Mortgage Rates for January 3, 2025
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On Dec. 18, the Federal Reserve announced a quarter-point rate cut, its third consecutive reduction. Despite these cuts since September, mortgage rates have risen by 0.71 percentage points from their lows, according to Bankrate. Thirty-year mortgage rates typically follow the 10-year Treasury yield, which fluctuates with economic trends. Recent drivers of mortgage rate changes include inflation, the election, and global geopolitical events. Melissa Cohn, regional vice president of William Raveis Mortgage, noted the Fed’s rate cut was expected and highlighted its reduced outlook for additional reductions in 2025.
All rate data is accurate as of January 3, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.95 percent, a decrease of 4 basis points from last week. The average rate was higher just a month ago, at 6.79 percent. At this rate, monthly payments total $661.95 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 6.28 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 6.990 %, with a 7.044 % APR available today in our mortgage lender network.
