New Year, New House Hunt: Here's What Mortgage Payments Look Like at Early 2025 Rates
Key Takeaways
- After surging around Christmas to six-month highs, mortgage rates have been hovering a bit lower since the holiday.
- Rates on new 30-year fixed-rate loans are down a mild 4 basis points from the previous week, averaging 6.95% on Friday.
- 15-year loans saw their Friday-to-Friday rate drop a bolder 12 basis points, now averaging 6.14%.
- Jumbo 30-year rates subtracted 7 basis points across the week, sitting now at a 6.85% average.
- On a new loan of $400,000 with a 30-year term, today's early-2025 rates translate into a monthly payment of $2,648. See our calculation tables below for different loan amounts and mortgage types.
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Mortgage Rates Surge for a Second Week
Though new purchase mortgage rates saw notable declines in late November and early December, they bolted higher around Christmas, triggered by the Federal Reserve's Dec. 18 announcement that it expects fewer interest rate cuts in 2025 than previously forecasted.
Since then, rate averages for new purchase loans have dipped slightly. Below, you can see the Friday-to-Friday change for each new purchase loan average, followed by a deeper dive into the three most common mortgage types: 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Dec. 27 averages | Jan. 3 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 6.99% | 6.95% | - 0.04 |
| FHA 30-Year Fixed | 6.28% | 6.28% | No change |
| VA 30-Year Fixed | 6.54% | 6.48% | - 0.06 |
| 20-Year Fixed | 6.93% | 6.91% | - 0.02 |
| 15-Year Fixed | 6.26% | 6.14% | - 0.12 |
| FHA 15-Year Fixed | 6.40% | 6.40% | No change |
| 10-Year Fixed | 6.31% | 6.19% | - 0.12 |
| 7/6 ARM | 7.32% | 7.24% | - 0.08 |
| 5/6 ARM | 7.42% | 7.30% | - 0.12 |
| Jumbo 30-Year Fixed | 6.92% | 6.85% | - 0.07 |
| Jumbo 15-Year Fixed | 6.81% | 6.71% | - 0.10 |
| Jumbo 7/6 ARM | 7.20% | 7.10% | - 0.10 |
| Jumbo 5/6 ARM | 7.16% | 7.17% | + 0.01 |
30-Year Mortgage Rates Have Eased Only Slightly
Rates on 30-year new purchase loans gave up a modest 4 basis points over the past week, lowering the flagship average to 6.95% on Friday. Though down from the previous Friday, rates remain close to the 6-month high of 7.02% notched on both Dec. 24 and Dec. 26.
Things were better in September when the 30-year average plunged to a two-year low of 5.89% (with the cheapest Friday average being 6.03%). But rates then surged through much of October and November and have since remained elevated.
What's the 30-Year Rate in Your State?
Every business day, we publish national rate averages for various loan types, and also each state's 30-year rate average. Right now, New York, Florida, and California have the lowest 30-year rates.
15-Year Mortgage Rates Dropped a Notable 12 Basis Points
The 15-year new purchase rate average fell to 6.14% Friday, for a 12 basis point decline week over week. Like 30-year loans, 15-year rates dropped to a two-year low in September, sinking to 4.97% (though the lowest Friday weekly average was 5.07%).
Jumbo 30-Year Rates Ticked Down 7 Basis Points
Rates on jumbo 30-year new purchase loans fell by a moderate 7 basis points from Friday to Friday. The current average is 6.85% vs. the Christmas peak of 6.94%. In September, rates on new 30-year jumbo loans fell as low as 6.24%, with the lowest weekly average registering at 6.39%.
What's a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here's How Much Monthly Payments Are Now
To see how much the weekly changes in interest rates impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
| Monthly Mortgage Payments for 30-Year Loans - Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 loan | $300,000 loan | $400,000 loan | $500,000 loan | $600,000 loan | |
| Fri, Dec. 27 | 6.99% | $1,329 | $1,994 | $2,659 | $3,323 | $3,988 |
| Fri, Jan. 3 | 6.95% | $1,324 | $1,986 | $2,648 | $3,310 | $3,972 |
| 1-week change | - 0.04 | -$5 | -$8 | -$11 | -$13 | -$16 |
| Monthly Mortgage Payments for 15-Year Loans - Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $200,000 loan | $300,000 loan | $400,000 loan | $500,000 loan | $600,000 loan | |
| Fri, Dec. 27 | 6.26% | $1,716 | $2,574 | $3,432 | $4,290 | $5,148 |
| Fri, Jan. 3 | 6.14% | $1,703 | $2,554 | $3,406 | $4,257 | $5,109 |
| 1-week change | - 0.12 | -$13 | -$20 | -$26 | -$33 | -$39 |
By definition, jumbo 30-year mortgages are larger loans, so we've run our calculations on loan amounts of $800,000 to $1.2 million.
| Monthly Mortgage Payments for Jumbo 30-Year Loans - Week-Over-Week Change | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 loan | $900,000 loan | $1 million loan | $1.1 million loan | $1.2 million loan | |
| Fri, Dec. 27 | 6.92% | $5,280 | $5,940 | $6,600 | $7,260 | $7,920 |
| Fri, Jan. 3 | 6.85% | $5,242 | $5,897 | $6,553 | $7,208 | $7,863 |
| 1-week change | - 0.07 | -$38 | -$43 | -$47 | -$52 | -$57 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.
Federal Housing Finance Agency. "FHFA Announces Conforming Loan Limit Values for 2025."
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