Mortgage Rates Today, Jan. 24, 2025: Markets Still Undecided on Trump Policy Implications
The average 30-year fixed rate mortgage is 7.02% today, unchanged since yesterday. The 15-year fixed mortgage rate stands at 6.05%, down by 0.02%. The 30-year FHA mortgage now averages 6.36%, having stayed the same. Meanwhile, the 30-year jumbo mortgage rate is 7.28%, reflecting no change.
The bigger picture
Mortgage rates finally made a move yesterday. But it was only a small rise and was more of a drift than a decisive move.It followed President Donald Trump's remote address to the World Economic Forum in Davos, Switzerland. In that, he "threatened to impose tariffs again and criticized the European Union for what he called an unequitable trade relationship," according to a MarketWatch report.
Our message has been the same all week. Bond investors are having a deer-in-the-headlights moment as events move at speed since Inauguration Day.
And mortgage rates might not move decisively until bond markets make up their minds about what to expect economically from the new administration's policies.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.02% | 7.05% | +0% | +0.04% |
| 15-Year Fixed | 6.05% | 6.12% | -0.02% | +0.02% |
| 30-Year Fixed FHA | 6.36% | 7.18% | +0% | +0.08% |
| 30-Year Fixed VA | 6.4% | 6.56% | +0.02% | +0.12% |
| 30-Year Fixed USDA | 6.34% | 6.48% | -0.01% | -0.28% |
| 30-Year Fixed Jumbo | 7.28% | 7.3% | +-0% | +0.29% |
| 5/6 Year ARM | 6.88% | 6.91% | +0.01% | -0.06% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.1% | 7.14% | +0.01% | +0.06% |
| 15-Year Fixed | 6.05% | 6.11% | -0.02% | +0.04% |
| 30-Year Fixed FHA | 6.34% | 7.17% | +0.01% | +0.1% |
| 30-Year Fixed VA | 6.4% | 6.56% | +0.03% | +0.15% |
| 5/6 Year ARM | 6.92% | 6.95% | +0% | -0.05% |
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.
Mortgage rates today
- December existing home sales — Markets expect 4.2 million, up from 4.15 million in November
- January purchasing managers' index for the services sector from S&P — 56.5 expected, down from December's 56.8
- January purchasing managers' index for the manufacturing sector from S&P — 49.7 expected, up from December's 49.4
- January consumer sentiment — Expected to hold steady at 73.2
Lower-than-expected numbers tend to move mortgage rates downward, while higher-than-expected ones tend to push them upward.
Next week
Next week could be much more interesting for mortgage rates than this one has been. Wednesday, in particular, may be impactful because that's when the Federal Reserve will decide on whether to cut general interest rates.
As importantly, Fed Chair Jerome Powell will host a news conference that afternoon, which could set the trend for mortgage rates for some time to come.
