Mortgage Rates Today, Jan. 6, 2025: Countdown to Friday's Jobs Report
The average 30-year fixed rate mortgage is 7% today, an increase of 0.02% since yesterday. The 15-year fixed mortgage rate stands at 6.08%, up by 0.06%. The 30-year FHA mortgage now averages 6.26%, having dropped by 0.04. Meanwhile, the 30-year jumbo mortgage rate is 7.25%, reflecting a decrease of 0.1%.
The bigger picture
On Saturday, The Financial Times carried a report under the headline, "This will be the year of investing dangerously." It continued, "Investors have no clue what the returning President Trump will actually do."
On the same day, The Guardian described other uncertainties facing investors: "The largest economies of the eurozone are engulfed in political
turmoil. Beijing is battling to revive the Chinese economy, while countries in the global south are facing soaring debt interest payments."
If you follow stock markets, you'll know President-elect Donald Trump's victory has been largely welcomed with soaring indexes. His signature policies of lowering taxes and deregulating businesses may well stimulate the economy.
However, the joy hasn't been unalloyed. Over the last month, the five main indexes have all fallen according to Bloomberg. And the 2024 "Santa rally" has been patchy, to say the least.
That's likely to be down to worries about the effects on business of some other Trump policies. Those include mass deportations and high tariffs, both of which many believe could cause inflation to rebound, meaning higher prices for both consumers and businesses.
Those fears are especially acute in bond markets, one of which largely determines mortgage rates. That's why those rates have been rising recently.
It could be months — maybe longer — before we discover which of its policies the Trump administration pushes hard and which it might put on the back burner or quietly drop. In the meantime, expect some extra volatility in markets and mortgage rates as the future comes into focus.
For now, we can hope that markets will pay more attention to economic reports. This Friday brings what might well be the most consequential for mortgage rates over the whole of this month: the December jobs report.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7% | 7.04% | +0.02% | +0.46% |
| 15-Year Fixed | 6.08% | 6.15% | +0.06% | +0.44% |
| 30-Year Fixed FHA | 6.26% | 7.09% | -0.04% | +0.46% |
| 30-Year Fixed VA | 6.3% | 6.46% | -0.02% | +0.48% |
| 30-Year Fixed USDA | 6.25% | 6.39% | +0% | +0.48% |
| 30-Year Fixed Jumbo | 7.25% | 7.27% | -0.1% | +0.19% |
| 5/6 Year ARM | 6.9% | 6.93% | +0.08% | +0.4% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 7.07% | 7.11% | +0.03% | +0.43% |
| 15-Year Fixed | 6.07% | 6.14% | +0.06% | +0.43% |
| 30-Year Fixed FHA | 6.25% | 7.08% | -0.04% | +0.45% |
| 30-Year Fixed VA | 6.3% | 6.45% | -0.04% | +0.47% |
| 5/6 Year ARM | 6.95% | 6.98% | +0.06% | +0.34% |
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
There are two economic reports on today's calendar. However, neither typically makes much difference to mortgage rates. November's factory orders are expected to slow considerably: down to -0.2% from +0.3% in November. And December's final purchasing managers' index (PMI) for the services sector from S&P Global is also due.
Tomorrow
Later in the week
It's hard to overstate the potential of Friday's jobs report to change mortgage rates. They're most likely to fall if the report shows fewer new jobs being created, a higher unemployment rate, and hourly wage increases slowing.The opposite could push mortgage rates higher, while on-forecast figures could leave those rates unchanged.
