Rates decrease | Current mortgage and refinance rates for February 12, 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 trended lower on 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 all moved lower.
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.91% | 6.95% | -0.04% |
| 15-year fixed | 6.23% | 6.24% | -0.01% |
| 5/1 ARM | 6.12% | 6.15% | -0.03% |
| 30-year fixed jumbo | 6.95% | 6.98% | -0.03% |
Rates accurate as of February 12, 2025.
The rates listed here are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates available across the site may vary. All rate data is accurate as of Wednesday, February 12th, 2025 at 6:30 a.m. ET.
Several factors move mortgage rates, some more impactful than others. The Federal Reserve has shifted from cutting rates to holding off for now, and the latest jobs report for January was a mixed bag.
“With inflation still above target, and no appreciable signs of weakening in the job market, MBA’s forecast is that the Fed will make at most one more cut this cycle,” says Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association.
Keep in mind the Fed doesn’t delegate fixed mortgage rates. Those tend to track the 10-year Treasury yield, which shifts up or down depending on investors’ tolerance for risk. The new administration and further tensions in the Middle East could send bond yields lower for the time being.
“No one knows what President Trump will do next, so there is likely a flight to safety going on,” says Joel Naroff, president and chief economist of Naroff Economic Advisors.
Mortgage purchase rates
Current 30 year mortgage rate falls
0.04%
The average rate for a 30-year fixed mortgage for today is 6.91 percent, down 4 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 7.13 percent.
At the current average rate, you'll pay a combined $659.27 per month in principal and interest for every $100,000 you borrow. That's a decline of $2.68 from last week.
15-year mortgage rate moves down
0.01%
The average rate you'll pay for a 15-year fixed mortgage is 6.23 percent, down 1 basis point over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $856 per $100,000 borrowed.
5/1 adjustable rate mortgage moves lower
0.03%
The average rate on a 5/1 adjustable rate mortgage is 6.12 percent, falling 3 basis points since the same time last week.
Monthly payments on a 5/1 ARM at 6.12 percent would cost about $607 for each $100,000 borrowed over the initial five years.
Jumbo loan interest rate drops
0.03%
The average rate for a 30-year jumbo mortgage is 6.95 percent, a decrease of 3 basis points from a week ago. A month ago, the average rate was greater than 6.95 at 7.11 percent.
At the average rate today for a jumbo loan, you'll pay principal and interest of $661.95 for every $100,000 you borrow. Compared with last week, that's $2.01 lower.
Mortgage refinance rates
30-year mortgage refinance rate declines
0.04%
The average 30-year fixed-refinance rate is 6.91 percent, down 4 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.15 percent.
At the current average rate, you'll pay $659.27 per month in principal and interest for every $100,000 you borrow. That's $2.68 lower, compared with last week.
Will mortgage rates go down in 2025?
Mortgage rates aren’t as high now as they were for much of 2024 and 2023, but they’re still nowhere near as low as they were in the pandemic years. The average 30-year fixed rate was 7.02 percent as of Feb. 5, 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?
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.
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