Rates for 30-Year Mortgages Continue to Fall, Continuing a 4-Day Streak. 29, 2025

Mortgage rates continued to decline on Monday. This is the fourth consecutive day that homebuyers have been able to borrow at lower costs. The new average rate for 30-year mortgages is 6.87%. Many other types of mortgages also lost points.

No matter what type of home loan or mortgage you are looking for, it is wise to shop around and compare rates regularly to find the best rate.

Compare Current Mortgage Interest Rates Today – April 29, 2025

Today's New Purchase Mortgage Rate Averages

After a turbulent period, 30-year mortgage rates for new purchases are once again dropping. After a further 5 points were subtracted on Monday, the flagship has dropped 20 points over the past four days. The current average is 6.87%.

The week before last, the flagship average had surged by a dramatic 44 basis points, peaking on April 11 at 7.14%—its most expensive reading since May 2024.

But back in September, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89%. The average rate is currently about a percentage higher. Still, today's rates are nearly 1.15 percentage points better than in late 2023, when rates catapulted to a historic 23-year peak of 8.01%.

The average rate for 15-year mortgages fell by 6 basis points to 5.94% on Monday. That's an improvement vs. the April 11 average of 6.31%, which was the highest reading in almost a year. The 15-year average, like the 30-year rate, fell to its lowest level in two years, a plummet of 4.97%, last September. Though today's 15-year average is elevated, it's about 1.15 percentage points cheaper than October 2023's historic 7.08% reading—a 23-year high.

On Monday, the average rate for jumbo 30-year mortgages also decreased by 5 basis points. It is a drop from a reading of 7.15% two weeks ago. That was a 10-month peak. Last fall, jumbo 30-year rates sank to 6.24%, their cheapest level in 19 months, while it's estimated their 8.14% peak in October 2023 was the most expensive jumbo 30-year average in over 20 years.

The Weekly Freddie Mac Average

Every Thursday Freddie Mac, a government sponsored buyer of mortgages, publishes a 30-year average mortgage rate. Last week's reading dipped 2 basis points to 6.81%. In September last year, the average fell as low as 6.08%. But back in October 2023, Freddie Mac's average saw a historic rise, surging to a 23-year peak of 7.79%.

Freddie Mac's average differs from what we report for 30-year rates because Freddie Mac calculates a weekly average that blends five previous days of rates. Investopedia 30 year average is a reading taken daily, which provides a more accurate, timely indication of rates. In addition, the criteria for included loans (e.g., amount of down payment, credit score, inclusion of discount points) varies between Freddie Mac's methodology and our own.

Calculate monthly payments using our Mortgage Calculator.

You can also read about the importance of this in

The rates we publish won’t compare directly with teaser rates you see advertised online since those rates are cherry-picked as the most attractive vs. the averages you see here. Teaser rates may involve paying points in advance or may be based on a hypothetical borrower with an ultra-high credit score or for a smaller-than-typical loan. The rate that you will receive is based on a variety of factors, including your credit score and income.

What causes mortgage rates rise or fall?

Mortgage rates are determined through a complex interplay of macroeconomic factors and industry factors such as:

• The direction and level of the bond markets, particularly 10-year Treasury yields
• The Federal Reserve’s current monetary policies, particularly as they relate to bond buying and government-backed loans
• Competition between mortgage lenders across loan types

Because any number of these can cause fluctuations simultaneously, it's generally difficult to attribute the change to any one factor.

Macroeconomic factors kept mortgage rates low for most of 2021. In response to the economic pressures brought on by the pandemic, the Federal Reserve purchased billions in bonds. This bond-buying program is a major influencer on mortgage rates.

The Fed will begin to taper its bond purchases in November 2021. Each month, it will make significant reductions until the net is zero in March 2022.

Fed aggressively increased the federal funds rate between July 2023 and then to combat the inflationary levels that have been in place for decades. The fed funds rate does not directly affect mortgage rates. In fact, mortgage rates and the fed funds interest rate can move in opposite ways.

But given the historic speed and magnitude of the Fed's 2022 and 2023 rate increases—raising the benchmark rate 5.25 percentage points over 16 months—even the indirect influence of the fed funds rate has resulted in a dramatic upward impact on mortgage rates over the last two years.

The Fed maintained its federal funds rate near its highest level for almost 14-months, beginning in July of 2023. In September, the Fed announced a rate cut of 0.50 percent, followed by quarter-point cuts in November and Decembre.

For its second meeting of 2025, however, the Fed opted to hold rates steady—and it’s possible the central bank may not make another rate cut for months. The Fed released their quarterly rate forecast at their meeting on March 19, which showed that the central bankers’ median expectations for the remainder of the year were only two quarter-point rates cuts. In 2025, we may see multiple rate holds announced. There are eight rate-setting sessions scheduled per year.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The rates are what borrowers can expect to receive from lenders when they get quotes based on their qualifications. These rates may differ from teaser rates advertised. © Zillow, Inc., 2025. The Zillow Terms and Conditions of Use apply.

Article Sources Investopedia requires that writers use primary sources in order to support their work. White papers, government statistics, original reporting and interviews with industry professionals are all examples. Where appropriate, we also reference original research by other reputable publishers. Our website contains more information about the standards that we use to produce accurate, unbiased content. Editorial Policy

1. Freddie Mac. “Mortgage Rates."

2. Congressional Research Service "Federal Reserve: Tapering of Asset Purchases," Page 1.

3. Federal Reserve Board. “Summary Economic Projections, 19 March 2025,” Page 4.