Mortgage interest rates were mostly lower compared to a week ago, according to data collected by Bankrate. Average rates for 30-year fixed, 5/1 ARMs and jumbo loans decreased, while rates for 15-year fixed mortgages increased.
Mortgage rates could gradually come down this year, according to Greg McBride, CFA, Bankrate chief financial analyst. Rates began retreating in the back half of 2023 as inflation continued to cool and the Federal Reserve halted rate increases. The central bank now expects to cut rates in 2024 — a move that would have broad economic impact, including on the 10-year Treasury, the main driver of fixed mortgage rates.
“The 10-year Treasury yield that serves as a baseline for fixed mortgage rates will have a bouncy journey lower, moving back above 4 percent early in 2024 but trending lower as inflation cools and the Fed gets closer to cutting rates,” says McBride. “For mortgage rates, that portends a general downtrend — albeit with fits and starts — in 2024.”
| Loan type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 7.00% | 7.02% | -0.02 |
| 15-year fixed | 6.46% | 6.39% | +0.07 |
| 5/1 ARM | 6.37% | 6.41% | -0.04 |
| 30-year fixed jumbo | 7.05% | 7.06% | -0.01 |
Rates accurate as of January 19, 2024.
The rates listed above are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, January 19th, 2024 at 7:30 a.m.