Rates rise: Inflation slows, but will rates move? - Mortgage and refinance rates for today, April 15, 2025
Average mortgage rates moved higher 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 moved higher.
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.
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.97% | 6.66% | +0.31% |
| 15-year fixed | 6.20% | 5.94% | +0.26% |
| 5/1 ARM | 6.18% | 5.94% | +0.24% |
| 30-year fixed jumbo | 6.96% | 6.77% | +0.19% |
Rates as of April 15, 2025.
These rates are Bankrate's overnight average rates and are based on the assumptions here. Actual rates displayed within the site may vary. All rate data is accurate as of Tuesday, April 15th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year fixed-rate mortgage moves upward
0.31%
Today's average 30-year fixed-mortgage rate is 6.97 percent, up 31 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.72 percent.
At the current average rate, you'll pay a combined $663.29 per month in principal and interest for every $100,000 you borrow. That's $20.66 higher compared with last week.
15-year mortgage rate moves up
0.26%
The average rate you'll pay for a 15-year fixed mortgage is 6.20 percent, up 26 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $855 per $100,000 borrowed.
5/1 adjustable rate mortgage goes up
0.24%
The average rate on a 5/1 adjustable rate mortgage is 6.18 percent, rising 24 basis points over the last 7 days.
Monthly payments on a 5/1 ARM at 6.18 percent would cost about $611 for each $100,000 borrowed over the initial five years.
Current jumbo mortgage rate climbs
0.19%
The average jumbo mortgage rate is 6.96 percent, an increase of 19 basis points over the last week. A month ago, the average rate for jumbo mortgages was lesser at 6.79 percent.
At the average rate today for a jumbo loan, you'll pay $662.62 per month in principal and interest for every $100,000 you borrow. Compared to last week, that's $12.69 higher.
Mortgage refinance rates
Current 30 year mortgage refinance rate rises
0.19%
The average 30-year fixed-refinance rate is 6.94 percent, up 19 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower at 6.70 percent.
At the current average rate, you'll pay $661.28 per month in principal and interest for every $100,000 you borrow. That's $12.68 higher compared with last week.
Could mortgage rates go down this year?
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.
Is it a good idea to buy a home now?
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 think about how long you plan to stay in the home and how stable your income is. If you can maintain your income, right now might present a moment of opportunity.
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. 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."
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.
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