Mortgage Rates Today, Feb. 5, 2025: Mortgage Rates Still Becalmed
The average 30-year fixed rate mortgage is 6.86% today, a decrease of 0.07% since yesterday. The 15-year fixed mortgage rate stands at 5.86%, down by 0.06%. The 30-year FHA mortgage now averages 6.12%, having dropped by 0.05. Meanwhile, the 30-year jumbo mortgage rate is 7.14%, reflecting a decrease of 0.03%.
The bigger picture
It's mystifying. For weeks, markets have been bombarded with consequential policy announcements and economic reports. And yet mortgage rates have barely moved.
Looking at Mortgage News Daily's archives, the average rate for a 30-year, fixed-rate mortgage was 7.10% 30 days ago. Yesterday, the same average was 7.05%. And it has been stuck at the same 7.05% for the last four business days.
Yes, there have been some ups and downs over the last month. But this sort of stagnation is pretty rare at quiet times. And these ain't quiet times.
We floated a theory a week or two ago that investors were having a deer-in-the-headlights moment. True, that doesn't sound much like the Wall Street we all know. But they may be having an information overload that's leading to paralysis.
The question now is how long can this last? And might Friday's monthly jobs report — often the most consequential of all economic reports — finally jolt investors out of their stupor?
It just might, but probably only if it provides decidedly different figures from the ones markets are expecting.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.86% | 6.89% | -0.07% | -0.14% |
| 15-Year Fixed | 5.86% | 5.92% | -0.06% | -0.22% |
| 30-Year Fixed FHA | 6.12% | 6.95% | -0.05% | -0.14% |
| 30-Year Fixed VA | 6.22% | 6.37% | -0.07% | -0.09% |
| 30-Year Fixed USDA | 6.22% | 6.36% | +0.03% | -0.03% |
| 30-Year Fixed Jumbo | 7.14% | 7.16% | -0.03% | -0.11% |
| 5/6 Year ARM | 6.93% | 7% | -0.1% | +0.04% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.94% | 6.97% | -0.08% | -0.13% |
| 15-Year Fixed | 5.85% | 5.9% | -0.06% | -0.22% |
| 30-Year Fixed FHA | 6.11% | 6.93% | -0.05% | -0.14% |
| 30-Year Fixed VA | 6.23% | 6.38% | -0.08% | -0.07% |
| 5/6 Year ARM | 6.77% | 6.8% | -0.06% | -0.18% |
Coming up
Although economic reports are the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates.
On Monday, Comerica Bank's economics team gave a swift run-through of what we might expect this week:
"Adverse weather likely impacted the labor market last month, resulting in below trend growth in hiring and hours worked. Weather’s negative effect will probably show up in the ISM Services PMI [purchasing managers' index] as well, as service providers are more affected by inclement weather than manufacturers. On the back of strong post-election business optimism, employers are anticipated to have increased job postings. The very sharp deterioration in the goods trade balance in December will probably lead to a considerable widening of the overall trade deficit as well. Consumer spending rose very sharply in December, likely fueled in part by credit. Hence, consumer credit is anticipated to have risen sharply in the final month of the year. Soaring housing starts in December likely translated into a solid increase in construction spending."
Mortgage rates today
Today's calendar brings four economic reports that could affect mortgage rates. But only two do so often. They are- January ADP employment report — Markets are expecting 150,000 new private-sector jobs to have been created, up from December's 122,000
- January purchasing managers' index (PMI) for the services sector from the Institute for Supply Management — 54.3% expected, slightly higher than 54.1% in December
One or more senior Federal Reserve officials will be speaking in public every day this week. As always, investors will be listening for clues about any changes in attitudes within the Fed to future cuts to general interest rates.
