Mortgage Rates Today, Jan. 22, 2025: Trump Executive Orders Bring Little Change — So Far
The average 30-year fixed rate mortgage is 6.97% today, unchanged since yesterday. The 15-year fixed mortgage rate stands at 6.01%, the same as one day ago. The 30-year FHA mortgage now averages 6.24%, having dropped by 0.01. Meanwhile, the 30-year jumbo mortgage rate is 7.21%, reflecting a decrease of 0.01%.
The bigger picture
We waited with bated breath yesterday morning for market reactions to President Donald Trump's executive orders and policy announcements on Inauguration Day. But those reactions were muted, and mortgage rates barely moved.
It seems markets are still trying to size up what a Trump 2.0 presidency will mean. On the one hand, Wall Street very much likes his plans for building on tax cuts and deregulating business. On the other, it's worried about tariffs and trade wars — and it hates the uncertainty that is the president's trademark.
In its Review and Preview e-newsletter yesterday evening, Barron's discussed the day's stock markets: "The lack of major surprises in the new president's initial wave of executive actions likely helped too. That was particularly the case on the tariff front. Rather than immediately slapping broad tariffs on imports from several countries, as threatened, Trump's day-one orders merely opened the door to a variety of trade-policy actions down the road."
It may take markets a while to work out whether the potential gains that might arise from some Trump policies outweigh the potential pain that others might cause.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.97% | 7.01% | +-0% | -0.01% |
| 15-Year Fixed | 6.01% | 6.07% | +0% | -0.01% |
| 30-Year Fixed FHA | 6.24% | 7.06% | -0.01% | -0.06% |
| 30-Year Fixed VA | 6.26% | 6.41% | -0.01% | -0.06% |
| 30-Year Fixed USDA | 6.28% | 6.42% | +-0% | -0.01% |
| 30-Year Fixed Jumbo | 7.21% | 7.24% | -0.01% | -0.16% |
| 5/6 Year ARM | 6.78% | 6.82% | -0.06% | -0.07% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.03% | 7.07% | +-0% | -0.02% |
| 15-Year Fixed | 6% | 6.06% | +-0% | -0.01% |
| 30-Year Fixed FHA | 6.22% | 7.05% | +-0% | -0.05% |
| 30-Year Fixed VA | 6.27% | 6.42% | +0% | -0.04% |
| 5/6 Year ARM | 6.86% | 6.9% | -0.06% | -0.03% |
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.
And, as suggested above, we may well see Trump's first few days in office having a much greater influence on mortgage rates than this week's economic reports will.
Mortgage rates today and the rest of this week
While these sometimes move mortgage rates, they tend to have only a limited and temporary impact. We'll brief you more fully on those closer to their publication.
