Rates decrease as inflation shows uptick - Today's mortgage and refinance rates for January 31, 2025
Mortgage rate trends
APRs not included. For our most recent APR information, please visit our
rate table.
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30 year fixed
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15 year fixed
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5/1 ARM
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30 year fixed jumbo
Average mortgage rates trended lower on all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.96% | 7.01% | -0.05% |
| 15-year fixed | 6.20% | 6.27% | -0.07% |
| 5/1 ARM | 6.31% | 6.52% | -0.21% |
| 30-year fixed jumbo | 7.02% | 7.07% | -0.05% |
Rates as of January 31, 2025.
The rates listed above are averages based on the assumptions shown here. Actual rates available within the site may vary. All rate data is accurate as of Friday, January 31st, 2025 at 6:30 a.m. ET.
Several factors move mortgage rates, some more impactful than others. The Federal Reserve capped off 2024 with a third rate cut, yet mortgage rates have only climbed. At its most recent meeting ending Jan. 29, Fed policymakers opted to keep rates the same.
Keep in mind that the Fed doesn’t fix mortgage rates directly. Thirty-year mortgage rates tend to track the 10-year Treasury yield, which shifts continuously alongside the economy and the forces that shape it.
“After jumping more than a full percentage point since September, long-term Treasury yields have eased a bit over the last 10 days,” says Greg McBride, CFA, chief financial analyst for Bankrate. “But mortgage rates remain above 7 percent, a further headwind to affordability and keeping home sales on ice.”
Mortgage purchase rates
30-year mortgage rate dips
0.05%
Today's average 30-year fixed-mortgage rate is 6.96 percent, down 5 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.00 percent.
At the current average rate, you'll pay a combined $662.62 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $3.35 lower.
Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of the loan.
15-year mortgage rate eases
0.07%
The average 15-year fixed-mortgage rate is 6.20 percent, down 7 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $855 per $100,000 borrowed.
5/1 ARM rate slides
0.21%
The average rate on a 5/1 ARM is 6.31 percent, falling 21 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.31 percent would cost about $620 for each $100,000 borrowed over the initial five years.
Jumbo mortgage interest rate moves lower
0.05%
The average rate for a 30-year jumbo mortgage is 7.02 percent, down 5 basis points since the same time last week. A month ago, the average rate for jumbo mortgages was above that at 7.03 percent.
At today's average rate, you'll pay $666.65 per month in principal and interest for every $100,000 you borrow. That's a decline of $3.36 from last week.
Mortgage refinance rates
Today's 30-year mortgage refinance rate retreats
0.07%
The average 30-year fixed-refinance rate is 6.94 percent, down 7 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 7.04 percent.
At the current average rate, you'll pay $661.28 per month in principal and interest for every $100,000 you borrow. That's a decline of $4.69 from last week.
Will mortgage rates go down in 2025?
Mortgage rates aren’t as high now as they were for much of 2024 and 2023, but they’re still nowhere near as low as they were in the pandemic years. The average 30-year fixed rate was 7.03 percent as of Jan. 29, according to Bankrate’s survey of lenders.
“Prospective homebuyers should keep an eye on inflation, more so than the Fed, as a decline in inflation is a necessary precursor to Treasury yields and mortgage rates moving lower,” McBride says.
While rates this year might not go down as much as hoped, there is at least one lower-rate trend sticking around: rate buydowns, particularly on newly-built homes.
“Home builders have added more new homes last year and continue to offer rate buydowns on new construction,” says Dr. Selma Hepp, chief economist for CoreLogic.
Should you refinance your mortgage in 2025?
It depends. There are many reasons to refinance a mortgage, chief among them obtaining a lower rate.
Eighty-four percent of collective mortgage debt is priced at 6 percent or below, according to a recent report from Realtor.com. If current forecasts bear out and rates stay within the 6 percent range, most mortgage holders won’t get a lower rate by refinancing.
Still, even a little rate movement to the downside could prompt you to swap your loan. When 30-year rates dipped into the low 6s in the fall, over 300,000 borrowers refinanced, with nearly 150,000 of those being rate-and-term refinances, according to data from ICE Mortgage Technology.
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
