Mortgage Rates for January 23, 2025
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Various factors influence mortgage rates, some more impactful than others. Although the Federal Reserve issued another rate cut in December, mortgage rates have continued to climb. The next Fed announcement is scheduled for January 29. Typically, 30-year mortgage rates follow the 10-year Treasury yield, which shifts with economic conditions and influencing forces. Recently, factors like inflation, political changes in the White House, and global events have driven rates. However, Greg McBride of Bankrate suggests that current core inflation readings could temporarily slow rising bond yields and mortgage rates.
All rate data is accurate as of January 23, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.05 percent, decreasing by 8 basis points. It was lower just a month ago, at 6.99 percent. At this rate, monthly payments total $668.66 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 6.36 percent. At this rate, monthly payments total $863 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.
