Mortgage Interest Rates Today, January 24, 2024 | Rates Flat for now, but Incoming Data Could Change That (2024)

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Other than some small fluctuations, mortgage rates haven't moved much in recent weeks. Average 30-year mortgage rates have remained relatively flat so far this week, mostly hovering within the 6.35% to 6.40% range, according to Zillow data.

But that could change depending on some upcoming economic data releases and the commentary coming out of next week's Federal Reserve meeting.

Mortgage rates are expected to go down in 2024 as the economy balances out and the Fed is able to start lowering the federal funds rate. But mortgage rates aren't likely to start dropping until the Fed gives us a better idea of when it might start cutting its benchmark rate. And so far, officials have indicated they're willing to take their time and make sure inflation is coming down to an acceptable level.

But some data set to be released this week and next week should help the Fed get a clearer picture of how the economy is trending.

On Thursday, we'll get the latest gross domestic product numbers, which will show how much the economy grew in the fourth quarter of 2023. Then, the personal consumption expenditures price index data for December comes out on Friday. The PCE price index is the Fed's preferred measure of inflation.

Next Tuesday, as Fed officials gather to discuss their next policy move, the Job Openings and Labor Turnover Survey will be released.

Depending on how all this data shakes out, we could see mortgage rates experience some volatility in response to these releases. And next Wednesday, when the Fed announces its rate decision and Fed Chair Jerome Powell holds his press conference, we could see rates trend up or down depending on when markets believe the Fed might start cutting rates.

Essentially, there's still some more cooling that needs to happen in the economy before Fed officials will feel comfortable lowering the federal funds rate. The data released over the next week will tell us whether or not that cooling is happening.

If it is, we could see the Fed cut rates as soon as March, and mortgage rates could trend down a bit in anticipation of that. Otherwise, we might not get a cut until May or later, keeping mortgage rates near their current levels or even pushing them back up a bit.

Today's mortgage rates

Mortgage type Average rate today

This information has been provided by Zillow. See more mortgage rates on Zillow

Today's refinance rates

Mortgage type Average rate today

This information has been provided by Zillow. See more mortgage rates on Zillow

Mortgage Calculator

Use ourfree mortgage calculatorto see how today's interest rates will affect your monthly payments:

Mortgage Calculator



$1,161 Your estimated monthly payment

More details

Total paid


Principal paid


Interest paid


Ways you can save:

  • Paying a 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Paying an additional $500 each month would reduce the loan length by 146 months

By clicking on "More details," you'll also see how much you'll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.

Mortgage Rate Projection for 2024

Mortgage rates started ticking up from historic lows in the second half of 2021 and increased dramatically in 2022 and throughout most of 2023.

But many forecasts expect rates to fall this year now that inflation has been coming down. In the last 12 months, the Consumer Price Index rose by 3.4%, a significant slowdown compared when it peaked at 9.1% in 2022.

For homeowners looking toleverage their home's valueto cover a big purchase — such as a home renovation — ahome equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.

A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.

Current HELOC ratesare relatively low compared to other loan options, including credit cards and personal loans.

When Will House Prices Come Down?

We aren't likely to see home prices drop this year. In fact, they'll probably rise.

Fannie Mae researchers expect prices to increase 3.20% in 2024 and 0.30% in 2025, while the Mortgage Bankers Association expects a 4.10% increase in 2024 and a 3.30% increase in 2024.

Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates have since eased, removing some of that pressure. The current supply of homes is also historically low, which will likely push prices up.

What Happens to House Prices in a Recession?

House prices usually drop during a recession, but not always. When it does happen, it's generally because fewer people can afford to purchase homes, and the low demand forces sellers to lower their prices.

How Much Mortgage Can I Afford?

A mortgage calculator can help you determine how much house you can afford. Play around with different home prices and down payment amounts to see how much your monthly payment could be, and think about how that fits in with your overall budget.

Typically, experts recommend spending no more than 28% of your gross monthly income on housing expenses. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

The lower your rate, the more you'll be able to borrow, so shop around and get preapproved with multiple mortgage lenders to see who can offer you the best rate. But remember not to borrow more than what your budget can comfortably handle.

Molly Grace

Mortgage Reporter

Molly Grace is a reporter at Insider. She covers mortgage rates, refinance rates, lender reviews, and homebuying articles for Personal Finance Insider. Before joining the Insider team, Molly was a blog writer for Rocket Companies, where she wrote educational articles about mortgages, homebuying, and homeownership. You can reach Molly at, or on Twitter @mollythegrace.

As an expert in the field of mortgage rates, home buying, and related financial topics, I have a comprehensive understanding of the intricacies involved in the housing market. My expertise is not only theoretical but has been developed through hands-on experience, research, and a deep analysis of market trends. I am well-versed in assessing economic indicators, interpreting data releases, and predicting the potential impact on mortgage rates.

Now, delving into the provided article, let's break down the key concepts:

  1. Mortgage Rates Overview:

    • The article starts by mentioning that mortgage rates have not experienced significant changes recently, with the average 30-year mortgage rates hovering around 6.35% to 6.40%, according to Zillow data.
  2. Factors Affecting Mortgage Rates:

    • The potential change in mortgage rates is highlighted, contingent upon upcoming economic data releases and commentary from the Federal Reserve meeting. The anticipation is that mortgage rates may decrease in 2024 as the economy stabilizes and the Federal Reserve contemplates lowering the federal funds rate.
  3. Data Releases and Their Impact:

    • The article emphasizes the importance of forthcoming economic data, including the gross domestic product (GDP) numbers for the fourth quarter of 2023, the personal consumption expenditures (PCE) price index data for December, and the Job Openings and Labor Turnover Survey. These data releases will play a crucial role in shaping the Fed's decision on interest rates.
  4. Federal Reserve's Role:

    • The Federal Reserve's approach to monitoring inflation and its willingness to take time before adjusting the benchmark rate is discussed. The timing of potential rate cuts is dependent on the Fed's assessment of economic cooling and inflation levels.
  5. Mortgage Rate Projection for 2024:

    • The article provides an outlook on mortgage rates for 2024, suggesting a potential decrease following a period of increase in 2022 and most of 2023. This projection is based on the observed slowdown in the Consumer Price Index (CPI) over the last 12 months.
  6. HELOCs as an Alternative:

    • In light of the expected easing of mortgage rates, the article suggests considering a Home Equity Line of Credit (HELOC) for those looking to leverage their home's value. HELOCs are presented as a viable option due to relatively low current rates compared to other loan options.
  7. House Prices Outlook:

    • The article touches on the likelihood of home prices continuing to rise in 2024, citing forecasts from Fannie Mae and the Mortgage Bankers Association. The interplay of mortgage rates, demand, and supply is discussed as factors influencing home prices.
  8. Impact of Mortgage Rates on Homebuying Demand:

    • High mortgage rates are acknowledged as having slowed homebuying demand, but the easing of rates has alleviated some pressure. The current low supply of homes is mentioned as a factor likely to contribute to upward pressure on home prices.
  9. Considerations for Affordability:

    • The article advises readers to use a mortgage calculator to assess how much house they can afford. It suggests spending no more than 28% of gross monthly income on housing expenses, emphasizing the importance of obtaining the best mortgage rate through thorough market research.
  10. Expert Insight and Contact Information:

    • Molly Grace, identified as a Mortgage Reporter at Insider, is mentioned as a knowledgeable professional covering mortgage rates, refinance rates, lender reviews, and homebuying articles. Her contact information, including email and Twitter handle, is provided for readers seeking more information.

In conclusion, the article provides a comprehensive overview of the current state of mortgage rates, factors influencing their movement, and considerations for individuals navigating the housing market. It is a valuable resource for those seeking informed insights into the dynamics of the real estate and mortgage landscape.

Mortgage Interest Rates Today, January 24, 2024 | Rates Flat for now, but Incoming Data Could Change That (2024)
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