Mortgage rates for Dec. 28, 2021: Post-holiday rates stay flat
Life tends to slow down during the holidays, and mortgage rate activity seems to be no exception today. Guaranteed Rate’s mortgage rates are holding steady today, Dec. 28, 2021, with no discernible day-over-day (DOD) change across any major loan type.*
Do flat rates mean you should hold out for a dip? Perhaps not. Many mortgage options recorded week-over-week (WOW) and month-over-month (MOM) drops today. And with the Federal Reserve’s recent decision to accelerate tapering, the potential for a rate increase could loom in the near future. In fact, the majority of Fed members expect at least three rate increases to occur in 2022. With that in mind, you may want to lock in your rate now if you’re thinking about refinancing your mortgage sometime soon.
30-year fixed rate
Interest rates on 30-year fixed rate loans haven’t budged an inch in the past week. There’s good news, though: rates are still significantly lower today than they were a month ago. If you fit our borrower profile, you would be looking at a $1,285.13 mortgage payment with this loan type.
- Today’s rate: 3.125%
- DOD change: 0
- WOW change: 0
- MOM change: down 25 basis points**
- Today’s APR: 3.219%
- DOD change: 0
- WOW change: 0
- MOM change: down 25.2 basis points
15-year fixed rate
It’s been a similar story with 15-year fixed rate mortgages. Rates remain consistent day over day and week over week. And just like 30-year loans, interest rates are down by a fair margin compared with last month. Using our loan conditions, your monthly mortgage payment would be $1,982.76.
- Today’s rate: 2.375%
- DOD change: 0
- WOW change: 0
- MOM change: down 25 basis points
- Today’s APR: 2.539%
- DOD change: 0
- WOW change: 0
- MOM change: down 25.3 basis points
FHA 30-year fixed rate
Rate activity for FHA 30-year fixed rate loans is no different, although the MOM rate decrease for this loan type isn’t quite as dramatic compared with conventional mortgages. Still, interest rates are holding steady so far this week. As of now, 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: 3.908%
- DOD change: 0
- WOW change: 0
- MOM change: down 12.9 basis points
5-year ARM
Adjustable rate mortgage (ARM) loans have been a bit more volatile recently than fixed rate loans. While 5-year ARM rates remain flat today, they’re down both week over week and month over month. With the current loan terms, you would pay $1,264.81 each month on your mortgage.
- Today’s rate: 3.000%
- DOD change: 0
- WOW change: down 12.5 basis points
- MOM change: down 37.5 basis points
- Today’s APR: 2.928%
- DOD change: 0
- WOW change: down 4.4 basis points
- MOM change: down 38.3 basis points
7-year ARM
While virtually every other loan type has been the model of consistency today, 7-year ARM loans have displayed the most volatility. Rates for this loan type are up a bit week over week, but they’re down significantly compared to last month. If you locked in your rate today, your mortgage payment would be $1,264.81.
- Today’s rate: 3.000%
- DOD change: 0
- WOW change: up 12.5 basis points
- MOM change: down 75 basis points
- Today’s APR: 2.957%
- DOD change: 0
- WOW change: up 5.8 basis points
- MOM change: down 35.4 basis points
10-year ARM
Rates on 10-year ARMs continue to remain consistent today, with no DOD or WOW change. However, mortgage rates for this loan type have dropped month over month, so this could be a good time to pounce on these loan terms. Under these conditions, you’d spend $1,244.68 on your monthly mortgage installments.
- Today’s rate: 2.875%
- DOD change: 0
- WOW change: 0
- MOM change: down 37.5 basis points
- Today’s APR: 2.917%
- DOD change: 0
- WOW change: 0
- MOM change: down 23 basis points
Today’s takeaway
Interest rates are staying flat today, Dec. 28, 2021. Across the board, no loan type experienced any meaningful DOD rate fluctuation. Despite that lack of movement, rates are generally lower now than have been over the last few weeks — with 7-year ARMs being the lone notable exception.
As we head into the new year, mortgage rates could go up or down. But with current rates still hovering around historic lows, you may not want to wait too long to lock in your financing terms. Whether you’re in the market to buy a new house, refinance your mortgage or take out a cash-out refi, it’s always a good idea to talk to a qualified loan expert first.
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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