Mortgage Rates for January 9, 2025
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Various factors influence mortgage rates, some more significant than others. Despite the Federal Reserve cutting its benchmark rate for the third time in December, mortgage rates have increased since the initial rate cuts in the fall. The following Federal Reserve announcement is scheduled for January 29. Typically, 30-year mortgage rates follow the 10-year Treasury yield, which fluctuates based on economic conditions and global events. According to Melissa Cohn, regional vice president of William Raveis Mortgage, the Fed’s recent 0.25% rate cut aligns with expectations, though its outlook for rate cuts in 2025 has been lowered.
All rate data is accurate as of January 9, 2025, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 7.03 percent, an increase of 4 basis points. It was lower just a month ago, at 6.70 percent. At this rate, monthly payments total $667.32 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.
