Mortgage Rates for January 6, 2025
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On Dec. 18, the Federal Reserve announced its third consecutive quarter-point rate cut, marking another policy adjustment since September. Based on Bankrate data, mortgage rates have risen by 0.71 percentage points since their September lows despite these cuts. Thirty-year mortgage rates typically follow the 10-year Treasury yield, which fluctuates with economic conditions and global events. Recently, factors such as inflation, geopolitical tensions, and the upcoming election have been key drivers of these shifts. Melissa Cohn, regional vice president of William Raveis Mortgage, noted that the Fed’s latest cut of 0.25 percent was anticipated, but it also adjusted its outlook, signaling fewer rate cuts in 2025.
All rate data is accurate as of January 6, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.00 percent, a decrease of 3 basis points from last week. The average rate was higher just a month ago, at 6.80 percent. At this rate, monthly payments total $665.30 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 6.30 percent. At this rate, monthly payments total $860 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.
