Rates decline: Should you refi now? | Mortgage and refinance rates for April 8, 2025

Average mortgage rates fell on all loan terms from a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all moved lower.

Mortgage rates move for many reasons, and can be buffeted quickly as conditions in the economy shift. President Trump’s recent tariff announcements have driven investors to 10-year Treasury bonds, driving the yields down and taking mortgage rates with them.

“Worries about an economic slowdown continue to tug bond yields and mortgage rates lower,” says Greg McBride, CFA, chief financial analyst for Bankrate.

Lower rates have come just as spring homebuying season takes off. Home sales activity increased in February as more listings came on market, while mortgage applications for home purchases have steadily climbed.

Rates as of April 8, 2025.

These rates are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates available within the site may vary. All rate data is accurate as of Tuesday, April 8th, 2025 at 6:30 a.m. ET.

Today's average rate for the benchmark 30-year fixed mortgage is 6.66 percent, a decrease of 13 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 6.68 percent.

At the current average rate, you'll pay $642.63 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $8.63 lower.

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers as it allows the borrower to disperse mortgage payments out over 30 years, keeping their monthly payment lower.

The average rate you'll pay for a 15-year fixed mortgage is 5.94 percent, down 11 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $841 per $100,000 borrowed.

The average rate on a 5/1 ARM is 5.94 percent, ticking down 18 basis points over the last week.

Monthly payments on a 5/1 ARM at 5.94 percent would cost about $596 for each $100,000 borrowed over the initial five years.

The average jumbo mortgage rate today is 6.77 percent, down 1 basis point from a week ago. A month ago, the average rate on a jumbo mortgage was lesser at 6.69 percent.

At the average rate today for a jumbo loan, you'll pay a combined $649.93 per month in principal and interest for every $100,000 you borrow. That's lower by $0.66 than it would have been last week.

The average 30-year fixed-refinance rate is 6.75 percent, down 9 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.68 percent.

At the current average rate, you'll pay $648.60 per month in principal and interest for every $100,000 you borrow. That's lower by $5.99 than it would have been last week.

Mortgage rates are currently dropping along with the 10-year Treasury yield in response to Trump’s tariff policy. However, this could be just a short-term drop, as the Federal Reserve has held off on changing its benchmark rate.

Mortgage may decline from where they are now, but it’s likely they’ll stay within a range. 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.

Mortgage rates have dropped somewhat, which could make it a better 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 consider your timeline and job and income stability. Ideally, you'll want to stay in the home you buy for at least five years. 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. 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
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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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