Rates increase: Inflation slows, but will rates move? - Current mortgage and refinance rates for April 14, 2025

Mortgage rates jumped for all loan terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans rose.

Mortgage rates move for many reasons, and can be buffeted quickly as conditions in the economy shift. While the latest inflation report showed prices ticking down slightly, the April 2 tariffs announcement and subsequent pause upended markets, and tariffs could ultimately drive inflation higher.

Rates accurate as of April 14, 2025.

The rates listed here are marketplace averages based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Monday, April 14th, 2025 at 6:30 a.m. ET.

The average rate for a 30-year fixed mortgage for today is 6.86 percent, up 20 basis points since the same time last week. Last month on the 14th, the average rate on a 30-year fixed mortgage was lower, at 6.74 percent.

At the current average rate, you'll pay $655.93 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $13.30 higher.

The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:

• Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
• Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Keep in mind: Your monthly housing payment can change if your homeowners insurance premiums and property taxes go up or, less likely, down.
• Buying power: With lower payments, you might qualify for a larger loan amount or a more expensive home.
• Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.

The average rate for a 15-year fixed mortgage is 6.08 percent, up 14 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $848 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.01 percent, adding 3 basis points from a week ago.

Monthly payments on a 5/1 ARM at 6.01 percent would cost about $600 for each $100,000 borrowed over the initial five years.

The average rate for the benchmark jumbo mortgage is 6.81 percent, an increase of 10 basis points over the last seven days. Last month on the 14th, the average rate on a jumbo mortgage was greater than 6.81 at 6.92 percent.

At the average rate today for a jumbo loan, you'll pay $652.59 per month in principal and interest for every $100,000 you borrow. That's an additional $6.65 per $100,000 compared to last week.

The average 30-year fixed-refinance rate is 6.89 percent, up 13 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.69 percent.

At the current average rate, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow. That's an increase of $8.67 over what you would have paid last week.

Mortgage rates declined briefly in the wake of the April 2 tariffs announcement, but the retreat has largely been erased. Given so much uncertainty, rates could stay in a narrow range for much of 2025, according to experts polled by Bankrate. On average, the experts forecast the 30-year mortgage rate to land at 6.41 percent by the end of the year.

While it’s challenging to predict mortgage rates in any circumstances, it’s become especially difficult now. Most analysts and economists — even Fed policymakers — are taking a wait-and-see approach as the new administration’s objectives come into focus.

Check out Bankrate’s weekly survey of lenders to learn more.

Mortgage rates are down from this time last year, which could make it a more appealing time to buy. Yet, there are fears that the slowing economy could bring about rising inflation and unemployment.

“It is spring. The flowers are blooming. This is the time of year where a lot of transactions happen,” says Mike Fratantoni, chief economist for the Mortgage Bankers Association. “As always with housing, it pays to take a sort of at least medium-term perspective.”

According to Fratantoni, it’s important to weigh how long you plan on staying in your location and the stability of your income, looking at least five years down the line. If you can maintain your income, right now might present a moment of opportunity.

Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans. If you see rates drop 1 percent or more than what you currently have, you could benefit from a refinance, depending on your closing costs. Some homeowners are gravitating to cash-out refinances, which replaces your current mortgage for a new, larger loan at prevailing market rates, with the difference given to you in cash.

If you’re considering this route, make sure you’re clear on your goals.

“If your intention is to take cash out of your home to pay down credit card debt, I'd urge caution: Make sure you've got your spending under control before you tap home equity,” says Jeff Ostrowski, writer and housing market analyst for Bankrate. “The last thing you want is to use the proceeds of a refi to pay off debt, only to find yourself in the same situation in a year."

• Expert poll: Mortgage rate trend predictions this week
• The latest mortgage news this week
• Compare today's mortgage rates

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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