After a brief pause Tuesday, the flagship mortgage average resumed its recent upward trend Wednesday. Most other loan types tacked on points as well.

The Federal Reserve implemented its third consecutive rate cut of 2024 today (December 18), reducing its benchmark federal funds rate by 25 basis points. This decision lowered the Fed's benchmark rate to a range of 4.

Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator. The typical monthly payment on a median-priced $416,880 home at today’s 6.6% mortgage rate is roughly $2,129.95. (It is based on a 20% down payment and excludes tax and insurance.)

After rising every day for a week, the flagship mortgage average marched in place Tuesday. Though rates for many other loan types were also flat, a few averages climbed.

Mortgage rates rose this week with the average 30-year fixed-rate note climbing to 6.72%, dinging demand as overall mortgage applications decreased due to a drop in refinances.

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.24%, according to Curinos. On a 15-year fixed mortgage, the average rate is 6.31%, and the average rate on a 30-year jumbo mortgage is 7.

Canada’s mortgage rate scene was as quiet as a bank vault on Christmas Day. Only one national mortgage rate leader tweaked its offers since last Thursday. That was on the two-year insured fixed, which rose one-tenth of a percentage point to 4.

The 30-year fixed mortgages in this week’s survey had an average total of 0.26 discount and origination points. Discount points are a way for you to reduce your mortgage rate, while origination points are fees lenders charge to create,