Rates increase | Mortgage and refinance rates for today, January 16, 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
National mortgage rates increased for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans jumped.
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 7.13% | 7.03% | +0.10% |
| 15-year fixed | 6.38% | 6.32% | +0.06% |
| 5/1 ARM | 6.39% | 6.19% | +0.20% |
| 30-year fixed jumbo | 7.11% | 7.04% | +0.07% |
Rates accurate as of January 16, 2025.
The rates listed above are Bankrate's overnight average rates and are based on the assumptions shown here. Actual rates listed within the site may vary. All rate data is accurate as of Thursday, January 16th, 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. According to Greg McBride, CFA, chief financial analyst for Bankrate, the latest core inflation readings could damper rising bond yields and mortgage rates in the short term.
Mortgage purchase rates
30-year mortgage rate goes up
0.10%
The average rate you'll pay for a 30-year fixed mortgage today is 7.13 percent, up 10 basis points since the same time last week. Last month on the 16th, the average rate on a 30-year fixed mortgage was lower, at 6.89 percent.
At the current average rate, you'll pay $674.06 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $6.74 higher.
Use Bankrate’s mortgage rate calculator to approximate 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 fork up over the life of the loan.
15-year mortgage rate goes up
0.06%
The average rate you'll pay for a 15-year fixed mortgage is 6.38 percent, up 6 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $865 per $100,000 borrowed.
5/1 adjustable rate mortgage moves higher
0.20%
The average rate on a 5/1 adjustable rate mortgage is 6.39 percent, up 20 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.39 percent would cost about $625 for each $100,000 borrowed over the initial five years.
Jumbo mortgage moves higher
0.07%
The average rate for the benchmark jumbo mortgage is 7.11 percent, an increase of 7 basis points over the last week. Last month on the 16th, jumbo mortgages' average rate was lesser at 6.95 percent.
At the average rate today for a jumbo loan, you'll pay a combined $672.71 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $4.72 higher.
Mortgage refinance rates
Today's 30-year mortgage refinance rate climbs
0.09%
The average 30-year fixed-refinance rate is 7.15 percent, up 9 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.88 percent.
At the current average rate, you'll pay $675.41 per month in principal and interest for every $100,000 you borrow. That's an extra $6.07 compared with last week.
Will mortgage rates go down in 2025?
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 7.19 percent as of Jan. 15, 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 in his 2025 forecast.
Should you refinance your mortgage in 2025?
The answer depends on your current interest rate, how prevailing rates move this year and your individual goals.
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.
