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The latest Freddie Mac mortgage-rate averages available on December 11, 2024 were 6.69% for a 30-year fixed mortgage and 5.96% for a 15-year fixed mortgage. Those figures came from Freddie Mac’s December 5 weekly survey; they are national averages for home-purchase loans, not refinance quotes or rates measured specifically on December 11.
What were mortgage rates on December 11, 2024?
Freddie Mac had not yet released its December 12 weekly results on December 11. The latest available Primary Mortgage Market Survey (PMMS) was released December 5, and reported these national averages:
| Loan type | Freddie Mac PMMS average | What the figure represents |
|---|---|---|
| 30-year fixed | 6.69% | December 5, 2024 observation; national average for home-purchase loans, not a refinance quote. |
| 15-year fixed | 5.96% | December 5, 2024 observation; national average for home-purchase loans, not a refinance quote. |
Freddie Mac’s Mortgage Market Survey archive records the weekly results. The Federal Reserve Bank of St. Louis’ ALFRED vintage for the December 5 release preserves the historical 30-year and 15-year figures.
Why these are not refinance rates
The PMMS figures are benchmarks for conventional, conforming, fully amortizing home-purchase mortgages. Freddie Mac says its survey assumptions include borrowers with excellent credit who put 20% down. The averages therefore provide market context, but they do not show what a particular homeowner would be offered to refinance.
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A refinance offer depends on details such as credit, equity, loan amount, property, loan term, points and lender fees. A national average does not guarantee eligibility or pricing. Freddie Mac’s December 19, 2024 release later quoted Chief Economist Sam Khater saying, “For the most part, mortgage rates have moved between 6 and 7 percent over the last 12 months.” That is later context, not a statement made on December 11.
How to compare refinance offers
Interest rate alone does not show which loan costs less. The CFPB notes, “Interest rate is important, but it’s not the only cost of a mortgage.” Compare offers for the same loan type, balance and term where possible, and review the following together:
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- Interest rate and APR: APR includes certain loan costs and can help compare offers, but review the itemized fees as well.
- Points and lender credits: Discount points may lower the rate in exchange for upfront payment; lender credits may reduce closing costs while affecting the rate.
- Fees and closing funds: Check lender and third-party charges, cash due at closing, and whether costs are added to the new loan balance.
- Mortgage insurance: Account for any insurance cost in the new payment and total expense.
- Term and remaining years: A lower payment may result from extending repayment rather than from a cheaper loan overall.
- Payment, interest and principal: Compare the new monthly payment, expected interest over the period you expect to keep the loan, and how quickly the balance is paid down.
Use lender-specific loan estimates to make this comparison. The CFPB’s “Explore interest rates” guidance explains why rates and total mortgage costs both matter.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Calculate whether refinancing could pay off
Estimate the time it would take for expected savings to recover upfront costs, then consider how long you expect to keep the loan. Also compare the remaining balance and repayment term—not only the monthly payment. The Federal Reserve’s consumer guide to mortgage refinancings recommends weighing the current loan against the proposed loan, including upfront costs, savings and the recovery period.
A 15-year fixed loan can carry a lower rate than a 30-year fixed loan, as the December 5 averages show, but a shorter repayment schedule may require a higher monthly payment. Whether that trade-off makes sense depends on your budget and goals. Get comparable personalized loan estimates and assess costs and savings over the time you expect to keep the loan; no single rate difference establishes that refinancing is worthwhile.
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