Mortgage Rates for January 27, 2024
Written By
Mortgage rates are influenced by various factors, with some having a more significant impact than others. Although the Federal Reserve cut its key benchmark rate for the third time in December, mortgage rates have continued to rise since the rate cuts began in the fall. The following Fed announcement is scheduled for Jan. 29. Thirty-year mortgage rates typically follow the 10-year Treasury yield, which fluctuates based on economic conditions and influencing forces. Recently, inflation, political changes, and international events have played a significant role, with core inflation data potentially slowing the rise of bond yields and mortgage rates in the near term, according to Greg McBride, CFA, from Bankrate.
All rate data is accurate as of January 27, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.04 percent, decreasing by 7 basis points. It was higher just a month ago, at 7.04 percent. At this rate, monthly payments total $667.99 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 6.32 percent. At this rate, monthly payments total $861 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.
