Rates go down - Mortgage and refinance rates for today, January 29, 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 fell on all loan terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all declined.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 7.01% | 7.08% | -0.07% |
| 15-year fixed | 6.31% | 6.48% | -0.17% |
| 5/1 ARM | 6.38% | 6.52% | -0.14% |
| 30-year fixed jumbo | 7.03% | 7.13% | -0.10% |
Rates as of January 29, 2025.
The rates listed here are averages based on the assumptions indicated here. Actual rates listed within the site may vary. All rate data is accurate as of Wednesday, January 29th, 2025 at 6:30 a.m. ET.
Several factors move mortgage rates, some more impactful than others. The Federal Reserve capped off 2024 with a third rate cut, yet mortgage rates have only climbed. 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
Current 30 year mortgage rate retreats
0.07%
Today's average rate for the benchmark 30-year fixed mortgage is 7.01 percent, a decrease of 7 basis points from a week ago. 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 a combined $665.97 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.71 over what it would have been last week.
The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:
- Lower monthly payment: Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly 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. Keep in mind: 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 saving for emergencies, retirement, college tuition or home repairs and maintenance.
15-year mortgage rate moves lower
0.17%
The average rate for the benchmark 15-year fixed mortgage is 6.31 percent, down 17 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $861 per $100,000 borrowed.
5/1 adjustable rate mortgage dips
0.14%
The average rate on a 5/1 adjustable rate mortgage is 6.38 percent, sliding 14 basis points over the last 7 days.
Monthly payments on a 5/1 ARM at 6.38 percent would cost about $624 for each $100,000 borrowed over the initial five years.
Jumbo mortgage rate falls
0.10%
The average rate for a jumbo mortgage is 7.03 percent, down 10 basis points over the last seven days. Last month on the 29th, jumbo mortgages' average rate was lesser at 7.02 percent.
At the current average rate, you'll pay a combined $667.32 per month in principal and interest for every $100,000 you borrow. That's $6.74 lower, compared with last week.
Mortgage refinance rates
30-year fixed-rate refinance declines
0.07%
The average 30-year fixed-refinance rate is 7.02 percent, down 7 basis points over the last seven days. 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 $666.65 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $4.71 lower.
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?
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.
