Mortgage Rates Today, Mar. 14, 2025: A Better Day for Rates as Stocks Plunge Yet Further
The average 30-year fixed rate mortgage is 6.72% today, unchanged since yesterday. The 15-year fixed mortgage rate stands at 5.73%, down by 0.04%. The 30-year FHA mortgage now averages 6.01%, having stayed the same. Meanwhile, the 30-year jumbo mortgage rate is 7.11%, reflecting a decrease of 0.01%.
The bigger picture
Just like on Wednesday, mortgage rates yesterday started off higher despite better-than-expected inflation data. Stock markets bravely attempted a rally this morning. But then the trade war with the European Union (EU) looked set to escalate as the U.S. threatened 200% tariffs on all alcoholic beverages from the trading bloc: from Champagne and Chianti through Claret to Cognac, port and schnapps.This is a new phase in the tit-for-tat trade war between America and the EU, following the European's response to 25% U.S. steel and aluminum tariffs with a 50% tariff on American whiskey. The Wall Street Journal says, "In 2024, the U.S. imported roughly $5.4 billion of wine from the EU, which includes about $1.7 billion in sparkling wines, according to Census Bureau data. It also imported more than $1 billion of beer and more than $3.5 billion of spirits such as vodka, gin and whiskey."
Stock markets are decidedly wary of trade wars and respond badly when they escalate. And today brought slumps across all American indices. Indeed, according to MarketWatch, the S&P 500 closed today in "correction" territory. Correction is defined as a 10% or bigger fall from a recent high.
One of the few beneficiaries of such tumbling stocks is bonds. And, because mortgage rates are largely determined by the yield on a type of bond, they fell modestly today.
Government shutdown averted
Yesterday evening, The Wall Street Journal reported, "Senate Minority Leader Chuck Schumer (D., N.Y.) said he would vote to advance a Republican measure, set for Friday morning, to fund the government through September. Earlier, in a closed-door lunch, he also said that enough Democrats would join him to help the Republicans clear the chamber’s critical 60-vote hurdle, people familiar with the matter said."So, it sounds as if markets will have one thing less to worry about today.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.72% | 6.76% | +0% | -0.26% |
| 15-Year Fixed | 5.73% | 5.79% | -0.04% | -0.33% |
| 30-Year Fixed FHA | 6.01% | 6.84% | +-0% | -0.26% |
| 30-Year Fixed VA | 6.07% | 6.22% | +0% | -0.31% |
| 30-Year Fixed USDA | 6.1% | 6.24% | -0.01% | -0.25% |
| 30-Year Fixed Jumbo | 7.11% | 7.13% | -0.01% | -0.16% |
| 5/6 Year ARM | 6.77% | 6.82% | +-0% | +0.04% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.83% | 6.87% | +0.02% | -0.22% |
| 15-Year Fixed | 5.72% | 5.77% | -0.04% | -0.32% |
| 30-Year Fixed FHA | 6.01% | 6.84% | +0.01% | -0.25% |
| 30-Year Fixed VA | 6.11% | 6.26% | +0.01% | -0.31% |
| 5/6 Year ARM | 6.87% | 6.92% | -0.05% | +0.11% |
Coming up
Although economic reports are 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.
Mortgage rates today
There's only one economic report on today's economic calendar, according to MarketWatch. And that's the preliminary consumer sentiment index for March. It's expected to drop to 63.2 from February's 65.7. Lower-than-expected numbers are usually better for mortgage rates.
Next week
Two economic events next week have the most potential to move mortgage rates:
- Monday's retail sales figures for February
- Wednesday's Federal Reserve interest rate announcement
Hardly anyone expects the Fed to cut interest rates next week. The CME FedWatch tool currently puts the chances of the current Fed rate staying the same at 98%.
However, the announcement will include a Summary of Economic Projections and will be followed by a news conference hosted by Fed Chair Jerome Powell. And markets will watch both closely for hints about future rates policy.
