---
title: 'Today''s Best Mortgage and Refinance Rates: December 22, 2020 | Rates Rise'
description: Here are the best mortgage and refinance rates. Finding the lowest mortgage rate can save you hundreds of dollars a year.
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: '2020-12-22T13:32:41.000Z'
modified: '2024-01-10T16:11:45.000Z'
section: Mortgages
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  - Apex41
  - Guides
  - rates
  - today's rates
word_count: 828
canonical: https://money.com/todays-mortgage-rates-12-22-2020/
type: Article
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---

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![Mortgage-Rate-Dec-22-illo](https://img.money.com/2020/12/GettyImages-200122390-002.jpg)

The share of home loans enrolled in forbearance plans ticked up this week. The deadline for homeowners to request a pause in mortgage payments was extended.

Mortgage rates ticked up from Monday's average rates.

## Today's Mortgage Rates

The average rate for a 30-year fixed-rate purchase mortgage was 3.054% on Monday. On Friday, the average rate was 3.039%.

Money's mortgage rates include the 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 22, 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">3.054%</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">2.284%</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">3.094%</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">3.192%</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">3.581%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 21, 2020 | Rates assume a credit score of 700

Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.67% with 0.7 points paid for the week ending December 17. It is the 15th new record set this year. 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.

## 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 Monday, borrowers in Illinois were quoted the lowest mortgage rates — at 2.961%. People looking for mortgages in Arizona saw the highest average rate at 3.164%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.829%, while those with credit of 620 or below were shown rates of 4.457%.

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.

## 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 3.157% on Monday. 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 22, 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">3.157%</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">2.586%</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">3.393%</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">3.375%</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">3.503%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 21, 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 $860 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

The share of homeowners participating in forbearance plans ticked up 1% to 5.49% for the week ending December 13, according to the Mortgage Bankers Association. The increase is largely due to a surge in payment deferral requests for Ginnie Mae loans, which reached their highest level since June 14.

After trending downward through most of the summer and early fall months, the share of loans in forbearance has stayed fairly stable since early November, with small increases and decreases on a weekly basis. The MBA estimates that there are 2.7 million homeowners still taking advantage of the programs.

"Additional restrictions on businesses and rising COVID-19 cases are causing a renewed increase in layoffs and other signs of slowing economic activity," said Mike Fratantoni, chief economist for the MBA. "These troubling trends will likely result in more homeowners seeking relief."

[Forbearance](https://money.com/foreclosure-risk-how-to-tell-ltv/) plans were put in place in March as part of the CARES Act and allowed homeowners economically affected by the pandemic to request a pause in their monthly mortgage repayments from their lender. Initial forbearance is for a six-month period, with the option of requesting a six-month extension. The time frame for a homeowner to request forbearance was set to expire on December 31 but was extended until February 28.

## Quote of the Week

*More great housing content from Money.*

Gurdeep Rihal, Century 21 HomeStar agent in Solon, Ohio, on determining if it's worth investing in a rental property or not:

“As a first-time investor, you’re really, really excited to jump in and get your hands dirty. But you got to look at what type of a property you’re buying and if it’s really worth it or not.”

From: *[Record Low Mortgage Rates AreDriving a Surge in New Landlords](https://money.com/historic-low-mortgage-rates-new-investment-property/).*

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