Most rates fall | Mortgage rates for today, January 8, 2025

National mortgage rates were mostly down compared to a week ago, according to Bankrate data. Rates for 15-year fixed, 5/1 ARMs and jumbo loans moved lower, while rates for 30-year fixed mortgages rose.

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Rates accurate as of January 8, 2025.

The rates listed above are averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, January 8th, 2025 at 7:30 a.m. ET.

Several factors move mortgage rates, some more impactful than others. The Federal Reserve capped off 2024 with a third rate cut, yet mortgage rates have only climbed. 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.

Current 30 year mortgage rate trends upward, +0.01%

The average rate you’ll pay for a 30-year fixed mortgage today is 7.02 percent, up 1 basis point over the last seven days. Last month on the 8th, the average rate on a 30-year fixed mortgage was lower, at 6.73 percent.

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At the current average rate, you’ll pay a combined $666.65 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $0.68 higher.

Traditional lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to scatter loan payments out over 30 years, keeping their monthly payment lower.

15-year mortgage rate trends down, -0.01%

The average rate you’ll pay for a 15-year fixed mortgage is 6.34 percent, down 1 basis point since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $862 per $100,000 borrowed.

5/1 ARM eases, -0.10%

The average rate on a 5/1 adjustable rate mortgage is 6.42 percent, falling 10 basis points over the last week.

Monthly payments on a 5/1 ARM at 6.42 percent would cost about $627 for each $100,000 borrowed over the initial five years.

Jumbo mortgage rate drops, -0.04%

The average rate for the benchmark jumbo mortgage is 7.04 percent, a decrease of 4 basis points since the same time last week. Last month on the 8th, the average rate on a jumbo mortgage was lower at 6.79 percent.

At today’s average rate, you’ll pay $667.99 per month in principal and interest for every $100,000 you borrow. That’s a decline of $2.69 from last week.

Current 30 year mortgage refinance rate moves higher, +0.04%

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The average 30-year fixed-refinance rate is 7.05 percent, up 4 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.76 percent.

At the current average rate, you’ll pay $668.66 per month in principal and interest for every $100,000 you borrow. That’s up $2.69 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.