Majority of rates fall | Today's mortgage rates, January 6, 2025

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Jan 06, 2025 / 3 min read

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Average mortgage rates were mostly down compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages receded, while rates for adjustable rate mortgages stayed flat.

Mortgage type	Today's rate	Last week's rate	Change
30-year fixed	7.00%	7.03%	-0.03
15-year fixed	6.30%	6.34%	-0.04
5/1 ARM	6.53%	6.53%	N/C
30-year fixed jumbo	7.03%	7.04%	-0.01

Rates last updated January 6, 2025.

The rates listed here are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Monday, January 6th, 2025 at 7:30 a.m. ET.

At the conclusion of its latest meeting on Dec. 18, the Federal Reserve announced another quarter-point rate cut — the third cut in a row. Although the Fed has cut interest rates three times since September, mortgage rates have only risen, up 0.71 percentage points since September’s low, according to Bankrate data.

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, the election and geopolitical developments abroad.

“As expected, the Fed lowered rates again by 0.25 percent — it also lowered its expectations for rate cuts in 2025,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

30-year mortgage rate moves lower, -0.03%

Today's average rate for the benchmark 30-year fixed mortgage is 7.00 percent, a decrease of 3 basis points over the last seven days. Last month on the 6th, the average rate on a 30-year fixed mortgage was lower, at 6.80 percent.

At the current average rate, you'll pay a combined $665.30 per month in principal and interest for every $100,000 you borrow. That's a decline of $2.02 from last week.

15-year mortgage rate moves down, -0.04%

The average 15-year fixed-mortgage rate is 6.30 percent, down 4 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $860 per $100,000 borrowed.

5/1 adjustable rate mortgage stays put

The average rate on a 5/1 adjustable rate mortgage is 6.53 percent, unchanged since the same time last week.

Monthly payments on a 5/1 ARM at 6.53 percent would cost about $634 for each $100,000 borrowed over the initial five years.

Jumbo mortgage falls, -0.01%

The average jumbo mortgage rate today is 7.03 percent, down 1 basis point from a week ago. Last month on the 6th, the average rate was below that at 6.96 percent.

At the average rate today for a jumbo loan, you'll pay $667.32 per month in principal and interest for every $100,000 you borrow. That's $0.67 lower, compared with last week.

30-year fixed-rate refinance trends down, -0.03%

The average 30-year fixed-refinance rate is 7.04 percent, down 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.77 percent.

At the current average rate, you'll pay $667.99 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.02 over what it would have been last week.

When will mortgage rates go down?

Mortgage rates have decreased somewhat since earlier this year, with the 30-year fixed-rate loan down from a high of 7.39 percent in May.

As for next year, expect more of the same — at least for now.

“For those expecting a dramatic drop in 30-year mortgage financing rates, 2025 is probably not the year,” says Ken Johnson, Walker Family chair of Real Estate for the University of Mississippi.

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.