Mortgage rates have increased, expected to remain steady during 2025 home-buying season.

From Yahoo Finance: 2025-04-08 06:00:00

Mortgage rates have increased today, with the 30-year fixed rate at 6.52% and the 15-year fixed rate at 5.88%. Rates are expected to remain steady during the 2025 home-buying season, so it’s best to buy a house when financially ready. National average rates for different mortgage types are provided. Refinance rates are typically higher than purchase rates. Using a mortgage calculator can help determine monthly payments based on different interest rates and term lengths. Opting for a 15-year mortgage can save on interest in the long run, though monthly payments will be higher. Making extra payments on a 30-year loan can help pay off the mortgage faster. Fixed-rate mortgages lock in the rate from the start, while adjustable-rate mortgages have changing rates after an initial period. Economists do not anticipate significant rate drops in 2025, as rates have mostly increased or remained steady after Fed announcements. The trajectory of future mortgage rates depends on the Federal Reserve’s decisions at upcoming meetings. Rates are not expected to significantly drop in the next few months, according to the CME FedWatch tool. National average mortgage rates are 6.52% for home purchases and 6.55% for refinances, with variations based on personal finances and location. Mortgage rates may decrease slightly by the end of 2025, but significant drops are not expected in the near future. Rates are projected to go down in 2025, though the decrease may not be as drastic as previously thought, depending on economic factors and Fed decisions.



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