Mortgage Interest Rates Today, January 29, 2024 | Rates Holding Steady Ahead of This Week's Fed Meeting (2024)

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Average30-year mortgage rates are flat from a week ago, though they're slightly higher than they were this time last month.

Mortgage rates have been a bit volatile in January. There's still a lot of uncertainty surrounding when the Federal Reserve will start cutting the federal funds rate, and mortgage rates probably won't start dropping until we're closer to a Fed cut.

Fortunately, the Fed is meeting this week to discuss its path forward now that inflation has come down so much since it peaked in 2022. The meeting wraps up on Wednesday, and we'll hear from Fed Chair Jerome Powell on where Fed officials see rates going this year.

If Powell hints that rate cuts could come sooner rather than later, mortgage rates actually might trend down a bit. But if officials think it's appropriate to wait and see how the economy is trending this year before considering rate cuts, it could be a few months before we see mortgage rates go down.

Current Mortgage Rates

Current Refinance Rates

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Use ourfree mortgage calculatorto 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.

Mortgage Rates for Buying a Home

30-Year Fixed Mortgage Rates Flat From Last Week (No Change)

The current average 30-year fixed mortgage rate is 6.36%, exactly where it was this time last week. This rate is up a bit compared to a month ago, when it was 6.22%.

At 6.36%, you'll pay $623 monthly toward principal and interest for every $100,000 you borrow.

The 30-year fixed-rate mortgage is the most common type of 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.

20-Year Fixed Mortgage Rates Increase Slightly (+0.16%)

The average 20-year fixed mortgage rate is up a bit from last week, and is sitting at 6.21%. This time last month, the rate was 5.91%.

With a 6.21% rate on a 20-year term, your monthly payment will be $729 toward principal and interest for every $100,000 borrowed.

A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.

15-Year Fixed Mortgage Rates Inch Up (+0.07%)

The average 15-year mortgage rate is 5.71%, up just seven points from last week. It's also a bit higher compared to this time last month, when it was 5.63%.

With a 5.71% rate on a 15-year term, you'll pay $828 each month toward principal and interest for every $100,000 borrowed.

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.

7/1 ARM Rates Go Up (+0.14%)

The 7/1 adjustable mortgage rate is up 14 basis points from a week ago, currently at 6.98%. But it's down compared to this time last month, when it was at 7.31%.

At 6.98%, your monthly payment would be $664 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.

5/1 ARM Rates Inch Down (-0.13%)

The average 5/1 ARM rate is 6.66%, a slight decrease from last week. It's also lower than it was a month ago, when it was 7.16%.

Here's how a 6.66% rate would affect you for the first five years: You'd pay $643 per month toward principal and interest for every $100,000 you borrow.

30-year FHA Rates Drop (-0.29%)

The average 30-year FHA interest rate is 5.67% today, which is up 33 basis points from last week. This rate was 5.65% a month ago.

At 5.67%, you would pay $579 monthly toward principal and interest for every $100,000 borrowed.

FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.

30-year VA Rates Barely Go Up (+0.05%)

The current VA mortgage rate is 5.74%, up a tiny bit from this time last week. This rate was 5.56% a month ago.

With a 5.74% rate, your monthly payment would be $583 toward principal and interest for every $100,000 you borrow.

Mortgage Refinance Rates

30-Year Fixed Refinance Rates Nearly Flat (-0.04%)

The average 30-year refinance rate is 6.23%, just four basis points lower than last week. It's flat compared to a month ago.

Here's how a 6.23% rate would affect your monthly payments: You'd pay $614 toward principal and interest for every $100,000 borrowed.

Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.

20-Year Fixed Refinance Rates Dip (-0.07%)

The current 20-year fixed refinance rate is 6.01%, which is just seven basis points down compared to a week ago. This rate was 5.89% this time last month.

A 6.01% rate on a 20-year term will result in a $717 monthly payment toward principal and interest for every $100,000 you borrow.

15-Year Fixed Refinance Rates Decrease (-0.22%)

The average 15-year fixed refinance rate is 5.57%, which is down 22 points compared to last week. This rate is also a bit lower compared to this time a month ago, when it was at 5.66%.

A 5.57% rate on a 15-year term means you'll pay $821 each month toward principal and interest for every $100,000 borrowed.

Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.

7/1 ARM Refinance Rates Are Up Very Slightly (+0.06%)

The average 7/1 ARM refinance rate is 7.34%, up just six points from where it was last week. A month ago, it was lower at 6.47%.

Refinancing into a 7/1 ARM with a 7.34% rate means your monthly payment toward principal and interest will be $688 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.

5/1 ARM Refinance Rates Drop a Bit (-0.16%)

The 5/1 ARM refinance rate is 7.13%, which is a little lower than it was this time last week. But it's up compared to this time last month, when it was 6.76%.

A 7.13% rate will result in a monthly payment of $674 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.

30-Year FHA Refinance Rates Trend Up (+0.21%)

The 30-year FHA refinance rate is 6.16%, which up a bit compared to last week. This rate was 5.53% this time last month.

A 6.16% refinance rate would lead to a $610 monthly payment toward the principal and interest per $100,000 borrowed.

30-Year VA Refinance Rates Go Down (-0.20%)

The average 30-year VA refinance rate is 5.33%, which is lower compared to where it was was last week. This rate was 5.72% a month ago.

At 5.33%, your new monthly payment would be $557 toward principal and interest for every $100,000 you borrow.

Are Mortgage Rates Going Down?

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. We should continue to see them fall in 2024 and 2025.

For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.

Current HELOC ratesare relatively low compared to other loan options, including credit cards and personal loans.