Overview
- As of Jan. 8, the average 30-year purchase rate is 5.99% and the 15-year purchase rate is 5.25%, according to Zillow data cited by CBS News.
- Refinancing averages sit higher, with the 30-year refi at 6.75% and the median 15-year refi up overnight to 5.72%.
- Mortgage rates fell by more than a percentage point during 2025 following three Fed cuts late 2024 and three additional reductions late 2025.
- Rates can shift day to day, with upcoming economic releases this month likely to influence short‑term moves.
- Individual offers vary by credit profile and lender, and many experts say refinancing typically makes sense once the new rate is about 1 percentage point lower, though a 0.5 point drop can sometimes work after closing costs.