that Omicron typically produces fewer hospitalizations and deaths per thousand infections than earlier variants. And symptoms are often very mild. But it’s spreading much more quickly than those other variants, creating many times more new cases each day.
And some virus hot spots are already seeing worrying levels of occupancy of critical care beds. For example, in England, which is weeks ahead of us in its Omicron wave, COVID–19–related hospitalizations have soared 74% in a week and are now at their highest level since February.
Those who were hoping that Omicron would turn out to be a toothless virus may be rethinking their positions.
What this means for mortgage rates
If markets continue to ignore Omicron’s economic threat, mortgage rates will probably continue to drift higher. But, if they’re finally forced to acknowledge its danger, mortgage rates should fall.
I’m guessing the latter will happen. But heaven knows when.
Over much of 2020, the overall trend for mortgage rates was clearly downward. And a new, weekly all–time low was set on 16 occasions last year, according to Freddie Mac.
The most recent weekly record low occurred on Jan. 7, when it stood at 2.65% for 30–year fixed–rate mortgages.
Since then, the picture has been mixed with extended periods of rises and falls. Unfortunately, since September, the rises have grown more pronounced, though not consistently so.
Freddie’s Dec. 23 report puts that weekly average for 30–year, fixed–rate mortgages at 3.05% (with 0.7 fees and points), down from the previous week’s 3.12%. But that won’t have taken into account all that week’s rises.
Expert mortgage rate forecasts
Looking further ahead, Fannie Mae, Freddie Mac and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their current rate forecasts for the remaining, current quarter of 2021 (Q4/21) and the first three quarters of 2022 (Q1/22, Q2/22 and Q3/22).
The numbers in the table below are for 30–year, fixed–rate mortgages. Fannie’s were published on Dec. 20 and the MBA’s on Dec. 21.
Freddie’s were released on Oct. 15. It now updates its forecasts only quarterly. So we may not get another from it until January. And its figures are already looking stale.
However, given so many unknowables, the whole current crop of forecasts may be even more speculative than usual.
And none of these forecasters had any idea that Omicron might entirely change the models on which they’re based.
Find your lowest rate today
Some lenders have been spooked by the pandemic. And they’re restricting their offerings to just the most vanilla–flavored mortgages and refinances.
But others remain brave. And you can still probably find the cash–out refinance, investment mortgage or jumbo loan you want. You just have to shop around more widely.
But, of course, you should be comparison shopping widely, no matter what sort of mortgage you want. As federal regulator the Consumer Financial Protection Bureau says:
Shopping around for your mortgage has the potential to lead to real savings. It may not sound like much, but saving even a quarter of a point in interest on your mortgage saves you thousands of dollars over the life of your loan.
Show me today’s rates (Dec 29th, 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 end 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.
Thanks to my father who stated to me concerning this website, this
website is in fact awesome.
levaquin 500mg us levaquin 250mg cheap
dutasteride us order ondansetron without prescription buy zofran pill
aldactone sale order propecia 1mg generic buy fluconazole 200mg online cheap
ampicillin 500mg ca cephalexin over the counter erythromycin cheap
fildena without prescription buy robaxin generic cost methocarbamol
suhagra 100mg brand buy estradiol 1mg online cheap order estrace 1mg generic
buy lamotrigine 50mg pill order minipress online cheap purchase retin
tadalis 10mg canada tadacip generic diclofenac for sale online
generic isotretinoin order zithromax 500mg without prescription order zithromax online cheap
buy indocin 75mg generic lamisil order order amoxicillin 500mg online cheap
price of cialis sales cialis cost viagra
purchase arimidex without prescription viagra professional vs viagra sildenafil viagra
tadalafil 10mg en ligne acheter viagra en ligne sildenafil 25mg comprimГ©
prednisone 10mg over the counter us cialis sales order generic sildenafil
tadalafil 10mg kaufen sildenafil 100mg ohne rezept viagra 200mg kaufen generika
modafinil drug Cialis cost oral diamox 250mg
doxycycline for sale order vardenafil 20mg generic cost furosemide 100mg
generic altace astelin 10 ml sale buy astelin online cheap
clonidine 0.1 mg pill oral minocin purchase tiotropium bromide pill
buy buspar pill buspirone 10mg drug ditropan price
alendronate 35mg pills order motrin 600mg generic pepcid sale
benicar 20mg over the counter depakote over the counter cheap acetazolamide
isosorbide cost order lanoxin without prescription micardis 80mg ca
bupropion over the counter buy seroquel pills quetiapine 100mg price
purchase molnupiravir online order naprosyn 500mg for sale lansoprazole 30mg canada
buy imuran 100 mcg pills protonix order sildenafil 50 mg
cheap tadalafil tablets Get cialis online viagra 100mg canada
buy tadalafil 40mg pill order pyridium generic symmetrel 100mg cheap
revia drug abilify online order brand abilify 20mg
oral dapsone 100mg generic avlosulfon 100 mg order perindopril 8mg online cheap
provera 10mg oral cost praziquantel 600 mg cyproheptadine 4mg uk
provigil 200mg uk stromectol 3mg for sale ivermectin for humans walmart
accutane 10mg sale purchase prednisone pill buy deltasone 5mg pills
nootropil 800mg canada viagra 100mg without prescription sildenafil 50mg us
buy zithromax 500mg generic azithromycin online order buy gabapentin 100mg pill
buy tadalafil 5mg without prescription order generic tadalafil 10mg order viagra 100mg generic
lasix over the counter buy doxycycline 200mg sale buy hydroxychloroquine sale
tadalafil 10mg uk betamethasone 20gm for sale anafranil 50mg for sale
buy chloroquine 250mg without prescription cenforce buy online order baricitinib 2mg generic
buy sporanox 100 mg generic tinidazole 500mg without prescription tindamax 500mg over the counter
glycomet online order glucophage 500mg for sale brand tadalafil 5mg
buy olanzapine 10mg generic nebivolol over the counter generic diovan 160mg
norvasc 10mg generic viagra 100mg drug tadalafil brand
order clozaril 100mg online cheap cheap ipratropium decadron us
buy sildenafil 100mg generic sildenafil mail order us order lisinopril 10mg online
order prilosec online order generic omeprazole 10mg blackjack online betting
linezolid 600mg sale real casino real money spins online
metoprolol 100mg pill cheap vardenafil 10mg vardenafil 20mg uk
buying an essay best online casino for real money free blackjack online
levitra 20mg tablet medrol 4 mg over the counter buy methylprednisolone 4mg online
help with assignments uk cheap essay writing viagra medication
clomiphene without prescription ventolin cost online slots real money
cialis drug viagra next day delivery usa viagra online
triamcinolone without prescription clarinex 5mg without prescription order desloratadine 5mg
order priligy without prescription order priligy 30mg generic buy synthroid without prescription
order generic cialis 40mg order sildenafil 100mg online viagra price
orlistat order buy diltiazem generic purchase zovirax for sale
tadalafil 20mg us brand propranolol order plavix sale
generic tadalafil inderal 20mg pill plavix brand
order zyloprim generic purchase ezetimibe without prescription ezetimibe 10mg price
domperidone ca flexeril 15mg us cyclobenzaprine pill
purchase cozaar pills purchase nexium online topamax 200mg pill
lioresal cost toradol for sale online toradol 10mg generic
imitrex 50mg sale imitrex 50mg pills dutasteride over the counter
gloperba over the counter gambling casino online free slot games for fun
ranitidine online buy order generic celebrex 100mg order generic celebrex
flomax 0.4mg drug spironolactone 25mg brand buy aldactone
cialis 5mg us how much is cialis buy cipro 500mg online cheap
order zocor generic purchase zocor generic order proscar for sale
buy flagyl 200mg generic bactrim 960mg buy bactrim
keflex 125mg cheap order keflex 250mg sale purchase erythromycin without prescription
viagra sildenafil brand cialis pills tadalafil 20mg cheap
order generic ceftin bimatoprost without prescription order generic methocarbamol
play poker online real money online casino bonus buy tadalafil 5mg online cheap
purchase trazodone buy generic aurogra 50mg aurogra for sale online
editing essays where can i buy a research paper ivermectin otc
sildenafil on line lamictal uk lamictal without prescription
buy prednisone without prescription order accutane 20mg online buy amoxicillin
sildenafil fast shipping viagra overnight delivery tadalafil 40mg for sale
best online casino games online ed meds tadalafil 20mg
buy zithromax 500mg online cheap purchase prednisolone generic buy neurontin 600mg pill
buy lasix 40mg sale buy doxycycline sale hydroxychloroquine 200mg price
buy generic sildenafil budesonide without prescription buy budesonide online
buy deltasone 5mg online prazosin 1mg generic buy vermox 100mg
order retin gel order avana without prescription cost avana
cheap tadacip 20mg tadalafil 20mg price indocin 75mg tablet
terbinafine sale cost cefixime order amoxicillin 250mg pill
buy biaxin 250mg online meclizine 25mg drug antivert 25 mg cheap
buy naprosyn 500mg sale lansoprazole 30mg us purchase lansoprazole without prescription
buy spiriva without prescription buy terazosin 5mg generic buy terazosin 5mg without prescription
order albuterol 100mcg for sale albuterol 100mcg price buy ciprofloxacin 500mg pills
cheap actos sildenafil 25mg price sildenafil citrate
singulair 5mg cheap viagra sildenafil viagra australia
order tadalafil 20mg pill Buy cialis usa online blackjack best
tadalafil 5mg Canadian pharmacy cialis pfizer cialis for women
online blackjack live dealer poker online game chumba casino
online roulette for real money win real money online casino slots games
buy nifedipine pill adalat us allegra us
online slots real money usa dissertation writers online money can t buy everything essay
order research papers order arava generic buy sulfasalazine generic
order benicar pills benicar 10mg canada oral depakote 500mg
order mesalamine 400mg for sale buy azelastine 10ml generic purchase irbesartan generic
clobetasol for sale online amiodarone order amiodarone buy online
buy diamox 250mg online buy generic azathioprine order azathioprine 25mg online
digoxin oral brand lanoxin 250 mg purchase molnupiravir online
order generic coreg buy carvedilol 25mg generic cost elavil 10mg
buy amoxil sale stromectol 12mg drug ivermectin 1
oral fosamax 35mg buy motrin generic ibuprofen 600mg sale
dapoxetine 60mg us buy dapoxetine 60mg pills motilium 10mg brand
order pamelor online panadol 500 mg ca paroxetine medication
indomethacin 50mg ca cenforce 100mg pills cenforce 50mg tablet
famotidine for sale prograf 1mg brand generic mirtazapine 30mg
order doxycycline 100mg doxycycline 200mg over the counter methylprednisolone 8mg oral
purchase ropinirole calcitriol 0.25mg pill labetalol brand
purchase fenofibrate fenofibrate 200mg pill sildenafil drug
oral esomeprazole esomeprazole 40mg cost buy furosemide 100mg
cialis from india viagra 50mg drug oral sildenafil
cheap minocycline 50mg cost neurontin 100mg generic terazosin
cialis 20mg pills Cialis low price buy ed pills fda
order glycomet 1000mg for sale glycomet 500mg canada purchase nolvadex online cheap
order generic provigil 100mg oral stromectol 3mg order phenergan pills
clomiphene 50mg brand prednisolone 40mg without prescription prednisolone 5mg without prescription
brand prednisone 20mg order deltasone generic amoxil 1000mg
order accutane 10mg pill deltasone 5mg drug buy ampicillin online
sildenafil 50mg oral purchase sildenafil online cheap proscar usa
ivermectin price generic deltasone 10mg prednisone 5mg usa
ondansetron 8mg generic buy ondansetron 8mg generic trimethoprim ca
isotretinoin 40mg canada order amoxil 500mg for sale order zithromax 500mg pills
brand albuterol order levoxyl online clavulanate for sale
modafinil 200mg cheap zestril for sale lopressor over the counter
buy prednisolone 20mg generic purchase prednisolone generic cost furosemide 100mg
buy dutasteride pill xenical 60mg brand brand xenical
order vibra-tabs without prescription vibra-tabs for sale acyclovir 800mg over the counter
order imuran order micardis generic buy naprosyn 250mg generic
buy ditropan 5mg for sale oxcarbazepine 600mg pills buy oxcarbazepine pills
order omnicef 300mg pills prevacid online order protonix 40mg pills
zocor 10mg tablet promethazine 25mg over the counter sildenafil dosage
purchase avlosulfon without prescription order mesalamine sale buy atenolol 100mg pills