Most rates decline after latest jobs report | Current mortgage and refinance rates, February 10, 2025

National mortgage rates trended lower across all terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all dropped.

Rates as of February 10, 2025.

The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates displayed across the site may vary. All rate data is accurate as of Monday, February 10th, 2025 at 6:30 a.m. ET.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve has shifted from cutting rates to holding off for now, and the latest jobs report for January was a mixed bag.

“With inflation still above target, and no appreciable signs of weakening in the job market, MBA’s forecast is that the Fed will make at most one more cut this cycle,” says Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association.

Keep in mind the Fed doesn’t delegate fixed mortgage rates. Those tend to track the 10-year Treasury yield, which shifts up or down depending on investors’ tolerance for risk. The new administration and further tensions in the Middle East could send bond yields lower for the time being.

“No one knows what President Trump will do next, so there is likely a flight to safety going on,” says Joel Naroff, president and chief economist of Naroff Economic Advisors.

The average rate for a 30-year fixed mortgage for today is 6.92 percent, down 5 basis points over the last seven days. Last month on the 10th, the average rate on a 30-year fixed mortgage was higher, at 7.10 percent.

At the current average rate, you'll pay $659.94 per month in principal and interest for every $100,000 you borrow. That represents a decline of $3.35 over what it would have been last week.

Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.

The average rate for a 15-year fixed mortgage is 6.21 percent, down 1 basis point from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $855 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.27 percent, down 5 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.27 percent would cost about $617 for each $100,000 borrowed over the initial five years.

The average rate you'll pay for a jumbo mortgage is 6.98 percent, down 2 basis points over the last seven days. Last month on the 10th, the average rate was greater than 6.98 at 7.21 percent.

At the current average rate, you'll pay principal and interest of $663.96 for every $100,000 you borrow. That's lower by $1.34 than it would have been last week.

The average 30-year fixed-refinance rate is 6.90 percent, down 6 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.08 percent.

At the current average rate, you'll pay $658.60 per month in principal and interest for every $100,000 you borrow. That's down $4.02 from what it would have been last week.

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 7.02 percent as of Feb. 5, 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.

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.

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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.

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