It feels like just yesterday we were talking about mortgage rates reaching dizzying heights. But now, as we approach the end of 2025, a welcome shift is happening – mortgage rates are settling near their lowest points of the year, and it's starting to bring a much-needed sense of calm and balance to the housing market. For anyone hoping to buy or sell a home, this is a crucial moment to understand what these lower rates mean.

Mortgage Rates Stay Low Offering Relief and Savings to Homebuyers

For months, the housing market has felt a bit like a seesaw, with high rates making affordability a major challenge for buyers and making existing homeowners hesitant to move. But now, with rates hovering around 6.22% for a 30-year fixed mortgage, as reported by Freddie Mac on December 11, 2025, we're seeing a significant improvement. This is considerably lower than the year-to-date average of 6.62%, and it’s creating a more stable environment for everyone involved.

Understanding the Shift: What the Numbers Tell Us

Let’s break down what’s actually happening with these mortgage rates. Freddie Mac’s Primary Mortgage Market Survey® gives us a clear picture:

What does this mean in real terms? Let’s look at the savings compared to the past:

• Compared to a month ago: While there was a slight uptick in the 30-year fixed rate from last week (6.19% to 6.22%), the monthly average is holding steady around 6.23%. The 15-year fixed rate saw a slightly larger weekly bump (5.44% to 5.54%), but again, the monthly average remained very close at 5.51%. So, the monthly savings are still substantial compared to historical averages for the year.
• Compared to a year ago: This is where the real impact is felt. The 30-year fixed rate is now 0.38% lower than it was a year ago (6.22% vs. 6.60%). For a 15-year fixed rate, it’s even better, down 0.30%.
  • Example Savings: Imagine you're taking out a $300,000 mortgage. A 0.38% difference on a 30-year loan could mean saving thousands of dollars over the life of the loan. This is a significant boost to affordability.

30-Year vs. 15-Year Fixed: Which is More Attractive Right Now?

As you can see from the table, the 15-year fixed mortgage is still offering a lower interest rate than the 30-year fixed. Currently, it's at 5.54% compared to 6.22%.

Generally, the 15-year fixed mortgage is attractive because:

• Lower Interest Rate: You pay less interest overall.
• Faster Payoff: You own your home free and clear in half the time.
• Lower Monthly Payments (for equivalent loan amount): If you can afford the higher monthly payment, your overall interest paid will be significantly less.

However, the 30-year fixed mortgage remains popular because:

• Lower Monthly Payments: The extended term means your monthly payments are more manageable, freeing up cash flow for other expenses or investments.
• Flexibility: Life happens. A lower monthly payment on a 30-year loan offers more breathing room if unexpected costs arise.

My take: Given that rates are near yearly lows, for many buyers, especially those who can comfortably afford the higher payments, a 15-year fixed mortgage could offer substantial long-term savings. However, if maximizing monthly cash flow is a priority, the 30-year fixed at these improved rates is still a very solid choice. The key is to find the blend that suits your financial situation and long-term goals.

Looking Ahead: What Do Experts Say About Future Mortgage Rates?

The good news doesn't seem to stopping. Most expert forecasts predict that mortgage rates will continue to trend downwards through the end of 2025 and into 2026. We're likely to see averages in the low-to-mid 6% range. Some even suggest the 30-year fixed mortgage could dip below 6% by the end of 2026.

Here's a summary of what some major sources are predicting:

It’s important to remember that these are forecasts, and the market can be unpredictable. Experts also emphasize that we are unlikely to see a return to the ultra-low 2-3% rates we experienced during the pandemic. Those were truly exceptional times.

Key Factors Shaping Mortgage Rates

Several factors are influencing where mortgage rates are heading:

• Federal Reserve Policy: The Federal Reserve plays a big role. By adjusting the federal funds rate, they influence overall borrowing costs. The Fed has been cutting its benchmark rate, signaling a more accommodative stance. However, they've also indicated that future cuts might be slow, especially if inflation remains a concern.
• Inflation: Inflation is still a key watchpoint. While it's cooling, it's generally staying above the Fed's target of 2%. A consistent drop in inflation is crucial for the Fed to feel confident in making more significant rate cuts, which would then push mortgage rates down further.
• Economic Conditions: The broader economy matters. If there were a significant economic slowdown or a rise in unemployment, the Fed might cut rates more aggressively to stimulate growth. Currently, forecasts point to modest economic growth and a stable job market, which supports the idea of gradual rate stabilization rather than sharp drops.
• 10-Year Treasury Yield: Mortgage rates are closely tied to the 10-year U.S. Treasury yield. When investors feel confident about the economy, they tend to move money from safer government bonds to riskier assets, which can push Treasury yields (and therefore mortgage rates) up. Conversely, uncertainty can drive yields down.

Impact on Buyers and Sellers: A More Balanced Market?

This shift is incredibly significant. Lower mortgage rates, combined with what's expected to be modest home price increases and rising incomes, are creating a more favorable environment for housing affordability.

• For Buyers: This is great news. Lower rates mean lower monthly payments, making homes more accessible. It can help them qualify for larger loans or simply reduce their overall housing cost. We could see increased buyer demand as a result.
• For Sellers: While high prices may have been a draw for some, gently moderating price growth combined with better affordability for buyers can lead to a more stable and predictable market. Homes may sit on the market for a reasonable time without the frantic bidding wars of the past, leading to more balanced negotiations.
• Refinancing Boom: This is also a prime time for homeowners to consider refinancing their existing mortgages, especially if they locked in at much higher rates. Taking advantage of lower rates now can save them substantial money over the remaining term of their loan.

Overall, I believe these mortgage rates near 2025 lows are not just a temporary blip. They represent a return to a more sustainable and balanced housing market. It's a period that encourages thoughtful decision-making for both buyers and sellers, moving away from the extreme pressures of recent years.

Interest rates for mortgages and refinances on December 11th are sitting just a whisper above their lowest point of 2025, presenting a compelling opportunity for anyone looking to buy a home or adjust their existing mortgage. This stability, even with the Federal Reserve's recent rate cut, means that borrowers can act with a bit more confidence as they navigate the housing market.

Today's Mortgage Rates, Dec 11: 30-Year Fixed Rate Holds at 6.15%, 15-Year at 5.57%

After a period of decline since May and hitting a bottom in late October, rates have settled into a very narrow range. Zillow's data shows the average 30-year fixed mortgage rate is currently 6.15%. This is incredibly close – just 0.02% higher – than the lowest point we've seen this year. For those considering a shorter loan term, the 15-year fixed rate stands at 5.57%, a truly appealing option if you can manage the higher monthly payments and aim to build equity faster.

Understanding the Fed's Move and Its Impact on Mortgages

You might have heard that on December 10th, the Federal Reserve made its third interest rate cut of 2025, bringing the federal funds rate down by 0.25% to a range of 3.50%-3.75%. This is significant, as it's the most aggressive easing we've seen since September, with a total reduction of 0.75%. Federal Reserve Chair Jerome Powell has made it clear that future decisions will be data-dependent, focusing on inflation and job market figures.

Now, here's where it gets a little nuanced. While the Fed's actions directly influence short-term borrowing costs – think credit cards and car loans – mortgage rates are more closely tied to longer-term Treasury yields. The bond market's reaction to the Fed's announcement has been to keep mortgage rates near their yearly lows. Today's slight uptick suggests investors are still carefully assessing inflation risks, but overall, the impact has been largely stabilizing rather than causing a sharp rise.

Current Mortgage Rates – December 11, 2025

Here’s a look at the national averages for various mortgage types as reported by Zillow:

Please remember these are national averages, rounded to the nearest hundredth. Your actual rate will depend on your unique financial situation.

Current Mortgage Refinance Rates – December 11, 2025

For homeowners looking to refinance, the rates are very similar, with slightly higher averages in some cases:

Refinance rates can sometimes be a touch higher than purchase rates. This is usually due to pricing strategies, risk assessment, and specific loan characteristics. However, intense lender competition and a strong borrower profile can sometimes flip this expectation.

Why Are Rates So Close to the Year's Low?

It's not just by chance that rates are hovering near their lowest levels. Several factors are at play:

• Bond Market Stability: Mortgage rates tend to follow the lead of the 10-year Treasury yield. Since this yield has stayed within a tight band after dipping in late October, mortgage rates have followed suit.
• Balanced Economic Data: We're seeing a bit of a mixed bag in the economy. Inflation is starting to cool down, which is good news. At the same time, the job market and consumer spending remain strong. This kind of “balanced” data keeps investors cautious but not overly worried, preventing wild swings in rates.
• Lender Pricing Strategies: When market volatility is low, lenders often become more competitive. They might tighten their profit margins slightly to attract more business, which helps keep rates near these cycle lows.
• Adjustable-Rate Mortgages (ARMs): Loans like ARMs often reflect short-term borrowing costs and current market risks more directly. This is why you sometimes see ARM rates that are higher than fixed rates, even when overall market conditions are favorable.

The 30-Year Fixed vs. 15-Year Fixed: A Crucial Decision

Choosing between a 30-year and a 15-year fixed-rate mortgage is a big decision with different pros and cons.

• Monthly Costs vs. Total Interest:
  • The 30-year fixed offers a lower monthly payment, which provides more breathing room in your budget. However, over the life of the loan, you'll end up paying significantly more in total interest.
  • The 15-year fixed requires a higher monthly payment, but it allows you to pay off your home much faster and save a substantial amount on total interest.
• Rate Advantage:
  • 15-year fixed rates are typically lower than 30-year rates. Lenders face less risk because their money is tied up for a shorter period, and the chances of early repayment or default are reduced.
• Who Should Choose Which?
  • The 30-year fixed is ideal for borrowers who need to prioritize monthly cash flow, want more financial flexibility, or anticipate selling the home before paying it off entirely.
  • The 15-year fixed is a great choice for those with a stable income who want to aggressively build equity, plan to pay off their mortgage before retirement, or are comfortable with a higher monthly outlay.

Fixed-Rate vs. ARM in Today's Market

In an environment with low market volatility, the choice between a fixed-rate mortgage and an adjustable-rate mortgage (ARM) becomes clearer.

• Fixed-Rate Stability:
  • Benefit: Predictable, unchanging monthly payments for the entire loan term.
  • Insight: When rates are near a cycle low and market swings are minimal, locking in a fixed rate provides the most security and certainty for your housing costs.
• ARM Considerations:
  • Potential Benefit: Often starts with a lower initial interest rate compared to fixed rates.
  • Insight: Although ARMs can offer a lower starting payment, today's average ARM rates are a bit higher, reflecting some lender caution about the future direction of interest rates.
• The Decision:
  • Key Factor: Your time horizon in the home.
  • Insight: If you are very confident you'll move or refinance the loan within the initial period before the rate starts adjusting (usually 5 or 7 years for common ARMs), the lower upfront rate might be appealing. If you plan to stay in your home long-term, the certainty of a fixed rate is usually the safer and more advantageous choice.

Smart Moves to Get the Best Rate

Securing the lowest possible mortgage rate involves more than just looking at the advertised numbers. Here are some practical steps I always recommend:

• Shop Around Extensively: Don't settle for the first offer. Get at least three written loan estimates on the same day. This ensures you're comparing apples to apples on both the interest rate and the Annual Percentage Rate (APR), which includes fees.
• Boost Your Credit Score: Before you apply or lock a rate, take stock of your credit. Pay down credit card balances (especially revolving debt), dispute any errors you find on your credit report, and avoid opening new credit accounts just before or during the mortgage process. Even a small improvement in your credit score can lead to a better rate.
• Optimize Your Down Payment: While not always feasible, a larger down payment can sometimes lead to better pricing from lenders. It reduces their risk and can improve your Loan-to-Value (LTV) ratio, potentially resulting in a lower interest rate.
• Consider Discount Points: You can pay a fee, known as a “point,” at closing to buy down your interest rate. The key is to calculate how long it will take for the savings from the lower rate to recoup the cost of the point. Make sure this break-even period aligns with how long you expect to keep the mortgage.
• Choose the Right Loan Product: Different loan types (Conventional, FHA, VA) and terms (15-year, 30-year) have different pricing structures. Discuss with your loan officer the pricing differences for each scenario that fits your needs.
• Lock Strategically: If you're close to closing and the market feels unpredictable, locking your rate can protect you from potential increases. If economic data is pointing towards lower rates, ask your lender about a “float-down” option, which allows you to potentially benefit if rates drop before closing, but secures you against rising rates.
• Time Your Application: Some lenders are more aggressive with their pricing mid-week. Also, ensuring you have all your documentation ready and organized can speed up the underwriting process, which can be beneficial when trying to lock a favorable rate within a specific timeframe.
• Negotiate Fees: Not all fees are set in stone. Some lender and third-party fees can be negotiated. A reduction in fees can make a slightly higher interest rate more attractive when you look at the overall APR.

What Today's Rates Mean for You

• For Buyers: With rates sitting just above their 2025 low, affordability has improved. This means you might qualify for a larger loan amount than earlier in the year, potentially allowing you to buy a more expensive home or simply have more comfortable monthly payments. Locking a rate now can lock in these benefits.
• For Refinancers: Even though refinance rates are a tad higher than purchase rates, if you have an older mortgage with a rate significantly higher than today's averages, refinancing could still lead to substantial savings on your monthly payments or allow you to shorten your loan term. If you're considering a cash-out refinance, weigh the benefits of consolidating debt or accessing funds against the current borrowing costs.
• For VA-Eligible Borrowers: VA loan rates continue to be very competitive, often outperforming conventional loan rates. On top of the lower rates, VA loans typically come with more flexible credit requirements and no private mortgage insurance, making them an excellent option for eligible veterans and service members.

The Bottom Line

Mortgage rates on December 11th are holding steady, just above their lowest point this year, even after the Federal Reserve's latest rate cut. From my perspective, this is a particularly opportune time for both home buyers and homeowners. Fixed-rate mortgages offer a great deal of stability at rates that are very attractive right now. Refinancing can still offer significant advantages if your current mortgage carries a higher rate. Given the Fed's signal that future rate cuts might be slower, locking in a favorable rate now could be a very wise move before market conditions inevitably shift again.

Ultimately, the current environment presents a valuable window to explore your options. Take the time to compare lenders, think carefully about your loan type and term, and aim to lock in a rate that aligns with your long-term financial goals. Whether you're prioritizing payment stability with a 15-year fixed or seeking the cash-flow flexibility of a 30-year fixed at near-cycle-low pricing, there's a strong case to be made for taking action.

Today, December 10, 2025, is a day to watch because mortgage rates have seen a slight bump upward, influenced by Treasury yields as we all brace for the Federal Reserve's latest policy announcement. While we're not seeing massive swings, this subtle shift is a good reminder that things in the housing market are always moving, and understanding why is key.

For many homeowners and prospective buyers, the hope is always for lower rates, and today’s modest rise in the average 30-year fixed mortgage rate to 6.14% (according to Zillow) might feel like a small step back. The 15-year fixed rate held steady at 5.53%. This slight upturn is directly linked to what's happening with the 10-year Treasury yield, which influences how lenders price their mortgages.

Investors are keenly watching what Fed Chair Jerome Powell might say about interest rate cuts and the long-term outlook for inflation. It’s like watching a weather forecast – you know the conditions can change quickly!

Today's Mortgage Rates, Dec 10: Rates Move Higher as Markets Brace for Fed Decision

Current Mortgage Rates

Let's break down what this means specifically. Zillow's data for today, December 10, 2025, shows us the following national averages:

(These are national averages, rounded.)

As you can see, the 30-year fixed mortgage rate has nudged up by seven basis points. The 15-year fixed remains steady. It's interesting to note how the 5/1 and 7/1 Adjustable-Rate Mortgages (ARMs) are currently higher than the 30-year fixed, which is a bit unusual and definitely worth considering if you're weighing your options.

Current Refinance Rates

If you're looking to refinance, the picture is slightly different. Here’s a look at refinance rates as reported by Zillow today:

Generally, refinance rates tend to track purchase rates, but sometimes they can be a little higher or lower depending on market conditions and lender appetite. Today, it seems refinance rates are slightly higher across the board for fixed options compared to purchase rates. This means that if you were hoping to significantly lower your monthly payment by refinancing, you'll want to do your homework and compare offers carefully. Borrowers with older mortgages carrying much higher rates might still find value, but for those with rates closer to today's averages, the savings might be less dramatic.

What Does the Fed Decision Mean for My Mortgage Rate?

This is the million-dollar question, isn't it? Today is the final Federal Open Market Committee (FOMC) meeting of 2025, and the chatter among economists and traders is loud: a 0.25% interest rate cut is widely expected. This would bring the federal funds rate target down to a new range of 3.50%-3.75%. Futures traders are giving it a very high probability, around 90%. This would be the Fed's third cut this year, signaling continued concern about the economy, particularly the cooling labor market which has seen over 1.1 million jobs cut this year.

Now, here’s where it gets a bit nuanced. The Fed controls the federal funds rate, which is what banks charge each other for overnight loans. This directly impacts things like credit cards and home equity lines of credit (HELOCs). However, mortgage rates, especially for fixed-rate loans, are long-term loans. They are more closely tied to the yield on the 10-year Treasury note.

Think of it this way: the market is already anticipating this Fed cut. When expectations become widespread, they often get “priced in” to current rates. This means the announcement of the cut itself might not cause a massive drop in mortgage rates. It’s like knowing a sale is coming – you might wait for it, but if everyone else is also waiting, the initial prices might already reflect that future discount.

What could really move the needle today is the Fed’s messaging. Many analysts are predicting a “hawkish cut.” This sounds like a contradiction, but it means the Fed might indeed lower rates, but they’ll also signal that this might be a pause, or they’ll express concern about inflation still being above their 2% target. If Fed Chair Jerome Powell’s press conference hints at future rate hikes or a slower pace of cuts due to inflation worries, this could actually push those 10-year Treasury yields up, and consequently, mortgage rates could see another slight uptick, or at least hold steady rather than fall.

Key take-aways from the Fed meeting:

• The decision: Expected a 0.25% rate cut.
• Timing: Announcement today at 2:00 p.m. ET, press conference with Powell at 2:30 p.m. ET.
• Impact on Mortgages: Indirect. Fixed mortgage rates follow long-term Treasury yields, not the federal funds rate directly.
• “Hawkish Cut” Scenario: Fed cuts rates, but signals concerns about inflation, potentially leading to stable or slightly rising mortgage rates.
• ARM Loans: Adjustable-Rate Mortgages are more directly tied to short-term rates (like SOFR), so they might see a more immediate effect from the federal funds rate change.

Personal Thoughts and Expertise

From my experience working in this space, I’ve learned that trying to perfectly time the market based on Fed announcements is a risky game. While a Fed cut is generally seen as positive for borrowers, the ripple effect on mortgage rates isn't always a straight line down. The bond market is incredibly sophisticated and forward-looking. If investors believe future economic growth will be strong and inflation might persist, they’ll demand higher yields on bonds, which translates to higher mortgage rates for us.

Today's slight uptick is likely the market digesting all this information – the incoming economic data, the ongoing discussions about inflation, and the anticipation of the Fed’s move. For borrowers, my advice remains consistent:

1. Know Your Numbers: Understand your credit score, your debt-to-income ratio, and how much you can comfortably afford.
2. Shop Around: Don’t just get one quote. Compare offers from multiple lenders. Even a small difference in rate can save you tens of thousands of dollars over the life of the loan.
3. Consider Your Time Horizon: If you plan to sell in a few years, an ARM might be attractive. If you're buying your forever home, a fixed rate offers predictability.
4. Lock When Ready: If you find a rate you're comfortable with and your lender offers a rate lock, consider using it, especially if you anticipate volatility. Don't let the “what ifs” prevent you from securing a good deal for your situation.

While the news today is about slight adjustments, the underlying trends – like inflation concerns and economic growth – are what truly shape the mortgage market over the longer term. Stay informed, do your due diligence, and you'll be well-positioned to make the right move for your financial future.

If you're looking to buy a home or refinance, you'll be glad to know that today's mortgage rates on December 9th are showing impressive stability, with the average 30-year fixed mortgage rate holding at 6.07% according to Zillow. This calm before the storm, so to speak, is largely influenced by anticipation of the Federal Reserve's upcoming policy meeting. While mortgage rates themselves haven't moved much in over six weeks, the signals we get from the Fed tomorrow could be the key to what happens next.

Today's Mortgage Rates, Dec 9: 30-Year FRM Drops Slightly in Anticipation of Fed Rate Cut

For weeks, mortgage rates have been carefully balanced, not wanting to tip too far in either direction. We’re all keenly observing what the Federal Reserve will do during their meeting tomorrow. A rate cut is pretty much expected, which is a sign the Fed is trying to keep the economy humming without letting inflation get out of hand. But honestly, the real magic (or maybe the real jitters) will come from Fed Chair Jerome Powell's words and that “dot plot” – essentially, a map of where policymakers see interest rates going. How aggressively they signal future rate cuts in 2026 is what will really get the bond market, and by extension mortgage rates, moving.

Current Mortgage Rates at a Glance

Here's a quick look at where things stand as of today, December 9th, based on Zillow's national averages. Remember, these are averages, and your personal rate might be a little different.

These figures represent national averages and are rounded.

Refinancing Rates: A Slight Difference

If you're thinking about refinancing your current mortgage, the rates are very similar, though typically a hair higher than for new purchases. This is a common trend.

What This Means for You (The Borrower)

So, what should you take away from this steady rate environment?

• Steady as She Goes (For Now): The biggest takeaway is the continued stability. Rates have been dancing in a very small range for quite some time. This suggests that unless the Fed throws a curveball, we might not see dramatic shifts in mortgage rates in the immediate short term.
• The Fed's Shadow: While we expect the Fed to cut rates tomorrow, it's not a guarantee that mortgage rates will instantly drop. Mortgage rates are more closely tied to the yields on Treasury bonds, and those are influenced by all sorts of market factors, not just what the Fed says it will do, but what investors believe will happen. It's an intricate dance.
• Refinancing Decision Time: Given that refinance rates are a little higher than purchase rates, it's important to crunch the numbers. Is the potential saving from refinancing worth the closing costs? For some, with equity in their homes, exploring a cash-out refinance might be more attractive than waiting for rates to drop significantly.
• The VA Advantage: If you're a veteran or active-duty service member, it’s worth noting that VA loans continue to offer some of the best rates out there, often significantly lower than the national averages for other loan types.

Understanding the Forces Behind Mortgage Rates

As someone who has followed the housing market for a while, I can tell you that mortgage rates are more than just a number you see online. They're a complex puzzle with many pieces.

1. How Mortgage Rates Dance with Treasury Yields

You can't talk about mortgage rates without talking about the 10-year Treasury yield. Think of the Treasury yield as the benchmark, the big brother that mortgage rates often follow.

• Investor Love: When investors feel a bit nervous about the economy or want a safe place to put their money, they often buy U.S. Treasury bonds. This increased demand pushes the prices of those bonds up, and their yields (the return you get) go down. This generally means lower mortgage rates.
• The Extra Slice: Mortgage lenders add a little extra interest on top of Treasury yields. This is to cover things like the risk that borrowers might pay off their loans early (prepayment risk) or that someone might not be able to pay back the loan at all (credit risk). This extra bit is called a “risk premium.”
• Mirroring the Market: Because Treasury yields have been pretty stable lately, mortgage rates have done the same. They're both in that sideways, rangebound movement I mentioned.

2. Why Rates Differ from Place to Place

While Zillow gives us a great national snapshot, the rate you actually get can depend heavily on where you live.

• Local Competition: In areas with lots of mortgage lenders competing for business, you might find slightly better rates. They have to offer competitive deals to win you over.
• Housing Market Heat: If you're in a hot housing market, like some parts of Florida or Texas, where demand is really high, you might see slightly higher mortgage rates. It's just basic supply and demand.
• Your Own Financial Picture: Beyond the national averages, your credit score, how much you're borrowing, and the type of home you're buying all factor into your personal rate. These elements can cause your rate to deviate from the average.

3. Smart Refinancing Moves When Rates Are Flat

Navigating a flat-rate environment when you're thinking about refinancing presents some interesting strategic options:

• Tapping Your Home's Value: If you have equity built up in your home, a cash-out refinance might be a good option. You can borrow against your home's value even if rates aren't dropping dramatically. It's a way to access funds for renovations, debt consolidation, or other big expenses.
• Shorter Loan, More Savings: Even if today's mortgage rates aren't historically low, switching from a 30-year mortgage to a 15-year mortgage can save you a significant amount of money on interest over the life of the loan. You'll have higher monthly payments, but you'll own your home free and clear much sooner.
• Locking in Peace of Mind: In environments where the Fed's next move is the big question mark, locking your rate can be a wise move. It protects you from the possibility of rates jumping up unexpectedly before you finalize your loan.

Looking ahead, the Fed's meeting tomorrow is the next big event to watch. I'll be paying close attention to Powell's commentary as much as the actual rate decisions. It’s that guidance that often tells us more about the future direction of mortgage rates than anything else.