From Yahoo Finance: 2025-04-19 06:00:00

Mortgage interest rates have risen today after a week of declines. The average 30-year fixed rate is now 6.79%, up by 8 basis points, and the 15-year fixed rate is 6.11%, up by 10 basis points. This increase may be due to Federal Reserve Chair Powell’s comments on interest rates.

The current national average mortgage rates are: 30-year fixed: 6.79%, 20-year fixed: 6.66%, 15-year fixed: 6.11%, 5/1 ARM: 6.99%, 7/1 ARM: 7.41%, 30-year VA: 6.33%, 15-year VA: 6.01%, 5/1 VA: 6.31%. These are rounded to the nearest hundredth.

Mortgage refinance rates are slightly higher than purchase rates. Today’s refinance rates are: 30-year fixed: 6.83%, 20-year fixed: 6.46%, 15-year fixed: 6.22%, 5/1 ARM: 6.53%, 7/1 ARM: 6.99%, 30-year VA: 6.40%, 15-year VA: 6.16%, 5/1 VA: 6.36%. These numbers are national averages.

A 30-year fixed mortgage offers lower and predictable monthly payments. However, it comes with higher interest rates and more interest paid over the life of the loan compared to shorter terms. In contrast, a 15-year fixed mortgage has lower interest rates and quicker payoff but higher monthly payments.

Adjustable-rate mortgages (ARMs) have lower introductory rates than fixed rates, leading to lower initial payments. However, rates can change after the intro period, making payments unpredictable. It’s crucial to consider your future plans before opting for an ARM.

The current housing market is favorable for buyers, with stable home prices and uncertain mortgage rates. Timing the market based on rates may not be wise. The best time to buy is when it aligns with your life stage. Mortgage rates are expected to decrease slightly in 2025 but may not drop significantly.

National average mortgage rates are currently at 6.79%, but rates can vary regionally. Mortgage rates have been fluctuating recently, with some decreases earlier in the week. To secure a low refinance rate, improve your credit score, lower your debt-to-income ratio, and consider refinancing into a shorter term.



Read more at Yahoo Finance: Rates increase after Powell’s comments