---
title: 'Today''s Best Mortgage and Refinance Rates: December 9, 2020 | Rates Are Down'
description: '"The purchase market is poised to finish 2020 on a strong note."'
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: '2020-12-09T13:23:13.000Z'
modified: '2024-01-10T16:10:26.000Z'
section: Mortgages
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  - Apex41
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  - rates
  - today's rates
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canonical: https://money.com/todays-mortgage-rates-12-9-2020/
type: Article
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---

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![Mortgage-Rate-Dec-9-illo](https://img.money.com/2020/12/GettyImages-94474131.jpg)

The overall volume of mortgage loan applications decreased last week despite an increase in the number of refinance applications. The third quarter, however, saw record-setting levels of loan activity for purchase and refinance loans as well as overall lending originations.

Mortgage rates ticked down for the second day in a row.

## Today's Mortgage Rates

The average rate for a 30-year fixed-rate purchase mortgage was 3.182% on Tuesday. On Monday, the average rate was 3.193%.

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 9, 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">3.182%</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">2.396%</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">3.219%</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">3.376%</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">3.607%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 8, 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 Tuesday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.013%. People looking for mortgages in Nevada saw the highest average rate at 3.458%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.86%, while those with credit of 620 or below were shown rates of 4.701%.

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 3. This is the 14th record low set so far this year and .01 percentage point below the previous low of 2.72%. 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 3.4% 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 9, 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">3.4%</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">2.703%</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">3.617%</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">3.761%</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">3.552%</td></tr></tbody></table>

##### Source: Money | Date: Dec. 8, 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

The total number of mortgage loan applications decreased by a seasonally adjusted 1.2% for the week ending December 4, according to the Mortgage Bankers Association. Purchase applications were down 5% from a week earlier although they remained 22% higher than the same week last year. Refinance applications increased 2% week-over-week and were 89% higher than last year.

"The ongoing refinance wave has continued through the fall," said Joel Kan, associate vice president of economic and industry forecasting for the MBA. "The purchase market is also poised to finish 2020 on a strong note."

Refinance loans have made up the majority share of loan applications since the housing market started to rebound from the pandemic related lockdowns in May. They currently make up 72% of all loan applications and have led to record highs in terms of lending volumes.

According to real estate analytics company [Black Knight](https://www.blackknightinc.com/black-knights-october-2020-mortgage-monitor/), approximately 4 million homeowners refinanced their home loans since the beginning of 2020 through the end of September. Refinance origination volumes surpassed the $2 trillion mark.

Refinance lending during the third quarter alone reached $867 billion, the highest single-quarter of refinance lending on record. Purchase loans also set a record, coming in at $455 billion, while total lending set another all-time high at $1.3 trillion. Black Knights data suggests that the fourth quarter could see origination volumes stay at or above these record levels.

"As our rate lock data suggested last month, Q3 originations hit record highs in purchase, refinance and overall lending as record-low mortgage rates and a delay to the normal spring home-buying season spurred both the purchase and refinance markets," said Ben Graboske, president of Black Knight Data & Analytics.

There are many more opportunities for homeowners to take advantage of historically low rates to save on their mortgage payments. Black Knight estimates that as of November 27 there are 19.4 million high-quality refinance candidates in the market.

## Quote of the Week

*More great housing content from Money.*

Holly Williams, log time real estate investor and author, on investing in rental properties:

> I want a market where people are coming to. I want to buy in markets where companies are moving to."

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

## 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/)

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