As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.46%, according to Curinos, while the average rate on a 15-year mortgage is 6.64%. On a 30-year jumbo mortgage, the average rate is 7.

Mortgage rates have experienced fluctuations over the last few months, with a general upward trend in recent weeks. As of January 15, 2025, the average 30-year fixed-rate mortgage stands at 7.01%, reflecting a slight increase from earlier this year — and from the rates we saw in late 2024.

For now, expectations for interest rate cuts in 2025 are relatively limited. This may limit the potential for lower mortgage rates.

These are today's mortgage and refinance rates. Mortgage rates are up near 7% thanks to inflation and fears that Trump could push prices up further.

The interest rate for the most popular U.S. home loan rose last week to an eight-month high of 7.09%, extending an upward trend that's squeezing would-be homebuyers already facing rising house prices and limited supply.

Meanwhile, interest rates are still high, and for homebuyers, this means mortgage rates between 6% and 7% — forcing many to put their plans on hold until borrowing becomes more affordable. With the Federal Reserve now hinting at a few rate cuts this year,

These are today's mortgage and refinance rates. Mortgage rates have increased this month, and it's unclear if they'll drop much this year.