Mortgage Rates Today, Tuesday, December 23: A Little Higher

Yes, mortgage interest rates are higher today, but only slightly.

The average interest rate on a 30-year, fixed-rate mortgage came to 6.01%. That’s up one basis point from yesterday but down 12 basis points from a week ago. (See our chart below for more details).

If you’ve been waiting around for mortgage rates to drop this place, don’t get too discouraged. Lenders adjust their advertised rates throughout the day, so mortgage rates react to any news — good or bad — quickly. You need to look at the larger trend to understand whether the daily moves are a one-off or part of a series.

There are mortgage rates constantly changing, Since a large part of How are rates determined? Depending on the reaction to new inflation reports, job numbers, fed meetings, world news… you name it. For example, even small changes in the bond market can cause changes in mortgage rates.

Saw last week Lots of market driven economic newsbut there’s barely anything on the doc this week. Markets have mostly checked out for the holidays, so don’t expect tons of movement until 2026. It still seems far away, but it’s literally days away.

And speaking of scrutiny: Nerves is on hiatus in the new year. We’ll resume our daily mortgage rate coverage when we return to the office on Monday, January 5.

In the meantime, if you want to see what mortgage rates are, check out our Mortgage rates pagewhich updates daily. Happy holidays!

If today’s rates are at least 0.5 to 0.75 percent lower than your current rate (and also to break down closing costs if you plan to stay in your home for a long time).

With rates where they are right now, you can start considering a refi if your current rate is 6.51% or higher.

Also consider your goals: Are you trying to lower your monthly payment, shorten your loan term, or turn home equity into cash? For example, you may be more comfortable paying a higher rate for a Cash Out Refinance More than you can refinance for the rate and term. , as long as the total costs are lower than if you had kept your original mortgage and added a hilock or home equity loan.

If you’re looking for a lower rate, use Nerd Wallet Refinance Calculator Estimating the savings and understanding how long it will take to break even on refinancing costs.

There is no universal “right” time to start buying – what matters is whether you can comfortably afford a mortgage at today’s rates.

If the answer is yes, don’t get too hung up on whether you can lose out on lower rates later. You can refinance down the road. Focus on getting Preapprovedcomparing lender offers, and understanding what monthly payment works for your budget.

nerdwallet’s Affordability Calculator It can help you estimate your potential monthly payment. If a new home isn’t in the cards right now, there are still things you can do to strengthen your buyer profile. Use this time to pay off existing debts and increase your down payment savings. Not only will this free up more cash flow for future mortgage payments, it can also get you a better interest rate when you’re ready to buy.

If you already have a quote you’re happy with, you should consider Locking in your mortgage rateespecially if your lender offers a float-down option. A float down allows you to take advantage of a better rate if the market falls during your lock-in period.

Rate locks protect you from hikes while your loan is processed, and with the market forever bouncing around, the peace of mind can be worth it.

The rate you are advertised is one Sample rate – Usually for borrowers with perfect credit, making large payments, and making payments Mortgage points. It won’t match every buyer’s situation.

In addition to market factors beyond your control, your custom quote depends on:

• Location and property type

Even Two people with similar credit scores Depending on their overall financial profiles, different rates may be available.

Maybe – but even personalized rate quotes Until you lock. This is because lenders adjust prices multiple times a day in response to changes in the market.