Mortgage Rates for January 8, 2025
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Mortgage rates are influenced by various factors, with some playing a more significant role than others. Despite the Federal Reserve implementing its third rate cut to close out 2024, mortgage rates have continued to rise. The next announcement from the Fed is set for January 29. Thirty-year mortgage rates typically follow the 10-year Treasury yield, which fluctuates based on economic conditions and global influences. Melissa Cohn, regional vice president of William Raveis Mortgage, noted that the Fed’s expected 0.25 percent rate cut also came with reduced projections for additional cuts in 2025.
All rate data is accurate as of January 8, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.02 percent, an increase of 1 basis point. It was lower just a month ago, at 6.73 percent. At this rate, monthly payments total $666.65 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 6.34 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 6.626 %, with a 6.695 % APR available today in our mortgage lender network.
