As rates go down, more people should be able to buy a home or refinance their current mortgage. See how home interest rates are trending today and where they might go in the future.
Today’s mortgage rates
Mortgage rates have been elevated so far this month, and they might not drop much in the near term.
In January, 30-year mortgage rates averaged around 6.71%, according to Zillow data. Average 15-year mortgage rates were 6.02%. Both of these rates increased compared to the month before.
Because inflation has been somewhat stubborn in recent months, mortgage rates may only go down a little bit this year — if they drop at all. Initially, rates were forecast to drop below 6%.
Compare current mortgage rates today
See how mortgage rates are trending today.
Current mortgage rate trends
Comparison with previous years
See how mortgage rates have trended over the last five years, according to Freddie Mac data.
Throughout 2020, the average mortgage rate fell drastically due to the economic impact of the COVID-19 pandemic. Thirty-year fixed mortgage rates hit a historic low of 2.65% in January 2021, according to Freddie Mac. Rates began to rise again in 2022.
Most major forecasts expect rates to ease throughout the next few years, and they could ultimately settle in closer to 6%.
Mortgage rates by state
Rates can vary depending on where you live. Check the latest rates in your state at the links below.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
Washington, DC
West Virginia
Wisconsin
Wyoming
Rates by type of mortgage
Purchase mortgage
The rates you’ll get on a mortgage used to purchase a home are often better than what you’ll be quoted for a refinance. There are many different types of mortgages you can get, and all come with their own typical rates. A few of the most popular types include:
- 30-year mortgage rates: The most popular type of mortgage, this fixed-rate home loan makes for low monthly payments by spreading the amount over 30 years. Because the rate is fixed, your interest rate won’t change over the life of the loan. But 30-year mortgages have higher average rates compared to loans with shorter terms.
- 15-year mortgage rates: This is another fixed-rate loan, meaning your rate and payment will stay the same. It has higher monthly payments since payments are spread over a shorter period of time. However, it comes with lower rates than a 30-year loan.
- ARM rates: Adjustable-rate mortgages, or ARMs, start with a fixed rate for a period of time. After that, your rate can change once or twice a year. ARM rates are sometimes lower than fixed rates initially, but be aware that your rate, and thus your monthly payment, can go up over time as the rate adjusts.
- FHA interest rates: Because FHA loans are a type of government-backed mortgage, their rates are typically lower than regular mortgage rates, making them more affordable for many borrowers. They also allow down payments of just 3.5%. But you’ll need to pay FHA mortgage insurance for the life of the loan, which can be expensive compared to private mortgage insurance.
- VA mortgage rates: This is also a type of government-backed mortgage. VA interest rates are often as low as or lower than FHA rates. VA loans also require no down payment and no mortgage insurance. But you’ll need to be a military member or veteran to be eligible for one.
- Jumbo mortgage rates: If you need a mortgage that exceeds the conforming loan limit ($806,500 in 2025), you’ll have to get a jumbo loan. Jumbo mortgage rates vary by lender, but they may be comparable to conforming loan rates.
Mortgage refinance
Mortgage refinance rates typically differ somewhat from purchase rates, and may be slightly higher — particularly if you’re getting a cash-out refinance, since these are considered riskier.
If you’re considering a refinance, be sure to shop around with the best mortgage refinance lenders and get multiple rate quotes to be sure you’re getting the best deal.
- 30-year mortgage refinance rates: Refinancing into a 30-year term can lower your monthly payment since you’re spreading out what you owe over a longer period of time. But you’ll pay…
Read More: See How Today’s Rates Compare