---
title: 'Today''s Best Mortgage and Refinance Rates: December 10, 2020 | Rates Drop'
description: Homeowners gained $1 trillion in equity between July and September.
authors:
  - name: Leslie Cook
    role: Editor, Real Estate
    url: https://money.com/author/leslie-cook/
    bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.
    education: Bryn Mawr College, BA History
    certifications: Certified Personal Finance Counselor
    at_money_since: 2019
    articles: 797
    covers:
      - Mortgages
      - Banking
      - Credit
      - Economy and Politics
      - Housing
      - Identity Theft
      - Insurance
      - Loans
      - Personal Finance
      - Professional Services
      - Retirement
      - Taxes
    social:
      - https://twitter.com/LeslieLCook
      - https://www.linkedin.com/in/leslie-cook-9829b9198/
published: '2020-12-10T13:18:58.000Z'
modified: '2024-01-10T16:10:32.000Z'
section: Mortgages
tags:
  - Apex39
  - Apex41
  - rates
  - today's rates
word_count: 877
canonical: https://money.com/todays-mortgage-rates-12-10-2020/
type: Article
source: structured-blocks
---

> **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/).

![Mortgage-Rate-Dec-10-illo](https://img.money.com/2020/12/GettyImages-487920220.jpg)

Homeowners gained a record amount of [home equity](https://money.com/home-equity-rising-coronavirus-pandemic/) during the third quarter thanks to increasing home prices. Some homeowners who were underwater were able to regain equity in their homes.

Mortgage rates dropped once again from yesterday's rates.

## Today's Mortgage Rates

The average rate for a 30-year fixed-rate purchase mortgage was 3.169% on Wednesday. On Tuesday, the average rate was 3.182%.

Money's mortgage rates include data from over 8,000 lenders across the United States and are updated daily. These rates include [discount points](https://money.com/mortgage-discount-points-refinance/) and represent what a borrower with a 20% down payment and 700 credit scores — roughly the national average FICO score — would have been quoted.

<table style="margin-bottom: -1px;border-left: solid 4px #39B54A"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold"><td style="background-color: #f2f2f2;font-size: 18px">Mortgage Rates for December 10, 2020</td></tr></tbody></table>

<table style="border-left: 4px solid #39b54a;border-bottom: 4px solid #39b54a;margin-bottom: -1px;height: 217px;width: 100%"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold;color: #fff"><td style="background-color: #53aadc;border-right: solid 2px #fff;width: 50%">Loan type</td><td style="background-color: #53aadc;width: 50%">Average Rate</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Fixed Loan</td><td style="background-color: #f3f1e3">3.169%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">15-Year Fixed Loan</td><td style="background-color: #fff">2.304%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year FHA Loan</td><td style="background-color: #f3f1e3">3.223%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">30-Year VA Loan</td><td style="background-color: #fff">3.366%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Jumbo Loan</td><td style="background-color: #f3f1e3">3.642%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 9, 2020 | Rates assume a credit score of 700

## How do I get the best mortgage rates?

Mortgage rates vary from [state to state](https://money.com/best-mortgage-rates-by-state-tips/). On Wednesday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.01%. People looking for mortgages in Nevada saw the highest average rate at 3.463%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.861%, while those with credit of 620 or below were shown rates of 4.663%.

You may be able to negotiate a [lower rate](https://money.com/get-the-lowest-mortgage-rate/) if you shop around or if you have other accounts with the lender. (Money's picks for the best mortgage lenders are [here.](https://money.com/best-mortgage-lenders/)) Currently, some lenders are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly.

Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.71% with 0.7 points paid for the week ending December 10. Rates remained unchanged from last week's new record low. The mortgage purchaser's [weekly](https://money.com/current-mortgage-rates/) survey reflects borrowers who put 20% down on conforming loans and have excellent credit.

## Today's Mortgage Refinance Rates

Money's survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.398% on Wednesday. Last December, the average mortgage rate (including fees) was 3.88%.

<table style="margin-bottom: -1px;border-left: solid 4px #39B54A"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold"><td style="background-color: #f2f2f2;font-size: 18px">Refinance Rates for December 10, 2020</td></tr></tbody></table>

<table style="border-left: solid 4px #39B54A;border-bottom: solid 4px #39B54A;width: 100%;margin-bottom: -1px"><tbody><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif;font-weight: bold;color: #fff"><td style="background-color: #53aadc;border-right: solid 2px #fff;width: 50%">Loan type</td><td style="background-color: #53aadc;width: 50%">Average Rate</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Fixed Loan</td><td style="background-color: #f3f1e3">3.398%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">15-Year Fixed Loan</td><td style="background-color: #fff">2.684%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year FHA Loan</td><td style="background-color: #f3f1e3">3.645%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #fff;border-right: solid 2px #F3F1E3">30-Year VA Loan</td><td style="background-color: #fff">3.797%</td></tr><tr style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif"><td style="background-color: #f3f1e3;border-right: solid 2px #fff">30-Year Jumbo Loan</td><td style="background-color: #f3f1e3">3.56%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 9, 2020 | Rates assume a credit score of 740

A homeowner with a $200,000 mortgage balance currently paying 3.88% on a 30-year could potentially cut their monthly payment from about $940 to about $887 by financing at the current lower rates. To determine [if it's worth it to refinance your mortgage](https://money.com/is-now-a-good-time-to-refinance/), also consider the closing fees you paid on your current mortgage, how much your new lender is charging and how long you have left on your loan term. (Our picks for the best lenders for refinancing are [here](https://money.com/best-mortgage-refinance/)).

## What else is happening in the housing market today

Homeowners gained a collective $1 trillion in equity between the third quarters of 2019 and 2020, according to a report from real estate analytics company CoreLogic. Home equity increased by nearly 11% year-over-year for an average gain of $17,000 per homeowner. It is the largest average yearly gain since the first quarter of 2014.

“Over the past year, strong home price growth has created a record level of home equity for homeowners,” said Frank Nothaft, chief economist for CoreLogic. “The average family with a home mortgage loan had $194,000 in home equity in the third quarter. This provides an [important buffer](https://money.com/foreclosure-risk-how-to-tell-ltv/) to protect families if they experience financial difficulties, and is one reason for the generational-low in foreclosure rates reported in September.”

The record increase in equity is good news for homeowners who are underwater on their mortgage as well. During the third quarter, the number of underwater mortgages — when the owner owes more on the mortgage than the home is currently worth — dropped by nearly 7%. That's decrease from 2 million to 1.6 million homes.

In the third quarter of 2019, the aggregate value of underwater mortgages was $304.7 billion. During the same quarter this year, the aggregate value decreased by over $21 billion to $285.5 billion.

“The housing market has remained a strong pillar in an otherwise tumultuous economic year,” said Frank Martell, CEO of CoreLogic. “A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity."

There are still homeowners at risk of losing the equity they do have in their homes. CoreLogic estimates that if home prices fall by 5% another 337,000 homeowners will go underwater. However, if prices rise by 5%, 247,000 will regain equity.

## Mortgage Tip of the Week

*Buying a home can be daunting. Follow these expert tips to make the process easier.*

Jesse Kennedy, co-founder of online lender Beeline:

> Get advice from experienced people you trust across different areas (lender, realtor, etc.) and shut everyone else out. Always do your homework!"

## Bottom line:

[Why This Winter Should Be One of the Best Ever for Home Sales](https://money.com/coronavirus-winter-home-buying-outlook/)

[A Controversial New Fee Adds an Extra $1,400 to the Average Mortgage Refinance](https://money.com/new-mortgage-refinance-fee-for-2021/)

[Worried About Foreclosure? This Key Formula Can Tell You if You're at Risk](https://money.com/foreclosure-risk-how-to-tell-ltv/)

```json
{
  "@context": "https://schema.org",
  "@graph": [
    {
      "@type": "BreadcrumbList",
      "@id": "https://money.com/todays-mortgage-rates-12-10-2020/#breadcrumb",
      "itemListElement": [
        {
          "@type": "ListItem",
          "position": 1,
          "name": "Home",
          "item": "https://money.com"
        },
        {
          "@type": "ListItem",
          "position": 2,
          "name": "Mortgages",
          "item": "https://money.com/mortgages/"
        },
        {
          "@type": "ListItem",
          "position": 3,
          "name": "Mortgage Rates",
          "item": "https://money.com/mortgage-rates/"
        },
        {
          "@type": "ListItem",
          "position": 4,
          "name": "Today's Best Mortgage and Refinance Rates: December 10, 2020 | Rates Drop"
        }
      ]
    },
    {
      "@type": "WebSite",
      "@id": "https://money.com/#website",
      "url": "https://money.com",
      "name": "Money",
      "publisher": {
        "@id": "https://money.com/#organization"
      }
    },
    {
      "@type": "WebPage",
      "@id": "https://money.com/todays-mortgage-rates-12-10-2020/#webpage",
      "url": "https://money.com/todays-mortgage-rates-12-10-2020/",
      "name": "Today's Best Mortgage and Refinance Rates: December 10, 2020 | Rates Drop",
      "isPartOf": {
        "@id": "https://money.com/#website"
      },
      "datePublished": "2020-12-10T13:18:58.000Z",
      "mainEntity": {
        "@id": "https://money.com/todays-mortgage-rates-12-10-2020/"
      },
      "inLanguage": "en-US",
      "breadcrumb": {
        "@id": "https://money.com/todays-mortgage-rates-12-10-2020/#breadcrumb"
      },
      "dateModified": "2024-01-10T16:10:32.000Z"
    },
    {
      "@type": "Article",
      "headline": "Today's Best Mortgage and Refinance Rates: December 10, 2020 | Rates Drop",
      "articleSection": "Mortgages",
      "image": [
        {
          "@type": "ImageObject",
          "url": "https://img.money.com/2020/12/GettyImages-487920220.jpg",
          "width": 2880,
          "height": 1920,
          "caption": "Mortgage-Rate-Dec-10-illo"
        }
      ],
      "author": [
        {
          "@type": "Person",
          "name": "Leslie Cook",
          "url": "https://money.com/author/leslie-cook/",
          "@id": "https://money.com/author/leslie-cook/#author",
          "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.",
          "image": "https://img.money.com/2020/04/Money_Headshots_2025-46.jpg?quality=85&w=640&h=640&crop=1",
          "email": "leslie@money.com",
          "jobTitle": "Editor, Real Estate",
          "hasCredential": [
            {
              "@type": "EducationalOccupationalCredential",
              "credentialCategory": "certification",
              "name": "Certified Personal Finance Counselor"
            }
          ],
          "alumniOf": "Bryn Mawr College, BA History",
          "sameAs": [
            "https://twitter.com/LeslieLCook",
            "https://www.linkedin.com/in/leslie-cook-9829b9198/"
          ],
          "worksFor": {
            "@id": "https://money.com/#organization"
          }
        }
      ],
      "publisher": "https://money.com/#organization",
      "datePublished": "2020-12-10T13:18:58.000Z",
      "description": "Homeowners gained $1 trillion in equity between July and September.",
      "abstract": "Homeowners gained $1 trillion in equity between July and September.",
      "@id": "https://money.com/todays-mortgage-rates-12-10-2020/",
      "inLanguage": "en-US",
      "dateModified": "2024-01-10T16:10:32.000Z",
      "wordCount": 877,
      "keywords": [
        "Apex39",
        "Apex41",
        "rates",
        "today's rates"
      ],
      "about": [
        {
          "@type": "Thing",
          "name": "Mortgage",
          "sameAs": [
            "https://en.wikipedia.org/wiki/Mortgage"
          ]
        }
      ]
    }
  ]
}
```