Mortgage rates for Dec. 23, 2021: Holding steady into the holiday weekend
While Mortgage rates are largely consistent day over day (DOD), they continue to sit at near-historic lows as the holiday weekend approaches, as seen by some notable month-over-month (MOM) decreases in Guaranteed Rate's interest rates and APRs.* Every loan type except the 15-year fixed rate mortgage held steady day over day for today, Dec. 23, 2021.
From first-time homebuyers to refinancers, it's a good idea to keep an eye on the latest mortgage rate updates. Even a slight change can have an impact on your mortgage payments.
30-year fixed rate
Guaranteed Rate's 30-year fixed rate loans are remaining consistent today, both DOD and week over week (WOW), though we're still seeing a notable drop in mortgage rates compared to this time last month. Using the profile conditions below, your mortgage payment would be $1,285.13.
- Today’s rate: 3.125%
- DOD change: 0
- WOW change:0
- MOM change: down 12.5 basis points**
- Today’s APR: 3.219%
- DOD change: 0
- WOW change: 0
- MOM change: down 12.6 basis points
15-year fixed rate
The 15-year fixed rate loans are showing some movement today, with interest rates dropping 12.5 basis points DOD. As with the other loan types, we're still seeing a substantial dip month over month. With these loan terms, you could expect to pay $1,965.25 on your mortgage each month.
- Today’s rate: 2.250%
- DOD change: down 12.5 basis points
- WOW change:down 12.5 basis points
- MOM change: down 37.5 basis points
- Today’s APR: 2.413%
- DOD change: down 12.6 basis points
- WOW change: down 12.6 basis points
- MOM change: down 37.9 basis points
FHA 30-year fixed rate
FHA 30-year fixed rate loans have been fluctuating slightly over the last week, but they're continuing to hold steady day over day. Despite the consistent behavior today, we're seeing a drop in FHA 30-year fixed rates WOW and MOM. As of now, your mortgage payment for an FHA 30-year loan would be $1,285.13.
- 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: 3.908%
- DOD change: 0
- WOW change: down 12.9 basis points
- MOM change: down 12.9 basis points
5-year ARM
After some volatility earlier in the week, adjustable-rate mortgages have settled down, with 5-year ARM unchanged compared to yesterday. If you locked in your rate using these loan terms, your monthly mortgage payment would be $1,305.62.
- Today’s rate: 3.25%
- DOD change: 0
- MOM change: down 12.5 basis points
- Today’s APR: 3.016%
- DOD change: 0
- MOM change: down 4.4 basis points
7-year ARM
We're seeing a similar story with 7-year ARM loans: consistency DOD with a slight MOM drop. As of today, though, your mortgage payment for this loan type would be $1,264.81.
- Today’s rate: 3.000%
- DOD change: 0
- MOM change: down 12.5 basis points
- Today’s APR: 2.957%
- DOD change: 0
- MOM change: down 4.4 basis points
10-year ARM
Just like the other ARM options, rates on 10-year ARM loans are holding steady today with notable WOW and MOM drops. If you were to lock in your 10-year ARM rate today, you would pay $1,244.68 on your mortgage each month.
- Today’s rate: 2.875%
- DOD change: 0
- WOW change:down 50 basis points
- MOM change: down 75 basis points
- Today’s APR: 2.917%
- DOD change:0
- WOW change: down 30.8 basis points
- MOM change: down 46.5 basis points
Today’s takeaway
It's been a rather calm holiday week, so it should be little surprise that we're seeing roughly consistent mortgage rates today, December 23, 2021. The 15-year fixed rate loan has a DOD drop, and we're seeing some significant drops in MOM rates, especially on the 10-year ARM.
It’s hard to say where mortgage rates will go as we head into the new year, but if you're considering buying or refinancing, now could be a good time to lock in a loan at these historically low rates. 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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