Rates remain elevated after inflation report - Mortgage and refinance rates for today, February 13, 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
Mortgage rates were mixed compared to last week, according to Bankrate data. Average rates for 15-year and jumbo loan fixed mortgages rose, while 30-year fixed and ARM rates decreased.
Several factors move mortgage rates, some more impactful than others. The Federal Reserve has shifted from cutting rates to holding off for now as inflation resists slowing. The latest Consumer Price Index (CPI) showed higher than expected inflation in January.
“This will delay any rate cuts by the Fed this year until there are clear signs that either inflation is trending toward 2 percent or the economy begins to face net job losses,” says Lawrence Yun, chief economist for the National Association of Realtors.
Keep in mind the Fed doesn’t delegate fixed mortgage rates. Those tend to track the 10-year Treasury yield, which moves up or down depending on investors’ tolerance for risk — a sentiment that shifts with inflation and other economic reports.
“Signs that inflation is picking up again won’t be helpful to bond yields, mortgage rates or prospective borrowers," says Greg McBride, CFA, chief financial analyst for Bankrate.
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.94% | 6.96% | -0.02% |
| 15-year fixed | 6.22% | 6.21% | +0.01% |
| 5/1 ARM | 6.23% | 6.27% | -0.04% |
| 30-year fixed jumbo | 6.96% | 6.95% | +0.01% |
Rates as of February 13, 2025.
The rates listed above are Bankrate's overnight average rates and are based on the assumptions here. Actual rates listed on-site may vary. All rate data is accurate as of Thursday, February 13th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate dips
0.02%
Today's average rate for the benchmark 30-year fixed mortgage is 6.94 percent, a decrease of 2 basis points since the same time last week. Last month on the 13th, the average rate on a 30-year fixed mortgage was higher, at 7.11 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 down $1.34 from what it would have been last week.
Traditional lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to scatter payments out over 30 years, keeping their monthly payment lower.
15-year mortgage rate rises
0.01%
The average rate you'll pay for a 15-year fixed mortgage is 6.22 percent, up 1 basis point since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $856 per $100,000 borrowed.
5/1 ARM rate moves lower
0.04%
The average rate on a 5/1 adjustable rate mortgage is 6.23 percent, down 4 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.23 percent would cost about $614 for each $100,000 borrowed over the initial five years.
Jumbo mortgage climbs
0.01%
The average jumbo mortgage rate today is 6.96 percent, up 1 basis point from a week ago. A month ago, the average rate on a jumbo mortgage was above that at 7.16 percent.
At today's average rate, you'll pay principal and interest of $662.62 for every $100,000 you borrow. That's an extra $0.67 compared with last week.
Mortgage refinance rates
30-year mortgage refinance trends down
0.02%
The average 30-year fixed-refinance rate is 6.94 percent, down 2 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.09 percent.
At the current average rate, you'll pay $661.28 per month in principal and interest for every $100,000 you borrow. That represents a decline of $1.34 over what it would have been last week.
Will mortgage rates go down in 2025?
Mortgage rates have started off 2025 slightly higher than the yearly averages for 2024 and 2023. The average 30-year fixed rate was 7.03 percent as of Feb. 12, 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.
