From Yahoo Finance: 2025-04-12 06:00:00

Mortgage interest rates have been volatile this week, spiking for two days before inching down and then rising again today. Zillow reports today’s 30-year fixed rate is 6.90%, up seven basis points, while the 15-year fixed rate is up three basis points to 6.21%.

To navigate the unpredictable market, home buyers should shop around for mortgage lenders and apply for preapproval. Compare rates, lender fees, and APRs to secure the best deal. National average mortgage rates are rounded to the nearest hundredth.

Mortgage refinance rates are slightly higher than purchase rates. A 30-year fixed mortgage offers predictable, lower monthly payments, but comes with higher interest costs. In contrast, a 15-year fixed rate has lower interest rates, paying off the mortgage sooner and saving on interest.

Adjustable-rate mortgages (ARMs) offer lower initial rates than fixed-rate mortgages but can change annually, leading to unpredictable payments. Consider your plans to move before the intro-rate period ends to benefit from lower rates without future risks.

Current mortgage rates are not expected to drastically decrease in 2025. While rates fluctuated this week, overall, they are on the rise. Secure a low refinance rate by improving credit scores, lowering debt-to-income ratios, and opting for a shorter term for lower rates.

When deciding to buy a house, consider the relatively stable housing market with stable prices. Mortgage rates are uncertain due to political and economic factors, so focus on timing that aligns with your life stage instead. Timing the market may not be as important as choosing the right time for you.



Read more at Yahoo Finance: How to handle a volatile rate environment