Mortgage Rates Today, Apr. 25, 2025: Rates Lower This Week. But Only a Bit
The average 30-year fixed rate mortgage is 6.82% today, a decrease of 0.07% since yesterday. The 15-year fixed mortgage rate stands at 5.89%, down by 0.03%. The 30-year FHA mortgage now averages 6.19%, having dropped by 0.07. Meanwhile, the 30-year jumbo mortgage rate is 7.23%, reflecting a decrease of 0.08%.
The bigger picture
It's been a pretty good week for mortgage rates. However, all things are relative, and Freddie Mac said yesterday they only "decreased slightly this week," while U.S. News reckoned they "notched down slightly." So, slightly is the operative word.
Still, even mildly good news is welcome following some distinctly scary weeks recently. But, in its Weekly Rates Update e-newsletter yesterday, U.S. News was less upbeat about the future. "Mortgage rates are expected to remain fairly high, and consumer sentiment is struggling amid the uncertainty of ... tariffs," wrote Erika Giovanetti, one of its senior editors.
Having said that, some investors are growing more optimistic that the Federal Reserve might cut general interest rates at the Jun. 18 meeting of its rate-setting committee. The CME FedWatch tool, which is based on how interest rate traders are valuing futures, puts the chances of a cut that day at just above 60%.
Note, we're talking about the June meeting here. The chances of a cut at the next meeting, scheduled for May 7, are only 8.3%, according to the same gauge. Fed cuts don't directly affect mortgage rates, but they usually help them move lower ahead of announcements.
How likely such a cut is depends on how sharply the economy slows and how much warmer inflation becomes. Of course, we can't yet be sure that either of those will happen. But many economists expect them to be a side effect of even the relatively modest tariffs (though still the highest for 90 years) that remain after the recent pause.
Meanwhile, CEOs are expressing similar fears. In his DealBook e-newsletter for The New York Times yesterday, Andrew Ross Sorkin noted, "On earnings calls and in public appearances, business leaders have found their voice against [the] trade war. Even Elon Musk isn’t holding back."
So, how come stock indices have been rising? "A belief that a tariff walkback is coming has gathered strength," wrote Sorkin.
Right now, it seems unwise to bank on such a walkback. If there's been consistency in recent tariff announcements, pronouncements and implementations, it's that they're highly unpredictable, perhaps as a tactic to disorient foreign governments' negotiators.
Our approach remains a wait-and-see one. And, as we've said repeatedly, volatility is likely to remain until there's much more clarity about what's coming down the road.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.82% | 6.85% | -0.07% | +0.08% |
| 15-Year Fixed | 5.89% | 5.95% | -0.03% | +0.08% |
| 30-Year Fixed FHA | 6.19% | 7.39% | -0.07% | +0.16% |
| 30-Year Fixed VA | 6.3% | 6.45% | -0.08% | +0.21% |
| 30-Year Fixed USDA | 6.45% | 6.6% | +0.04% | +0.35% |
| 30-Year Fixed Jumbo | 7.23% | 7.25% | -0.08% | +0.08% |
| 5/6 Year ARM | 6.81% | 6.85% | +0.04% | +0.05% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.9% | 6.93% | -0.07% | +0.06% |
| 15-Year Fixed | 5.89% | 5.94% | -0.02% | +0.09% |
| 30-Year Fixed FHA | 6.19% | 7.39% | -0.07% | +0.16% |
| 30-Year Fixed VA | 6.39% | 6.54% | -0.08% | +0.26% |
| 5/6 Year ARM | 6.89% | 6.94% | +0.01% | +0.01% |
Coming up
Although economic reports are usually the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates — as we've seen frequently recently, especially over tariffs.
Here's Comerica Bank's preview of economic reports due this week:
"Household sentiment was likely a little less dour in the April final release of the University of Michigan’s Survey of Consumers, with the stock market stabilizing at month end. Households’ short and long-term inflation expectations, which soared after the initial reciprocal tariff announcement, were likely slightly lower.
Mortgage rates today
Today's sole economic report is that University of Michigan Survey of Consumers, aka the April consumer sentiment index, according to the MarketWatch economic calendar. Investors have been paying more attention to these recently than they normally do because they're often early indicators of both recessions and "sticky" (persistent) inflation.
Markets are expecting the index to hold steady at 50.8, which would probably barely touch mortgage rates. However, watch out for the report's inflation expectations, too.
Next week
Next week should bring several economic reports that could move mortgage rates. Watch out in particular for the jobs report on Friday. Other important ones include Tuesday's consumer confidence index and Wednesday's first reading of gross domestic product (GDP) in the first quarter of this year.
No reports are due on Monday. Have a great weekend!
