The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.Mortgage rates for January 11, 2025, are hovering in the high 6% range.Rates have increased in response to stronger-than-expected labor market data.Until we get closer to a potential Fed cut, mortgage rates may remain near their current levels.Mortgage rates have been elevated so far this month, and they've ticked up further thanks to new data showing that the labor market grew more than expected in December.On Friday, the Bureau of Labor Statistics reported that the U.S. economy added 256,000 jobs last month, well above the forecast of 164,000. The unemployment rate also ticked down to 4.1%.Though a strong labor market is good news for job seekers, the report sent bond yields and mortgage rates higher as Federal Reserve officials are likely to see this data as supporting a pause in rate cuts.The Fed cut its benchmark rate three times last year, and policymakers have signaled they may cut rates two more times in 2025. But investors expect central bankers to hold rates steady for a few meetings to ensure that inflation is heading down to their 2% target.As long as inflation slows, mortgage rates should go down at some point this year. But in the near term, borrowers should expect rates to remain near their current levels.Check your rate online and see how much house you can afford with Mortgage Research Center.Current Mortgage RatesCurrent Refinance RatesMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.Click "More details" for tips on how to save money on your mortgage in the long run.30-Year Mortgage Rates TodayAverage 30-year mortgage rates are in the high 6% range, according to Zillow data. This rate averaged around 6.42% in December.The 30-year fixed-rate mortgage is the most popular home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms, like a 15-year mortgage.15-Year Mortgage Rates TodayAverage 15-year mortgage rates are around 6%, according to Zillow data. In December, 15-year rates averaged 5.82%.If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.Average Mortgage Refinance Rates TodayRefinance rates are comparable to purchase rates at the moment. Last month, 30-year refinance rates averaged 6.52%, while 15-year refinance rates were around 5.88%.How Much Do Mortgage Rates Need to Drop to Refinance?If you're wondering if you should refinance now, you'll need to crunch the numbers to see if it makes sense. Some experts advise only refinancing if you can reduce your rate by a percentage point or more, but it really comes down to whether it works for your individual circumstances.If you can save enough each month by refinancing that you can recoup your costs in a reasonable amount of time, it might be worth it. You can calculate this by dividing your closing costs by the amount you're saving on your monthly mortgage payment. So, if you paid $3,000 to refinance and were able to lower your monthly payment by $200, it would take you 15 months to break even on your refinance.5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.!function(){“use strict”;window.addEventListener(“message”,(function(e){if(void 0!==e.data[“datawrapper-height”]){var t=document.querySelectorAll(“iframe”);for(var a in e.data[“datawrapper-height”])for(var r=0;r
