Mortgage rates for Dec. 14, 2021: Rate movement stays flat overall
Will market volatility shake up interest rates this week? That still remains to be seen. But at least for fixed rate options, Rate mortgage rates have stayed relatively flat today, Dec. 14, 2021. Adjustable rate mortgage (ARM) options are a different story, however, with some day-over-day (DOD) and month-over-month (MOM) changes for 10-year ARM loans.*
Should you lock in your rate or wait to see if rates dip back down to historic lows? Speak to a qualified mortgage expert who can review your loan options and find the best terms to meet your needs on a refi or purchase.
30-year fixed rate
Interest rates on 30-year fixed rate mortgages didn’t budge overnight, but rates are down a bit compared with where they were a month or even a week ago. With that in mind, today could be a good time to lock in your rate on a refinance. With the rate terms listed below, you could expect to spend $1,285.13 each month on your mortgage.**
- Today’s rate: 3.125%
- DOD change: 0
- WOW change: down 12.5 basis points
- MOM change: down 12.5 basis points
- Today’s APR: 3.219%
- DOD change: 0
- WOW change: down 12.6 basis points
- MOM change: down 12.6 basis points
15-year fixed rate
It’s a similar story with 15-year fixed rate mortgages: Rates haven’t changed from yesterday’s position — or even month-over-month, for that matter. That being said, interest rates for this loan option have dropped back down after last week’s uptick. As of today, the mortgage payment for our borrower profile would be $1,982.76.
- Today’s rate: 2.375%
- DOD rate change: 0
- WOW rate change: 0
- MOM rate change: down 25 basis points
- Today’s APR: 2.539%
- DOD APR change: 0
- WOW APR change: down 25.3 basis points
- MOM APR change: 0
FHA 30-year fixed rate
Mortgage rate activity on FHA 30-year fixed rate loans saw somewhat similar movement to conventional 30-year loans. Interest rates for this type of mortgage are down week-over-week, bringing them in line with their position last month. Using our term conditions, you could expect to pay $1,285.13 on your monthly mortgage payment.
- Today’s rate: 3.125%
- DOD rate change: 0
- WOW rate change: down 12.5 basis points
- MOM rate change: 0
- Today’s APR: 3.908%
- DOD APR change: 0
- WOW APR change: down 12.9 basis points
- MOM APR change: 0
10-year ARM
Compared with fixed rate loans, 10-year ARM mortgage rates changed pretty significantly this morning. Today’s rates are down day-over-day, but they’re still higher than they stood a month ago. With rates potentially shifting from day to day, you’ll want to keep a close eye on the daily rates if you’re considering a 10-year ARM. Right now, your mortgage payment would be $1,326.29 with these rate terms.
- Today’s rate: 3.375%
- DOD rate change: down 12.5 basis points
- WOW rate change: 0
- MOM rate change: up 12.5 basis points
- Today’s APR: 3.225%
- DOD APR change: down 7.8 basis points
- WOW APR change: 0
- MOM APR change: up 7.8 basis points
Today’s takeaway
While the overall trend seems to be marching toward rate increases, today’s rates remain largely unchanged — at least when it comes to fixed rate mortgages. In comparison, ARM rate movement has been a bit more active. All the more reason to watch daily rate activity. If you’re thinking of refinancing your mortgage this holiday season, be sure to work with a mortgage specialist to lock in the best rate and terms possible.
Disclaimer
*Above scenarios assume a first lien position, 40 day rate lock on a primary residence and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Contact Rate for more information and up to date rates.
**Basis points measure the percentage change on interest rates. One basis point represents a 0.01% shift.
Interest rates are based on a borrower profile fitting the following criteria:
- Zip code: 60031
- Home type: Single-family house
- Purchase price: $375,000
- Down payment: 20% ($75,000)
- Mortgage balance: $300,000
- FICO score: 740+
- Military member: No
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