Mortgage Rates Today, Jan. 30, 2025: Bullet Dodged Yesterday; GDP Today

The average 30-year fixed rate mortgage is 6.86% today, a decrease of 0.03% since yesterday. The 15-year fixed mortgage rate stands at 5.88%, down by 0.04%. The 30-year FHA mortgage now averages 6.13%, having dropped by 0.07. Meanwhile, the 30-year jumbo mortgage rate is 7.19%, reflecting a decrease of 0.04%.
The bigger picture
Federal Reserve Chair Jerome Powell took a neutral line at his press conference yesterday afternoon. "We do not need to be in a hurry to adjust our policy stance," he said.
And, as expected, the Fed held general interest rates steady. Those allowed mortgage rates to dodge a bullet, and they ended the day close to where they started it.
We're due the latest gross domestic product (GDP) later this morning. Perhaps surprisingly, these rarely have much effect on mortgage rates unless they're surprisingly good or bad.
Tomorrow's personal consumption expenditures (PCE) price index may have more impact tomorrow. That's the Fed's favorite gauge of inflation and markets will be sensitive about the speed at which prices are rising.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 6.86% | 6.89% | -0.03% | -0.07% |
15-Year Fixed | 5.88% | 5.94% | -0.04% | -0.13% |
30-Year Fixed FHA | 6.13% | 6.96% | -0.07% | -0.05% |
30-Year Fixed VA | 6.18% | 6.33% | -0.09% | -0.06% |
30-Year Fixed USDA | 6.11% | 6.24% | -0.09% | -0.09% |
30-Year Fixed Jumbo | 7.19% | 7.21% | -0.04% | -0.17% |
5/6 Year ARM | 6.93% | 6.99% | -0.09% | +0.1% |
Refinance Rates
Loan Type | Rate | APR | Daily Change | Monthly Change |
---|---|---|---|---|
30-Year Fixed | 6.94% | 6.97% | -0.01% | -0.05% |
15-Year Fixed | 5.87% | 5.93% | -0.04% | -0.14% |
30-Year Fixed FHA | 6.12% | 6.95% | -0.06% | -0.05% |
30-Year Fixed VA | 6.19% | 6.34% | -0.1% | -0.06% |
5/6 Year ARM | 6.76% | 6.8% | -0.03% | -0.15% |
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 and tomorrow
There are three reports on today's economic calendar. Markets typically shrug off the first two, which are weekly new claims for unemployment benefits and pending home sales.
But investors will certainly pay attention to the first estimate of gross domestic product (GDP) during the fourth quarter of 2024. That's expected to dip to 2.5% compared with 3.1% in the third quarter, says MarketWatch. A figure lower than 2.5% could help mortgage rates ease lower.
Whether paying attention translates into mortgage rate changes is a different matter. And we'll be surprised if we see those rates move far or for long.
We'll brief you more fully tomorrow morning about that day's inflation report. That's the PCE price index, and it sometimes has an appreciable impact on mortgage rates.
