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Top offers on Bankrate vs. national average interest rates
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APRs not included. For our most recent APR information, please visit our
How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
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Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of January 5th, top offers on Bankrate are 0.66% lower than the national average. On a $340,000 30-year loan, this translates to $1,796 in annual savings.
Today's national mortgage interest rate trends
On Wednesday, January 08, 2025, the current average interest rate for a 30-year fixed mortgage is 7.04%, flat compared to this time last week. For homeowners looking to refinance, today's average interest rate for a 30-year fixed refinance is 7.07%, up 5 basis points since the same time last week. Meanwhile, today's national 15-year refinance interest rate is 6.38%, increasing 2 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.- • Mortgages
- • Mortgage refinancing
- • Homebuying
- • Mortgages
- • Personal finance
- • Investing
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On Wednesday, January 08, 2025, the national average 30-year fixed mortgage APR is 7.07%. The average 15-year fixed mortgage APR is 6.42%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Wednesday, January 08, 2025, the national average 30-year fixed mortgage APR is 7.07%. The average 15-year fixed mortgage APR is 6.42%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Weekly national mortgage interest rate trends
Current mortgage rates
30 year fixed | 7.01% | |
15 year fixed | 6.32% | |
10 year fixed | 6.24% | |
5/1 ARM | 6.51% |
Today's national mortgage interest rate trends
On Wednesday, January 08, 2025, the current average interest rate for a 30-year fixed mortgage is 7.04%, flat compared to this time last week. For homeowners looking to refinance, today's average interest rate for a 30-year fixed refinance is 7.07%, up 5 basis points since the same time last week. Meanwhile, today's national 15-year refinance interest rate is 6.38%, increasing 2 basis points over the last seven days. For now, the consensus is that mortgage rates will ease down in 2024. Whether you need a mortgage now or plan to get one in the next year or two, it’s crucial to compare offers. Bankrate can connect you with current offers on various types of loans, often well below the national average. We display the lender’s interest rate, APR (rate plus costs) and estimated monthly payment to help you more easily find the best mortgage for your needs.Mortgage rate news this week - Jan. 2, 2025
Mortgage rates rise despite Fed cuts
Mortgage rates rose this week, with 30-year fixed-rate loans averaging 7.04 percent, according to Bankrate’s latest lender survey. The Federal Reserve cut its benchmark interest rate for the third time in a row last month, but mortgage rates aren’t expected to follow suit.
“Despite the cuts to the short-term interest rates by the Federal Reserve, mortgage rates have largely refused to budge,” says Lawrence Yun, chief economist at the National Association of Realtors.
One key driver: President-elect Donald Trump’s victory, along with a Republican takeover of the U.S. Senate. Given the outcome, economists now expect tax cuts, which could add trillions of dollars to the federal deficit. That, in turn, could continue to push up yields on 10-year Treasury bonds — the benchmark for fixed mortgage rates.
Experts: Don’t count on lower rates
Michael Becker
Branch Manager, Sierra Pacific Mortgage, White Marsh, MD
"The [Fed] rate cut was expected, but the future path of rate cuts was uncertain. With their statement and new dot plot, the Fed let markets know that there will likely be fewer rate cuts in 2025 than were expected earlier this year. With progress on inflation slowing and the economy and labor market still showing strength, this makes sense. They “will carefully assess incoming data” when “considering the extent and timing” of additional rate cuts. This will put upward pressure on rates, so mortgage rates will be higher in the coming week." - Dec. 18
Heather Devoto
Vice President, Branch Manager, First Home Mortgage, McLean, VA
"I’m expecting rates to rise in the week ahead, as thinly staffed-trading desks react to minimal newsworthy events." - Dec. 18
Greg McBride
Chief Financial Analyst, Bankrate, North Palm Beach, FL
"The mantra for 2025 is “higher for longer.” Compared to three months ago, the Fed doesn’t plan to cut interest rates as often and they don’t expect inflation to come down as quickly." - Dec. 18
Learn more: Weekly mortgage rate trend predictions
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 7.02% | 7.07% |
20-Year Fixed Rate | 6.90% | 6.96% |
15-Year Fixed Rate | 6.34% | 6.42% |
10-Year Fixed Rate | 6.28% | 6.35% |
5-1 ARM | 6.42% | 7.12% |
10-1 ARM | 6.59% | 7.22% |
30-Year Fixed Rate FHA | 7.37% | 7.41% |
30-Year Fixed Rate VA | 7.10% | 7.14% |
30-Year Fixed Rate Jumbo | 7.04% | 7.09% |
Rates as of Wednesday, January 08, 2025 at 6:30 AM
Learn more: Interest rate vs. APR
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Bankrate displays two sets of rate averages through our surveys: the daily "overnight averages" and the weekly "Bankrate Monitor averages."
For our overnight averages, the APRs and rates are calculated without considering a borrower’s existing relationship with the lender or automatic payment discounts. To determine the Bankrate Monitor mortgage rate averages, we gather APRs and rates from the 10 largest banks in 10 major U.S. markets, again without considering any existing relationship or automatic payments.
We partner with industry-leading advertisers who compensate us for featuring their products or services on our site when you click on specific links. This enables us to provide you with high-quality content, competitive rates and useful tools at no cost to you.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 7.05% | 7.10% |
20-Year Fixed Rate | 6.94% | 6.99% |
15-Year Fixed Rate | 6.36% | 6.44% |
10-Year Fixed Rate | 6.35% | 6.43% |
5-1 ARM | 6.20% | 6.92% |
10-1 ARM | 6.57% | 7.29% |
30-Year Fixed Rate FHA | 7.36% | 7.40% |
30-Year Fixed Rate VA | 7.75% | 7.77% |
30-Year Fixed Rate Jumbo | 7.06% | 7.11% |
Rates as of Wednesday, January 08, 2025 at 6:30 AM
How to compare mortgage rates
Getting the best possible rate on your mortgage can make a big difference in your monthly budget — not to mention potentially thousands saved in interest over the life of the loan. You won’t know what rates you qualify for, though, unless you narrow down the best type of mortgage for your situation and comparison-shop. Here’s how to do it:
- Decide on the right type of mortgage. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan. Our mortgage calculator can help you estimate your monthly mortgage payment in various scenarios.
- Shop around. Mortgage rates change often and vary widely by lender, loan type and term. When comparing lenders, pay attention to the APR, not just the interest rate. The APR, or annual percentage rate, reflects the total cost of the loan, including the interest rate and other fees.
- See what others have to say. Check out our mortgage lender reviews and other testimonials to uncover the lenders with attractive rates and top-notch customer experience.
Why compare mortgage rates?
It’s been proven: Shopping with multiple lenders can save you up to $1,200 a year. Our mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars spent or saved over the life of a mortgage.
Factors that determine your mortgage rate
Your mortgage rate depends on a number of factors, including your individual credit profile and what’s happening in the broader economy. These variables include:
- Your credit and finances: The better your credit score, the better interest rate you’ll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you’ll get a lower rate. If you have additional debt, your rate might be higher.
- Loan amount: The size of your loan can impact your rate.
- Loan structure: Your rate varies whether you’re obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
- Location of the property: Rates vary depending on where you’re buying.
- Whether you’re a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
- Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
- The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
- Mortgage points. Mortgage points, also referred to as discount points, help homebuyers reduce their interest rate and monthly mortgage payments. Each point typically lowers an interest rate by 0.25 percentage points. For example, one point would lower a mortgage rate of 6 percent to 5.75 percent. The cost of a point is typically 1 percent of the total amount borrowed. For more details, see Bankrate’s guide to mortgage points.
- The size of your down payment. If you put down less than 20 percent of the purchase amount, you may pay a higher rate.
How does the Federal Reserve affect mortgage rates?
Like any other financial product, the cost of a mortgage fluctuates with the happenings of the economy, including Federal Reserve decisions. The central bank doesn’t set specific mortgage rates, but its policies set the tone for what banks and other lenders charge for loans.
How to refinance your current mortgage
As interest rates fall, you might choose to refinance your mortgage to a new loan at a lower rate. The process isn’t much different from your original mortgage application, and you’ll likely pay less in closing costs this time around compared to when you first bought a home.
While most borrowers today have mortgages with already-low rates, there are still some instances when refinancing might make sense — especially with rates expected to trend down in the next year or two. If you’re considering refinancing, think about your goals. Do you want to save money? Take cash out? Pay off your mortgage faster? Get a fixed rate? Borrowers refinance for these and many other reasons. Compare refinance rates and do the math with our refinance calculator.Next steps to getting a mortgage
Before you start applying for a mortgage, here are some mortgage resources to prepare you for the process:
How to improve your credit score to get a mortgage
The higher your score, the better your approval chances, and the lower the interest rate.
How to save for a down payment
Saving the big chunk of cash you'll need upfront can be tough. These tactics help.
How to choose a mortgage lender
Getting a good loan starts with choosing the right lender.
Questions to expect from a mortgage lender
To get the right answers (and the right mortgage), you have to ask the right questions. And be ready to answer a lot, too.
Mortgage FAQ
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A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. A mortgage loan is typically a long-term debt taken out for 30, 20 or 15 years. Over this time (known as the loan’s “term”), you’ll repay both the amount you borrowed as well as the interest charged for the loan.
Learn more: What is a mortgage?
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A mortgage rate lock guarantees (with a few exceptions) that the interest rate offered to you will remain available for a set period of time. With a lock, you won’t have to worry if market rates go up between the time you find a home, submit an offer and close. Most lenders offer a 30- to 45-day rate lock free of charge. Often, you’ll need to pay a fee to extend the lock period. Some lenders also offer a “float down” option, which allows you to lower your locked rate if prevailing rates fall — though you’ll likely have to pay a fee for this perk, too.
Learn more: What is a mortgage rate lock? -
The closing costs on a mortgage encompass all of the fees associated with the loan, including the lender’s charges, typically an origination fee often equal to 1 percent of the loan principal and optional points. Closing costs also include third-party fees like the cost of an appraisal and title insurance. All together, these usually run anywhere from 2 percent to 5 percent of the amount you’re borrowing, above and beyond your down payment.
Learn more: Mortgage closing costs -
Depending on your needs, the best mortgage lenders are often the ones that offer the most competitive rates and fees, stellar customer service and convenience.
Learn more: Best mortgage lenders in 2024
Meet our Bankrate experts
Written by: Jeff Ostrowski, Principal Reporter, Mortgages
I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
Read more from Suzanne De Vita
Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate
Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.
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