Mortgage Rates Today, Feb. 3, 2025: It's Jobs Week!

The average 30-year fixed rate mortgage is 6.89% today, an increase of 0.05% since yesterday. The 15-year fixed mortgage rate stands at 5.9%, up by 0.01%. The 30-year FHA mortgage now averages 6.15%, having risen by 0.01. Meanwhile, the 30-year jumbo mortgage rate is 7.14%, reflecting a decrease of 0.05%.
The bigger picture
Mortgage rates certainly had their ups and downs in January. But the movements almost precisely balanced each other out, meaning those rates ended the month very close to where they started it.
Two things this week might move mortgage rates more significantly. And the first is due this morning.
That's how markets react to the weekend's developments in America's trade with some key countries. However, these developments have been foreseeable for weeks without much response, and investors may continue to shrug. In overnight trading, stock markets were more affected than bond ones, which might be a good sign for mortgage rates. We hope!
The second is due Friday and is January's jobs report. For several months now, these have been the most consequential of all economic reports for mortgage rates. So strap in for that one.
Between now and Friday, there are a few reports that might have some impact on mortgage rates. But their effects tend to be limited and temporary. We'll still brief you on the more important ones before each is published.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 6.89% | 6.93% | +0.05% | -0.08% |
15-Year Fixed | 5.9% | 5.95% | +0.01% | -0.13% |
30-Year Fixed FHA | 6.15% | 6.98% | +0.01% | -0.16% |
30-Year Fixed VA | 6.21% | 6.36% | +0.01% | -0.12% |
30-Year Fixed USDA | 6.12% | 6.26% | +0.01% | -0.13% |
30-Year Fixed Jumbo | 7.14% | 7.16% | -0.05% | -0.2% |
5/6 Year ARM | 7.03% | 7.09% | +0.09% | +0.2% |
Refinance Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 6.98% | 7.01% | +0.04% | -0.06% |
15-Year Fixed | 5.88% | 5.94% | +0% | -0.12% |
30-Year Fixed FHA | 6.13% | 6.96% | +0.01% | -0.16% |
30-Year Fixed VA | 6.22% | 6.37% | +0.02% | -0.12% |
5/6 Year ARM | 6.8% | 6.83% | +0.03% | -0.09% |
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.
An example may or may not materialize today, depending on whether and how markets respond to America's evolving relationships with some key trading partners.
Mortgage rates today
This morning's more important reports comprise:
- January's preliminary purchasing managers' index (PMI) for the manufacturing sector from the Institute of Supply Management — Markets expect that to improve to 50.0% from December's 49.3%
- December's construction spending — Markets expect that grew by 0.3% that month following zero growth in November
Market expectations are sourced from MarketWatch. Typically, mortgage rates tend to move higher on better-than-expected news and to fall on worse. When actual figures match expectations, reports rarely bring a perceptible change.
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.
