Mortgage Rates for January 20, 2025
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Mortgage rates are influenced by several factors, with some having a more significant impact than others. In December, the Federal Reserve cut its key benchmark rate for the third time, but mortgage rates have risen since the fall despite these cuts. The following Fed announcement is scheduled for January 29. Typically, 30-year mortgage rates follow the 10-year Treasury yield, which fluctuates with the economy and its driving forces. Recently, rates have been shaped by inflation, changes in the White House, and geopolitical events. Bankrate’s Greg McBride noted that current core inflation readings could temporarily slow the rise of bond yields and mortgage rates.
All rate data is accurate as of January 20, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.11 percent, increasing by 5 basis points. It was lower just a month ago, at 7.00 percent. At this rate, monthly payments total $672.71 per $100,000 borrowed in principal and interest.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 6.39 percent. At this rate, monthly payments total $865 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 6.625%, with a 6.694% APR available today in our mortgage lender network.
