Sabrina Karl

Editor's Note: Investopedia did not publish daily mortgage rate news on Wednesday, Jan. 1, in observance of New Year's Day. We are therefore reporting today on Tuesday rate averages.

Check our interactive map for the 30-year mortgage refi average for any U.S. state. Right now, New York, California, and Florida have the cheapest refi rates.

For more than two years, the leading CD rate in the nation has been no lower than 5.00%. That has now come to an end, with the recent 5.50% leader sunsetting its long-running offer on Dec. 31. The most you can earn now on a nationwide CD is 4.85%: from PonceBankDirect for 3 months or Tampa Bay Federal Credit Union for 9 months. The top 1-year rate also fell today, from 4.65% to 4.57%. The new leader is Alabama Credit Union, which offers a 12-month term.

Key Takeaways After a historic rate-hike campaign by the Federal Reserve that pushed savings account and CD rates to their highest levels in two decades, the Fed shifted in late 2024 to a rate-cutting phase. The Fed's three rate reductions so far have already pushed bank deposit rates down from their peak. But the central bank recently halved its predictions for 2025 rate cuts—softening and slowing the expected impact on CD and savings account rate declines this year.

Rates on new 30-year mortgages have been wavering the last two weeks just below their highest level since July, which mixed rate movement across loan types Friday.

30-year mortgage refi rates ticked up Friday, continuing a yo-yo pattern a bit below their recent 5-month high. Other refinance loan types meanwhile saw mixed rate movement.

Mortgage rates have been hovering a bit lower after surging around Christmas to a six-month high. See how today's rates translate into monthly payments for various loan sizes.

Rates on new 30-year loans have been wavering below a recent 6-month high—but are now creeping back up to approach it again. Several other loan types also edged higher.

30-year refi rates have ticked up again, pushing the average close to the peak we saw at Christmas. Several other refinance loan types saw their rates climb as well.

Median home prices dropped for a sixth month in a row, and mortgage rates also dipped. That has pushed the average monthly payment down in 49 of the 50 largest metros.