Rocket Mortgage® Rate Updates

Another Fed Cut

"Mortgage rates don't always follow the Fed, but a second cut is helping them move lower as we look to the end of 2024 and the beginning of 2025. We can help you save. Get your custom rate today." 

– Bill Banfield, Chief Business Officer, Rocket Companies
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A graph showing a year of mortgage rate trends for 30-year and 15-year fixed home loans.A graph showing a year of mortgage rate trends for 30-year and 15-year fixed home loans.

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Read The Latest About Rates

The Federal Reserve Bank building.

5-Minute Read

How The Federal Funds Rate Affects Mortgage Rates

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6-Minute Read

How A Fed Rate Drop Affects Home Buyers And Sellers

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4-Minute Read

Should I Lock In My Mortgage Rate Today?

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7-Minute Read

How Are Mortgage Rates Determined?

Read The Article The Federal Reserve Bank building.

5-Minute Read

How The Federal Funds Rate Affects Mortgage Rates

Read The Article A woman holding a stack of envelopes and papers over a computer keyboard and mouse.

6-Minute Read

How A Fed Rate Drop Affects Home Buyers And Sellers

Read The Article A mom and dad have fun giving their young kids piggyback rides outside their home.

4-Minute Read

Should I Lock In My Mortgage Rate Today?

Read The Article A Black woman wearing a white turtleneck shirt smiles while looking at a laptop in her kitchen.

7-Minute Read

How Are Mortgage Rates Determined?

Read The Article
The Federal Reserve Bank building.

5-Minute Read

How The Federal Funds Rate Affects Mortgage Rates

Read The Article
A woman holding a stack of envelopes and papers over a computer keyboard and mouse.

6-Minute Read

How A Fed Rate Drop Affects Home Buyers And Sellers

Read The Article
A mom and dad have fun giving their young kids piggyback rides outside their home.

4-Minute Read

Should I Lock In My Mortgage Rate Today?

Read The Article
A Black woman wearing a white turtleneck shirt smiles while looking at a laptop in her kitchen.

7-Minute Read

How Are Mortgage Rates Determined?

Read The Article

Current Rates

30-year fixed

Rate 7.25%
APR
7.564%
Points
1.875  ($5,156.25)

30-year FHA

Rate 6.49%
APR
7.395%
Points
2  ($5,500.00)

Rates are current as of 3:45 AM UTC on January 22, 2025

30-year fixed

Rate 6.75%
APR
7.083%
Points
2.125  ($5,312.50)

30-year FHA

Rate 6.75%
APR
7.664%
Points
2  ($5,087.50)

Rates are current as of 3:45 AM UTC on January 22, 2025

Explore More Rates

Get the right rate for you. All of you.

You’re more than a rate.

Rates are important. But they’re just one part of your overall financial picture. Here’s how we figure out what’s right for you.

Nice to meet you

We get to know you first.

What are your plans?

What you’re hoping to do, now and in the future, will guide next steps.

Here are your options

We’ll help you decide what makes sense for you - at the right rate and monthly payment.
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What determines your mortgage rate?

Credit Score
Higher credit scores typically get lower rates because they predict you’re more likely to pay back your mortgage.
Debt-To-Income Ratio
Lower debt predicts you’re more likely to be able to pay your mortgage. So a lower DTI can mean a lower interest rate.
Marketing Conditions
The Federal Reserve, inflation and the housing market all influence mortgage rates.

Terms To Know

What’s an interest rate?

It’s a percentage you’re charged to borrow money, applied to your loan amount.

What’s APR?

Annual percentage rate is interest rate with the fees to process your mortgage added on.

What’s a fixed-rate mortgage?

It means your interest rate stays the same for as long as you have the loan.

Who’s The Fed?

The Federal Reserve is the central bank of the U.S. It controls the interest rate banks charge to borrow money - including for mortgages.
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1The 2-1 temporary buydown offer is funded by Rocket Mortgage. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year. Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend. 

The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of August 20, 2024. Some state and county maximum loan amount restrictions may apply.