Rates down | Current mortgage and refinance rates, January 23, 2025

National mortgage rates sunk across the board from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all declined.

Rates as of January 23, 2025.

The rates listed above are averages based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Thursday, January 23rd, 2025 at 6:30 a.m. ET.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve issued another rate cut in December, yet mortgage rates have increased. 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.

Today's average rate for the benchmark 30-year fixed mortgage is 7.05 percent, a decrease of 8 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.99 percent.

At the current average rate, you'll pay principal and interest of $668.66 for every $100,000 you borrow. That's a decline of $5.40 from last week.

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

The average rate for the benchmark 15-year fixed mortgage is 6.36 percent, down 2 basis points from a week ago.

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

The average rate on a 5/1 adjustable rate mortgage is 6.29 percent, falling 10 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.29 percent would cost about $618 for each $100,000 borrowed over the initial five years.

The average jumbo mortgage rate today is 7.02 percent, a decrease of 9 basis points over the last week. Last month on the 23rd, the average rate was lesser at 7.00 percent.

At the current average rate, you'll pay $666.65 per month in principal and interest for every $100,000 you borrow. That's a decline of $6.06 from last week.

The average 30-year fixed-refinance rate is 7.12 percent, down 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.01 percent.

At the current average rate, you'll pay $673.38 per month in principal and interest for every $100,000 you borrow. That represents a decline of $2.03 over what it would have been 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 7.19 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.

Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans.

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.

• Expert poll: Mortgage rate trend predictions for this week
• The latest mortgage news for this week
• Compare today's mortgage rates

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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