On December 3, 2024, FreeRateUpdate reported average fixed mortgage rates of 6.91% for a 30-year loan and 6.19% for a 15-year loan, with its data time-stamped 7:30 a.m. Eastern Time. A separate Bankrate lender survey reported the same averages for home purchases, but slightly different averages for refinancing. These were published market averages—not rates guaranteed to individual borrowers.
Mortgage rates reported on December 3, 2024
The figures below describe different measures and should be read with their source and loan purpose attached. FreeRateUpdate’s daily snapshot reported averages for fixed-rate loans. CBS News reported Bankrate’s lender survey, which separated purchase and refinance averages.
| Source and measure | 30-year fixed | 15-year fixed |
|---|---|---|
| FreeRateUpdate daily snapshot, December 3, 2024, at 7:30 a.m. ET | 6.91%; estimated principal-and-interest payment of $659.27 per $100,000 borrowed | 6.19%; estimated principal-and-interest payment of $854 per $100,000 borrowed |
| Bankrate lender survey reported by CBS News, purchase | 6.91% | 6.19% |
| Bankrate lender survey reported by CBS News, refinance | 6.83% | 6.20% |
FreeRateUpdate said its 30-year average was 12 basis points lower than the previous week. Its figures and payment estimates are from its December 3 daily snapshot; the payment estimates are principal and interest, not a complete monthly housing payment including taxes, insurance, or other costs. CBS News reported the Bankrate survey figures in its December 3 mortgage-rate coverage.
Why other published rates may differ
Freddie Mac’s weekly benchmark is a separate series from daily lender-network or lender-survey averages. The Federal Reserve’s June 2025 Monetary Policy Report reproduces Freddie Mac’s 30-year mortgage observations of 6.81% for the week of November 27, 2024, and 6.69% for the week of December 4, 2024. Those weekly readings bracket December 3; they are not a daily rate for that date and do not contradict a different publisher’s December 3 snapshot. See the Federal Reserve report and Freddie Mac series.
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Averages also vary with loan purpose and product. The Bankrate survey reported by CBS News listed purchase averages of 6.60% for 20-year fixed, 6.05% for 10-year fixed, 6.52% for 5/1 adjustable-rate mortgages, 6.61% for 30-year FHA, 6.59% for 30-year VA, and 7.06% for 30-year jumbo loans. These are survey averages for those products, not interchangeable with the 30-year and 15-year conventional fixed figures.
What the Federal Reserve did—and did not do—on December 3
The Federal Reserve did not make its December policy decision on December 3. The FOMC met later that month and, on December 18, reduced its federal funds target range by 25 basis points to 4.25%–4.50%. That later action is context, not an explanation of a policy change made on December 3. The decision appears in the Fed’s December 18, 2024 statement.
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December forecast versus the rates actually reported
In CBS News coverage published December 3, Aaron Gordon, a branch manager and senior mortgage loan officer at Guild Mortgage, forecast: “I expect mortgage rates to stay around 6.875% to 7.125% in December.” This was a contemporaneous forecast for the month, not an observed rate on December 3 or a promise about what any borrower would pay.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to use these averages when comparing a mortgage offer
A national or publisher-reported average is a reference point, not a personalized quote. A lender’s offer depends on the borrower, loan, and pricing assumptions. When comparing offers, ask for the same loan type, purpose, term, and down payment assumptions, then compare:
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For a meaningful comparison, request quotes from multiple lenders for the same scenario and review the full loan estimate, rather than treating a published average as an offer available to you.
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