The rate on a 30-year fixed refinance dropped today. Refinancing rates for a 30-year, fixed-mortgage are averaging 7.10%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.

Between November 18th and December 6th, the average top tier 30yr fixed mortgage rate moved down from 7.08 to 6.68.  A 0.40% drop is rather significant, especially over the course of only 3 weeks.

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The current average mortgage rate on a 30-year fixed mortgage is 7.01%, according to Curinos. The average rate on a 15-year mortgage is 6.15%, while the average rate on a 30-year jumbo mortgage is 7.03%.

Buying a home can be challenging right now with home prices high, existing homes in short supply, and interest rates still relatively elevated. According to Harvard University, the U.S. home price index is 47% higher than in 2020,

These are today's mortgage and refinance rates. Mortgage rates have dropped, and they're expected to ease further in 2025 as the Fed cuts rates.