Mortgage rates drop slightly after recent spikes, with 30-year fixed rate at 6.83%.

From Yahoo Finance: 2025-04-11 06:00:00

Mortgage interest rates are dropping after a two-day spike. The 30-year fixed rate is now at 6.83%, down four basis points, and the 15-year fixed rate is at 6.18%, down six basis points. President Trump’s tariff policies had caused a rise in rates, but they have now calmed down.

Current mortgage rates from Zillow include: 30-year fixed at 6.83%, 20-year fixed at 6.62%, 15-year fixed at 6.18%, 5/1 ARM at 7.17%, and 7/1 ARM at 7.20%. Remember, these are national averages and rounded to the nearest hundredth.

Mortgage refinance rates are higher than rates for buying a house. Today’s refinance rates include: 30-year fixed at 6.86%, 20-year fixed at 6.85%, 15-year fixed at 6.19%, and more. These numbers are also national averages rounded to the nearest hundredth.

Understanding your mortgage rate is crucial for your monthly payments. A fixed-rate mortgage keeps your rate constant, while an adjustable-rate mortgage changes periodically. Interest rates impact how much of your monthly payment goes towards interest and principal.

Different mortgage types suit different needs. A 30-year fixed-rate mortgage offers lower payments but higher interest over time. A 15-year fixed-rate mortgage saves on interest but has higher monthly payments. Adjustable-rate mortgages can be beneficial if you plan to sell before the introductory rate ends.

Mortgage rates have slightly decreased today after recent spikes. Although interest rates could decline in 2025, waiting for lower rates to buy a house might not be worth it. The Mortgage Bankers Association predicts rates to end at 6.5%, while Fannie Mae expects 6.3% by the end of the year.



Read more at Yahoo Finance: Mortgage and refinance interest rates today, April 11, 2025: Rates finally tick down