Mortgage rates for April 25, 2024: Mortgage Rates Mixed
Mortgage interest rates experienced a mixed trend recently, with increases seen in 30-year fixed, 15-year fixed, and jumbo loans, while 5/1 ARM rates declined. For homebuyers, the decision to purchase often hinges on individual needs, with considerations for starting to build equity despite current rates or waiting for potentially more favorable conditions in the future being key factors.
| Loan Type | Today’s Rate | Last Week’s Rate | Change |
| 30 Yr. Fixed | 7.30 | 7.22 | +0.08 |
| 15 Yr. Fixed | 6.67 | 6.66 | +0.01 |
| 30 Yr. Jumbo | 7.35 | 7.33 | +0.03 |
| 5/1 ARM | 6.53 | 6.50 | +0.02 |
These rates are marketplace averages. Actual rates available on-site may vary. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States. All rate data accurate as of Tuesday, April 25, 2024, at 7:30 a.m. ET.
30-year mortgage rate moves upward, +0.08
Today’s average 30-year fixed mortgage rate stands at 7.35 percent, showing a modest increase of 8 basis points from last week. However, it’s worth noting that just a month ago, the average rate was slightly lower, at 6.87 percent, reflecting some fluctuations in the market.
Despite this recent uptick, the current rate still presents an opportunity for homeownership, with monthly payments of $685.57 per $100,000 borrowed in principal and interest. While this represents a slight increase of $5.43 per $100,000 compared to last week, it’s essential to recognize that this figure remains within a manageable range for many borrowers.
15-year mortgage rate trends upward, +0.01
The current average rate for a 15-year fixed mortgage is 6.67 percent, reflecting a minor increase of 1 basis points within the last week.
While it’s true that monthly payments on a 15-year fixed mortgage are higher, approximately $880 per $100,000 borrowed, this payment structure offers significant advantages. Despite the larger monthly commitment, borrowers stand to gain substantial benefits over the life of the loan.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 5.375% with a 5.712 APR- available in our network today.
All rate data accurate as of Tuesday, April 25, 2024, at 7:30 a.m. ET.
