Rates increase: When will rates retreat? - Current mortgage and refinance rates for April 16, 2025
Average mortgage rates edged higher for all types of loans compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans edged 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.
| Mortgage type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.91% | 6.64% | +0.27% |
| 15-year fixed | 6.17% | 5.94% | +0.23% |
| 5/1 ARM | 6.07% | 5.77% | +0.30% |
| 30-year fixed jumbo | 6.94% | 6.70% | +0.24% |
Rates as of April 16, 2025.
The rates listed above are averages based on the assumptions shown here. Actual rates listed across the site may vary. All rate data is accurate as of Wednesday, April 16th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
Current 30 year mortgage rate moves higher
0.27%
Today's average rate for the benchmark 30-year fixed mortgage is 6.91 percent, up 27 basis points over the last seven days. Last month on the 16th, the average rate on a 30-year fixed mortgage was lower, at 6.72 percent.
At the current average rate, you'll pay $659.27 per month in principal and interest for every $100,000 you borrow. That's $17.97 higher compared with last week.
Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of your loan.
15-year mortgage rate advances
0.23%
The average rate for the benchmark 15-year fixed mortgage is 6.17 percent, up 23 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $853 per $100,000 borrowed.
5/1 ARM rate moves higher
0.30%
The average rate on a 5/1 adjustable rate mortgage is 6.07 percent, adding 30 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.07 percent would cost about $604 for each $100,000 borrowed over the initial five years.
Jumbo loan interest rate rises
0.24%
The average rate for the benchmark jumbo mortgage is 6.94 percent, an increase of 24 basis points over the last week. A month ago, the average rate on a jumbo mortgage was lower at 6.76 percent.
At today's average jumbo rate, you'll pay a combined $661.28 per month in principal and interest for every $100,000 you borrow. That's an extra $16.00 compared with last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate rises
0.17%
The average 30-year fixed-refinance rate is 6.93 percent, up 17 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.72 percent.
At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's up $11.35 from what it would have been last week.
When will mortgage rates go down?
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 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.
Is refinancing a good idea in 2025?
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.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
