Rates increase - Today's mortgage and refinance rates, January 14, 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
Average mortgage rates edged higher for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 7.10% | 7.04% | +0.06% |
| 15-year fixed | 6.39% | 6.35% | +0.04% |
| 5/1 ARM | 6.58% | 6.51% | +0.07% |
| 30-year fixed jumbo | 7.21% | 7.16% | +0.05% |
Rates accurate as of January 14, 2025.
The rates listed above are marketplace averages based on the assumptions here. Actual rates available within the site may vary. All rate data is accurate as of Tuesday, January 14th, 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.
Mortgage purchase rates
30-year fixed-rate mortgage goes up
0.06%
The average rate for a 30-year fixed mortgage for today is 7.10 percent, an increase of 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 6.80 percent.
At the current average rate, you'll pay principal and interest of $672.03 for every $100,000 you borrow. That's an extra $4.04 compared with last week.
The 30-year mortgage is the most popular option for homeowners, and this type of loan has a number of advantages:
- Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
- Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
- Buying power: With lower payments, you might qualify for a larger loan amount or a more expensive home.
- Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.
15-year mortgage rate rises
0.04%
The average rate for the benchmark 15-year fixed mortgage is 6.39 percent, up 4 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $865 per $100,000 borrowed.
5/1 ARM increases
0.07%
The average rate on a 5/1 ARM is 6.58 percent, rising 7 basis points since the same time last week.
Monthly payments on a 5/1 ARM at 6.58 percent would cost about $637 for each $100,000 borrowed over the initial five years.
Jumbo mortgage moves higher
0.05%
The average rate for a 30-year jumbo mortgage is 7.21 percent, an increase of 5 basis points from a week ago. Last month on the 14th, the average rate on a jumbo mortgage was below that at 6.84 percent.
At the current average rate, you'll pay $679.47 per month in principal and interest for every $100,000 you borrow. That's an increase of $3.39 over what you would have paid last week.
Mortgage refinance rates
Today's 30-year mortgage refinance rate moves up
0.01%
The average 30-year fixed-refinance rate is 7.08 percent, up 1 basis point over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.80 percent.
At the current average rate, you'll pay $670.68 per month in principal and interest for every $100,000 you borrow. That's an additional $0.67 per $100,000 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 7.04 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.
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.
