Majority of rates increase – Current mortgage rates for January 9, 2025

Average mortgage rates were mostly up compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates fell.

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Rates last updated January 9, 2025.

The rates listed above are averages based on the assumptions indicated here. Actual rates available within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Thursday, January 9th, 2025 at 7:30 a.m. ET.

Several factors move mortgage rates, some more impactful than others. In December, the Federal Reserve cut its key benchmark rate for a third time, yet mortgage rates have only risen since policymakers began cutting rates in the fall. The next Fed announcement comes Jan. 29.

Thirty-year mortgage rates tend to track the 10-year Treasury yield, which shifts continuously alongside the economy and the forces that shape it. More recently, rates have been driven by factors like inflation, a changing White House and geopolitical developments abroad.

“As expected, the Fed lowered rates again by 0.25 percent — it also lowered its expectations for rate cuts in 2025,” says Melissa Cohn, regional vice president of William Raveis Mortgage.

30-year mortgage trends higher, +0.04%

The average rate for a 30-year fixed mortgage for today is 7.03 percent, up 4 basis points since the same time last week. Last month on the 9th, the average rate on a 30-year fixed mortgage was lower, at 6.70 percent.

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At the current average rate, you’ll pay principal and interest of $667.32 for every $100,000 you borrow. That’s up $2.69 from what it would have been last week.

Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll pay over the life of your loan.

15-year mortgage rate moves higher, +0.03%

The average 15-year fixed-mortgage rate is 6.32 percent, up 3 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $861 per $100,000 borrowed.

5/1 adjustable rate mortgage moves down, -0.06%

The average rate on a 5/1 adjustable rate mortgage is 6.19 percent, ticking down 6 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.19 percent would cost about $612 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate moves higher, +0.02%

The average jumbo mortgage rate today is 7.04 percent, up 2 basis points over the last week. A month ago, jumbo mortgages’ average rate was lower at 6.84 percent.

At today’s average rate, you’ll pay principal and interest of $667.99 for every $100,000 you borrow. Compared to last week, that’s $1.34 higher.

30-year fixed-rate refinance climbs, +0.05%

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The average 30-year fixed-refinance rate is 7.06 percent, up 5 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.68 percent.

At the current average rate, you’ll pay $669.34 per month in principal and interest for every $100,000 you borrow. That’s up $3.37 from what it would have been last week.

When will mortgage rates go down in 2025?

Mortgage rates aren’t as high now as they were earlier in 2024, but they’re nowhere near as low as they were in the pandemic years. The average 30-year fixed rate was 7.04 percent as of Dec. 31, according to Bankrate’s survey of lenders.

For now, experts anticipate more of the same in 2025.

“The average 30-year fixed mortgage rate will spend most of the year in the 6s, with a short-lived spike above 7 percent, but never getting below 6 percent,” said Greg McBride, CFA, chief financial analyst for Bankrate, in his 2025 forecast.

More on current mortgage rates

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.