December is a good month for people who are looking to buy their own home because they can potentially get a discount on their home. But you should note that mortgage rates in December 2024 are stable in the mid-6% range. The recent increase in these rates is likely to remain at a high level in the near future.
Now where these rates will go next depends only on inflation and the economy. It is being said that mortgage rates have reached their highest level in the last few months, and it can be said that they can hardly reach their lowest level in the near future.
mortgage rates December 2024
When Donald Trump takes office in the coming year 2025, it is possible that the inflation rate may increase again. With Trump coming to power, the tax cuts caused by the increase in the inflation rate through his proposed tariffs could increase the country’s debt.
And both of these can prove to be bad news for mortgage rates. If we talk of today, 1st December 2024, then from today onwards, mortgage and refinance rates are continuously going down week after week.
Let us make it clear to you that the 30-year fixed mortgage rate is 6.45 percent and the 15-year fixed mortgage rate is 5.80 percent; both these rates have registered a decline of 15 and 12 basis points, respectively. mortgage rates December 2024 Whatever it may be, today can be a good time to buy a home. That too if you have a good credit score.
Best Mortgage Rates December 2024 today Overview
| Article Title | mortgage rates December 2024 |
| Category | Mortgage rates |
| Year | 2025 |
| Mortgage rates on 1 December 2024 | 6 percent |
| Present mortgage rates |
|
| 30 years fixed rate home loan | 6.75% and 7% middle |
| Mortgage rates affected cases |
|
Mortgage rates December 2024 india
How to get the lowest mortgage rates, or what are the ways through which you get the lowest home loan interest rate? You have to make your credit score 780 or more. You should always keep trying to improve your credit score.
Secondly, you should borrow less; that is, you should make more down payments; only then will you get the best mortgage rates. That is, if your credit score is 780 and your down payment is at least 25%. Under mortgage rates in December 2024, India, you should reduce your total monthly loan. And choose a short loan period.
Best mortgage rates December 2024
Many people have a question about how mortgage rates are decided, so here we would like to tell you that the best mortgage rates for December 2024 are determined on the basis of such primary factors.
First of all, the better your credit score, the easier it is to get a loan and at a lower interest rate. Many lenders offer lower home loan rates with higher down payments.
You can get the best mortgage rates in December 2024 when you take a higher loan amount. A longer loan term usually equates to lower mortgage interest rates.
Mortgage rates December 2024 predictions
| Category | Mortgage rates in percent |
| 30 years fixed | 6.45 |
| 20 years fixed | 6.35 |
| 15 years fixed | 5.80 |
| 5/1 ARM | 6.59 |
| 7/1 ARM | 6.53 |
| 30 years VA | 5.87 |
| 15 years VA | 5.44 |
| 5/1 VA | 6.08 |
| 30 years FHA | 5.58 |
Today’s Mortgage Rates, December 1, 2024
| Category | Mortgage refinance dates in percent |
| 30 years fixed | 6.47 |
| 20 years fixed | 6.44 |
| 15 years fixed | 5.82 |
| 5/1 ARM | 6.04 |
| 7/1 ARM | 6.18 |
| 30 years VA | 5.91 |
| 15 years VA | 5.82 |
| 5/1 VA | 5.49 |
December Mortgage Interest Rates Forecast
In the month of December, the December Mortgage Interest Rates Forecast is expected to remain almost the same. According to the table given above, the 30-year fixed rate home loan will be between 6.75% and 7%. If we look at the previous month, i.e., November, the mortgage rates remained in a stable state during the week till the elections, and after that there was a slight fluctuation in them.
And the inflation rate also remained as expected by the people. Now if we repeat the performance of November in the month of December, then it is clear that it includes the stable currency position indicator and an announcement of the Fed, which will be made on December 18.
Will mortgage rates go down in 2024?
Using a mortgage calculator can prove to be very useful to get how your monthly payment is affected by interest rates. Suppose you bought a house for $350,000 when the term of this loan is 30 years.
So here you get what your monthly payment looks like at different interest rates. At a 5% interest rate, your monthly payment will be $1503.10. At 6% interest rate, your monthly payment will be $1678.74. Similarly, at a 7% interest rate, your monthly payment will be $1862.85.