Mortgage Rates for January 21, 2025
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Various factors influence mortgage rates, some more significant than others. Despite the Federal Reserve implementing a third rate cut to close out 2024, mortgage rates have continued to rise. The Fed’s following announcement is set for January 29. Typically, 30-year mortgage rates follow the 10-year Treasury yield, which fluctuates with economic trends and underlying forces. Recently, inflation, political shifts in the White House, and global geopolitical events have been key drivers. However, Greg McBride of Bankrate suggests that current core inflation readings could temporarily ease rising bond yields and mortgage rates.
All rate data is accurate as of January 21, 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 1 basis point. 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 6.41 percent. At this rate, monthly payments total $866 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.
