Most rates increase as labor market stays strong - Current mortgage and refinance rates, January 13, 2025

National mortgage rates were mostly higher versus last week, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates decreased.

Rates accurate as of January 13, 2025.

The rates listed here are marketplace averages based on the assumptions shown here. Actual rates available across the site may vary. All rate data is accurate as of Monday, January 13th, 2025 at 6:30 a.m. ET.

Several factors move mortgage rates, some more impactful than others. In December, the Federal Reserve cut its key benchmark rate for a third time, yet mortgage rates have only risen since policymakers began cutting rates in the fall. The next Fed announcement comes Jan. 29.

Thirty-year mortgage rates tend to track the 10-year Treasury yield, which shifts continuously alongside the economy and the forces that shape it. More recently, rates have been driven by factors like inflation, a changing White House and geopolitical developments abroad.

Rates have been less impacted by the latest jobs report, which showed a December marked by higher-than-expected gains.

"Good economic data do not have to be associated with higher interest rates,” says Lawrence Yun, chief economist of the National Association of Realtors. “More production and higher productivity can bring down inflation and interest rates.Higher rates now are due to lingering inflation, which has not been fully contained. The oversupply in the apartment sector implies that inflation will be much calmer in the future. But until then, mortgage rates will stick near the current elevated rates.”

“The December employment report is a picture of a strong job market,” says Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association. “While the FOMC had indicated that they could slow the pace of rate cuts as we enter 2025, these data make at least a pause in cuts much more likely, which will push mortgage rates higher in the near term."

Today's average rate for the benchmark 30-year fixed mortgage is 7.06 percent, up 6 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.79 percent.

At the current average rate, you'll pay $669.34 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.04 higher.

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers as it allows the borrower to disperse loan payments out over 30 years, keeping their monthly payment lower.

The average 15-year fixed-mortgage rate is 6.35 percent, up 5 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $863 per $100,000 borrowed.

The average rate on a 5/1 adjustable rate mortgage is 6.49 percent, ticking down 4 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.49 percent would cost about $631 for each $100,000 borrowed over the initial five years.

The average rate you'll pay for a jumbo mortgage is 7.10 percent, up 7 basis points over the last seven days. Last month on the 13th, the average rate was below that at 6.96 percent.

At today's average jumbo rate, you'll pay $672.03 per month in principal and interest for every $100,000 you borrow. That's $4.71 higher compared with last week.

The average 30-year fixed-refinance rate is 7.09 percent, up 5 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.76 percent.

At the current average rate, you'll pay $671.36 per month in principal and interest for every $100,000 you borrow. That's $3.37 higher compared with last week.

Mortgage rates aren’t as high now as they were earlier in 2024, but they’re nowhere near as low as they were in the pandemic years. The average 30-year fixed rate was 7.04 percent as of Dec. 31, according to Bankrate’s survey of lenders.

For now, experts anticipate more of the same in 2025.

“The average 30-year fixed mortgage rate will spend most of the year in the 6s, with a short-lived spike above 7 percent, but never getting below 6 percent,” said Greg McBride, CFA, chief financial analyst for Bankrate, in his 2025 forecast.

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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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