Mortgage rates for Dec. 21, 2021: Holidays bring a rates bump
Going into the holidays, Guaranteed Rate’s mortgage rates continue to dip below last month’s positions.* Every loan type — both fixed rate and adjustable rate — recorded month-over-month (MOM) decreases today, Dec. 21, 2021. At the same time, however, interest rates for many mortgage options are higher than they were yesterday.
Whether you’re in the market for a new home or want to refinance your existing mortgage, keep an eye on the latest mortgage rate updates. Even a moderate change can have a major effect on your mortgage payments.
30-year fixed rate
Up, down, no change: 30-year fixed rate loans have seen it all today. Mortgage rates for this loan type increased day over day (DOD), but they’re still down slightly month over month. Rates haven’t budged at all from where they stood a week ago, which makes sense given that the holiday week hasn’t presented any major market developments to push rates one way or the other. Using the profile conditions below, your mortgage payment would be $1,285.13.
- Today’s rate: 3.125%
- DOD change: up 13.5 basis points**
- WOW change: 0
- MOM change: down 0.5 basis points
- Today’s APR: 3.219%
- DOD change: up 13.6 basis points
- WOW change: 0
- MOM change: down 0.1 basis points
15-year fixed rate
Compared with every other mortgage option, activity on 15-year fixed rate loans is downright sluggish today. Rates continue to hold steady from their positions a day and even a week ago. Still, they’re down slightly month over month. With these loan terms, you could expect to pay $1,982.76 on your mortgage each month.
- Today’s rate: 2.375%
- DOD change: 0
- WOW change: 0
- MOM change: down 0.5 basis points
- Today’s APR: 2.539%
- DOD change: 0
- WOW change: 0
- MOM change: down 0.1 basis points
FHA 30-year fixed rate
After yesterday’s dip, mortgage rates on FHA 30-year fixed rate loans are back up again today. Even with that increase, rates for this loan type are still down slightly month over month. As of now, your mortgage payment for an FHA 30-year loan would be $1,285.13.
- Today’s rate: 3.125%
- DOD change: up 12.5 basis points
- WOW change: 0
- MOM change: down 0.5 basis points
- Today’s APR: 3.908%
- DOD change: up 12.9 basis points
- WOW change: 0
- MOM change: down 0.2 basis points
5-year ARM
Adjustable-rate mortgages have experienced far more volatility than fixed rate loans today. Case in point: 5-year ARM rates are up by a good margin today, but are still much lower than they were last month. If you locked in your rate using these loan terms, your monthly mortgage payment would be $1,285.13.
- Today’s rate: 3.125%
- DOD change: up 25 basis points
- MOM change: down 25.5 basis points
- Today’s APR: 2.972%
- DOD change: up 8.8 basis points
- MOM change: down 8.8 basis points
7-year ARM
It’s been roughly the same story with 7-year ARM loans: a significant DOD increase that somewhat undercuts the MOM rate drop. Although yesterday would have been an ideal time to lock in your rate on a purchase or refi, there’s likely still time to get a good rate on this loan type. As of today, though, your mortgage payment for this loan type would be $1,244.68.
- Today’s rate: 2.875%
- DOD change: up 25 basis points
- MOM change: down 25 basis points
- Today’s APR: 2.899%
- DOD change: up 11.5 basis points
- MOM change: down 11.6 basis points
10-year ARM
Just like the other ARM options, rates on 10-year ARM loans are up today — although by a slimmer margin. The good news is 10-year ARM rates are still lower than they were a week or month ago, so you could still come out ahead by locking in your rate. If you did, you would pay $1,244.68 on your mortgage each month.
- Today’s rate: 2.875%
- DOD change: up 12.5 basis points
- WOW change: down 50 basis points
- MOM change: down 25.5 basis points
- Today’s APR: 2.917%
- DOD change: up 7.6 basis points
- WOW change: down 30.8 basis points
- MOM change: down 15.3 basis points
Today’s takeaway
There’s no sugarcoating it: Rates are up today for just about every loan option. The only mortgage type that has stayed flat has been our 15-year fixed rate loan. For the most part, though, interest rates are still lower than they were last month — and in some cases, last week.
It’s hard to say where mortgage rates go from here, but even with today’s bump, rates are still hovering around historic lows. If you’re thinking about refinancing your mortgage or taking out a cash-out refi to consolidate debt or cover major expenses, now could be a good time to make your move. Get in touch with a mortgage expert who can help you find the best loan terms for your needs this holiday season.
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 Guaranteed 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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