Mortgage Rates for January 24, 2025
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Mortgage rates are influenced by various factors, with some having a more significant impact than others. Despite the Federal Reserve cutting its benchmark rate for the third time in December, mortgage rates have risen since the rate cuts began in the fall. The Fed’s following announcement is set for January 29. Typically, 30-year mortgage rates follow the 10-year Treasury yield, which fluctuates with the economy and its driving forces. Inflation, political shifts in the White House, and global events have played a role recently. However, Greg McBride of Bankrate notes that current core inflation readings could temporarily ease rising bond yields and mortgage rates.
All rate data is accurate as of January 24, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.01 percent, decreasing by 10 basis points. It was higher just a month ago, at 7.03 percent. At this rate, monthly payments total $665.97 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 6.27 percent. At this rate, monthly payments total $859 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 6.712% APR available today in our mortgage lender network.
