The average 30-year fixed mortgage rate has dropped to 6.50%.

From Yahoo Finance: 2025-04-02 06:00:00

Today, mortgage interest rates have decreased, with the average 30-year fixed rate dropping to 6.50%. This drop may be in response to lower job openings reported in the latest U.S. Bureau of Labor Statistics report.

Current mortgage rates are as follows: 30-year fixed: 6.50%, 20-year fixed: 6.18%, 15-year fixed: 5.86%, 5/1 ARM: 6.60%, 7/1 ARM: 6.38%, 30-year VA: 6.06%, 15-year VA: 5.62%, 5/1 VA: 6.07%, 30-year FHA: 5.95%, 5/1 FHA: 5.69%.

Mortgage refinance rates are slightly higher than purchase rates, with 30-year fixed refinance at 6.54% and 15-year fixed refinance at 5.88%. Remember, these are national averages rounded to the nearest hundredth.

A 30-year fixed mortgage offers lower, predictable monthly payments, but comes with higher interest rates in the short and long term. In contrast, a 15-year fixed mortgage offers lower interest rates and the ability to pay off the loan sooner, saving on interest costs.

Adjustable-rate mortgages (ARMs) provide lower introductory rates than fixed-rate mortgages, but the rate can change after the initial period. Consider factors like future rate changes and moving plans before choosing an ARM.

To secure a low refinance rate, work on improving your credit score, reducing debt-to-income ratio, and considering a shorter loan term. Refinancing into a shorter term can result in a lower rate, although monthly payments may be higher.



Read more at Yahoo Finance: The 30-year rate finally falls to 6.5%