Rates remain elevated - Today's mortgage and refinance rates for April 3, 2025
Mortgage interest rates were mixed compared to last week, according to Bankrate data. Read on for a detailed breakdown of how different loan types moved.
Mortgage rates move for many reasons, and can be buffeted quickly as conditions in the economy shift. Amid growing uncertainty around tariffs and inflation, the Federal Reserve declined to change interest rates at its mid-March meeting. The Fed doesn’t set fixed mortgage rates outright, but its policies help drive their direction.
Meanwhile, spring homebuying season is picking up. Home sales activity increased in February as more listings came on market.
“Homebuyers are slowly entering the market,” says Lawrence Yun, chief economist of the National Association of Realtors. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.70% | 6.71% | -0.01% |
| 15-year fixed | 5.96% | 5.96% | FLAT |
| 5/1 ARM | 5.98% | 6.08% | -0.10% |
| 30-year fixed jumbo | 6.69% | 6.69% | FLAT |
Rates as of April 3, 2025.
These rates are averages based on the assumptions here. Actual rates available on-site may vary. All rate data is accurate as of Thursday, April 3rd, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
Current 30 year mortgage rate trends down
0.01%
The average rate for a 30-year fixed mortgage for today is 6.70 percent, a decrease of 1 basis point from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.66 percent.
At the current average rate, you'll pay a combined $645.28 per month in principal and interest for every $100,000 you borrow. That's a decline of $0.66 from last week.
There are many advantages to choosing a fixed-rate mortgage when buying a new house, including predictable mortgage payments.
Learn more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate flat for the week
FLAT
The average rate for a 15-year fixed mortgage is 5.96 percent, unchanged over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $842 per $100,000 borrowed.
5/1 ARM rate moves lower
0.10%
The average rate on a 5/1 ARM is 5.98 percent, sliding 10 basis points over the last week.
Monthly payments on a 5/1 ARM at 5.98 percent would cost about $598 for each $100,000 borrowed over the initial five years.
Jumbo mortgage interest rate stays put
FLAT
The average rate you'll pay for a jumbo mortgage is 6.69 percent, unaltered from a week ago. Last month on the 3rd, jumbo mortgages' average rate was higher at 6.76 percent.
At the current average rate, you'll pay a combined $644.61 per month in principal and interest for every $100,000 you borrow.
Mortgage refinance rates
30-year mortgage refinance trends upward
0.07%
The average 30-year fixed-refinance rate is 6.82 percent, up 7 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower at 6.65 percent.
At the current average rate, you'll pay $653.26 per month in principal and interest for every $100,000 you borrow. That's an extra $4.66 compared with last week.
How do today’s mortgage rates compare to historical rates?
Today’s mortgage rates aren’t far off from 7.2 percent, more or less the average of the past 40 years, according to Bankrate data. In fact, 30-year fixed rates ran mostly lower than that average in 2024, and appear to stay on a similar path for now.
See how mortgage rates and mortgage payments have changed since the 1970s.
Will mortgage rates stay the same in 2025?
Mortgage rates could fall further this year, but as of now, it's more likely they'll stay within the range of 6 to 7 percent. In a March 21 forecast, Yun of the Realtors group said he anticipates rates to average 6.4 percent in 2025 and 6.1 percent in 2026. Similarly, the Mortgage Bankers Association in its March forecast expected a 6.5 percent average rate in 2025 and 6.4 percent in 2026.
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 survey of lenders to learn more.
Should you refinance your mortgage this year?
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. 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."
More on current mortgage rates
Methodology
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.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
