---
title: 'Today''s Best Mortgage and Refinance Rates: December 30, 2020 | Rates Decline'
description: Home prices are 25% higher than the prior peak.
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
    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: '2020-12-30T13:27:57.000Z'
modified: '2024-01-10T16:12:44.000Z'
section: Mortgages
tags:
  - Apex39
  - Apex41
  - Guides
  - rates
  - today's rates
word_count: 859
canonical: https://money.com/todays-mortgage-rates-12-30-2020/
type: Article
source: structured-blocks
---

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![Mortgage-Rate-Dec-30-illo](https://img.money.com/2020/12/GettyImages-159087139_re.jpg)

New data shows home price growth hit a new record during the month of October as home buyers sought larger homes in suburban areas.

Meanwhile, mortgage rates slid back down.

## Today's Mortgage Rates

The average interest rate on a 30-year fixed-rate purchase mortgage was 3.065% on Tuesday. On Monday, the average rate was 3.114%.

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 a 700 credit score — roughly the national average FICO score — would have been offered.

<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 30, 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">3.065%</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">2.279%</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">3.072%</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">3.182%</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">3.562%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 29, 2020 | Rates assume a credit score of 700

Freddie Mac's widely quoted Primary Mortgage Market Survey put rates at 2.66% with 0.7 points paid for the week ending December 24. It is the 16th 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 Tuesday, borrowers in Illinois were quoted the lowest mortgage rates — at 2.968%. People looking for mortgages in Nevada saw the highest average rate at 3.206%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.841%, while those with credit of 620 or below were shown rates of 4.499%.

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 3.177% on Tuesday. 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 30, 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">3.177%</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">2.584%</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">3.415%</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">3.313%</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">3.507%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 29, 2020 | Rates assume a credit score of 740

## What else is happening in the housing market today?

Nationwide, homes sold for 8.4% more in October 2020 than October 2019. That's the largest year-over-year increase on record for the CoreLogic Case-Shiller [Home Price Index](https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-shows-annual-home-price-gains-remained-strong-in-october/), which was released Tuesday. Prices were also up 1.4% from September, the largest one-month increase since March of 2014.

“Despite the tumultuous economic year, home prices soared in 2020 and are about 25% higher than the prior peak reached in the summer of 2006,” said Selma Hepp, deputy chief economist at CoreLogic.

While the COVID-19 pandemic initially led to price deceleration in May and June, since the trend has been for month-over-month acceleration. The fast pace of price growth is due in large part to record-low interest rates creating high buyer demand. At the same time, inventory has been at record low supply levels. The combination of all these factors has helped home prices reach record highs.

“Since June, our monthly readings have shown accelerating growth in home prices, and October’s results emphatically emphasize that trend,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices. He went on to note that thanks to the availability of remote work and the implementation of social distancing, many home buyers are opting to move from denser urban areas to the more wide-open spaces of the suburbs.

All 19 cities for which data was available experienced price growth, with Phoenix leading the pack with a 12.7% increase. It’s the 17th month in a row that Phoenix has had the highest year-over-year growth, followed by Seattle and San Diego.

Moving forward, Hepp anticipates home prices will continue to accelerate throughout the upcoming year thanks to a number of factors, including the distribution of coronavirus vaccines and a new round of stimulus measures.

“Taken together, recent stimulus actions are likely to help housing market demand and ensure continued home price growth,” she said.

## Mortgage Tip of the Week

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

Mike Tassone, co-founder and COO of mortgage marketplace Own Up, on deciding whether to refinance or not:

> The key to securing the best interest rates is to shop around. We regularly encounter consumers who are able to substantially improve their rate simply by receiving multiple quotes.”

For more read: [*7 Things To Do Now if You Want to Refinance Your Mortgage in 2021*](https://money.com/mortgage-refinance-lowest-rates-january-2021/)*.*

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