{"id":1766,"date":"2024-12-28T15:31:00","date_gmt":"2024-12-28T15:31:00","guid":{"rendered":"https:\/\/www.soscip.org\/us\/?p=1766"},"modified":"2024-12-28T15:31:16","modified_gmt":"2024-12-28T15:31:16","slug":"mortgage-refinance-rates-today-december-28-2024","status":"publish","type":"post","link":"https:\/\/www.soscip.org\/us\/mortgage-refinance-rates-today-december-28-2024\/","title":{"rendered":"Mortgage &amp; Refinance Rates Today December 28, 2024: Should You Lock In Your Mortgage Rate Now?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Mortgage rates are fluctuating slightly today, presenting a mixed picture for potential homebuyers and homeowners considering refinancing. While rates aren&#8217;t expected to drop significantly in the near future, strategic timing could still save money. Here&#8217;s a detailed look at <a href=\"https:\/\/www.soscip.org\/us\/mortgage-refinance-rates-today-december-28-2024\/\" data-type=\"link\" data-id=\"https:\/\/www.soscip.org\/us\/mortgage-refinance-rates-today-december-28-2024\/\">today&#8217;s rates<\/a> and what they mean for you.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#current-mortgage-rates\">Current Mortgage Rates<\/a><\/li><li><a href=\"#current-refinance-rates\">Current Refinance Rates<\/a><\/li><li><a href=\"#pros-and-cons-of-fixed-rate-mortgages\">Pros and Cons of Fixed-Rate Mortgages<\/a><\/li><li><a href=\"#adjustable-rate-mortgages-ar-ms\">Adjustable-Rate Mortgages (ARMs)<\/a><\/li><li><a href=\"#should-you-buy-a-house-now\">Should You Buy a House Now?<\/a><\/li><li><a href=\"#fa-qs-on-mortgage-rates\">FAQs on Mortgage Rates<\/a><\/li><li><a href=\"#use-a-mortgage-calculator-to-plan\">Use a Mortgage Calculator to Plan<\/a><\/li><li><a href=\"#conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"current-mortgage-rates\"><strong>Current Mortgage Rates<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">According to the latest data from Zillow, here\u2019s where mortgage rates stand today:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>30-year fixed<\/strong>: 6.72% (down by one basis point)<\/li>\n\n\n\n<li><strong>20-year fixed<\/strong>: 6.55% (down by three basis points)<\/li>\n\n\n\n<li><strong>15-year fixed<\/strong>: 6.12% (up by three basis points)<\/li>\n\n\n\n<li><strong>5\/1 ARM<\/strong>: 6.73%<\/li>\n\n\n\n<li><strong>7\/1 ARM<\/strong>: 6.54%<\/li>\n\n\n\n<li><strong>30-year VA<\/strong>: 6.15%<\/li>\n\n\n\n<li><strong>15-year VA<\/strong>: 5.66%<\/li>\n\n\n\n<li><strong>5\/1 VA<\/strong>: 6.38%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These averages are rounded to the nearest hundredth and may vary by region or lender.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"current-refinance-rates\"><strong>Current Refinance Rates<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mortgage refinance rates often trend higher than purchase rates, though exceptions occur. Today&#8217;s refinance averages are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>30-year fixed<\/strong>: 6.70%<\/li>\n\n\n\n<li><strong>20-year fixed<\/strong>: 6.53%<\/li>\n\n\n\n<li><strong>15-year fixed<\/strong>: 5.99%<\/li>\n\n\n\n<li><strong>5\/1 ARM<\/strong>: 6.05%<\/li>\n\n\n\n<li><strong>7\/1 ARM<\/strong>: 6.70%<\/li>\n\n\n\n<li><strong>30-year VA<\/strong>: 6.04%<\/li>\n\n\n\n<li><strong>15-year VA<\/strong>: 5.83%<\/li>\n\n\n\n<li><strong>5\/1 VA<\/strong>: 5.84%<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pros-and-cons-of-fixed-rate-mortgages\"><strong>Pros and Cons of Fixed-Rate Mortgages<\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>30-Year Fixed Mortgage<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pros<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Lower monthly payments compared to shorter terms.<\/li>\n\n\n\n<li>Predictable payments throughout the loan term.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Cons<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Higher interest rates than shorter-term options.<\/li>\n\n\n\n<li>Greater total interest paid over the life of the loan.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>15-Year Fixed Mortgage<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pros<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Lower interest rates compared to 30-year terms.<\/li>\n\n\n\n<li>Significantly reduced total interest paid.<\/li>\n\n\n\n<li>Faster loan payoff.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Cons<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Higher monthly payments due to the shorter repayment period.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"adjustable-rate-mortgages-ar-ms\"><strong>Adjustable-Rate Mortgages (ARMs)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ARMs start with a fixed interest rate for an initial period (e.g., 5 years for a 5\/1 ARM) before adjusting annually.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pros<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Lower introductory rates compared to fixed-rate mortgages.<\/li>\n\n\n\n<li>Beneficial if you plan to sell or refinance before the rate adjusts.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Cons<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Rate uncertainty after the initial period.<\/li>\n\n\n\n<li>Potential for significantly higher payments in the future.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"should-you-buy-a-house-now\"><strong>Should You Buy a House Now?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The current market conditions favor buyers more than during the COVID-19 pandemic, as home prices have stabilized. Mortgage rates, while not at their lowest, have shown a leveling trend. Winter months typically see less competition among buyers, which could help you negotiate a better deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re ready financially and personally, this might be an opportune moment to secure a home. If rates drop significantly in the future, refinancing can help you capitalize on those lower rates.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/refinancing-your-mortgage-2025-experts-predict\/\" data-type=\"post\" data-id=\"1453\">Refinancing Your Mortgage in 2025: What Experts Predict and How to Prepare<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/housing-market-predictions-2025\/\" data-type=\"post\" data-id=\"1700\">Housing Market Predictions for 2025: Will Prices  Fall?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/home-equity-loan-or-reverse-mortgage-2025\/\" data-type=\"post\" data-id=\"978\">Home Equity Loan or Reverse Mortgage: Which is the Best Choice for 2025?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/heloc-vs-home-equity-loan-right-choice-2025\/\" data-type=\"post\" data-id=\"1444\">HELOC vs. Home Equity Loan: Making the Right Choice for 2025<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/top-10-housing-market-hot-spots-to-watch-in-2025\/\" data-type=\"post\" data-id=\"1752\">Top 10 Housing Market Hot Spots to Watch in 2025: Where Homeownership Dreams Come True<\/a><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fa-qs-on-mortgage-rates\"><strong>FAQs on Mortgage Rates<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. What is today\u2019s average 30-year mortgage rate?<\/strong><br>The national average for a 30-year fixed mortgage is 6.72%, but rates may vary by location and lender.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Are mortgage rates expected to decrease?<\/strong><br>Rates may tick down slightly, but significant drops are unlikely through 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. How do I secure the lowest refinance rate?<\/strong><br>Improve your credit score, lower your debt-to-income ratio, and consider a shorter loan term to secure better rates.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"use-a-mortgage-calculator-to-plan\"><strong>Use a Mortgage Calculator to Plan<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A reliable mortgage calculator can help you estimate your monthly payment, factoring in loan amount, interest rates, taxes, insurance, and potential HOA fees. Understanding the impact of different scenarios will aid in making an informed decision.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With rates stabilizing, now may be a good time to act if you&#8217;re ready to buy a <a href=\"https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/article\/mortgage-refinance-rates-today-saturday-december-28-2024-110005307.html\" data-type=\"link\" data-id=\"https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/article\/mortgage-refinance-rates-today-saturday-december-28-2024-110005307.html\" target=\"_blank\" rel=\"noopener\">home or refinance your mortgage<\/a>. While the future of rates remains uncertain, locking in today could help you avoid potential increases. Keep in mind, refinancing is always an option should rates drop significantly in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are fluctuating slightly today, presenting a mixed picture for potential homebuyers and homeowners considering refinancing. While rates aren&#8217;t expected to drop significantly in the near future, strategic timing could still save money. Here&#8217;s a detailed look at today&#8217;s rates and what they mean for you. Current Mortgage Rates According to the latest data&nbsp;<a class=\"read-more\" href=\"https:\/\/www.soscip.org\/us\/mortgage-refinance-rates-today-december-28-2024\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":1770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,21],"tags":[],"class_list":["post-1766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/1766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/comments?post=1766"}],"version-history":[{"count":4,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/1766\/revisions"}],"predecessor-version":[{"id":1771,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/1766\/revisions\/1771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media\/1770"}],"wp:attachment":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media?parent=1766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/categories?post=1766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/tags?post=1766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}