30-Year Mortgage Rates Holding Onto 3-Day Decline – Apr. 18, 2025

After falling in the first three days this week, 30-year-mortgage rates rose one basis point to average 6.95% on Thursday. Rates rose more for other types of mortgages.

It’s important to compare rates and shop around for the best mortgage rates, regardless of what type you want.

Compare Current Mortgage Interest Rates Today – April 18, 2025

Today's New Purchase Mortgage Rate Averages

The average rate for 30-year new mortgages held steady, increasing by one basis point on Thursday to 6.95%. The drop in the three days prior was 20 points. However, last week, the flagship average surged 44 basis points—reaching 7.14% Friday for its most expensive reading since May 29.

In September, 30-year rates saw a historic plunge—sinking to a two-year low of 5.89%. The average rate is now more than a percentage point higher. Still, today's rates are 1.06 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 increased by 3 basis points on Thursday, bringing it to 6.07%. That's still a notable improvement vs. Friday's 6.31%, which was the highest reading in almost a year. The 15-year average rate fell to its lowest level in two years, a staggering 4.97%, last September. Though today's 15-year average is elevated, it's just over a full percentage point below October 2023's historic 7.08% reading—a high since 2000.

Jumbo 30-year rates also rose, gaining 3 points to pass the 7% mark once again. The current 7.01% average remains below Friday's 7.15% reading, which was a 10-month high. 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 publishes a weekly mortgage rate average. Yesterday's reading plunged 21 basis points to 6.41%, largely capturing the drop in rates seen late last week. In September last year, the average rate 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’s 30-year average, on the other hand, is a daily reading that provides a more accurate and timely indication of rate movements. 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.

It is important to note that

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 your credit rating, income and more. Therefore, it may differ from what you see in the averages.

What causes mortgage rates rise or fall?

Mortgage rates are influenced by a complex combination of macroeconomic and industrial factors, including:

• The level and direction in the bond market, particularly the 10-year Treasury yields
• The Federal Reserve’s current policy on monetary policy. This includes bond purchases and government-backed mortgages.
• Mortgage lenders are competing with each other to offer different types of loans.

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

Macroeconomic forces kept the mortgage market at a relatively low level 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.

Starting in November 2021 the Fed will begin reducing its bond purchases, making significant monthly reductions until reaching net zero by 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. The fed funds rate can actually move in the opposite direction to mortgage rates.

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 kept the federal funds rate at a peak level for nearly 14 months, starting in July 2023. In September, however, the central bank announced its first rate cut, which was 0.50 percentage points. This was followed by a quarter-point reduction in November and December.

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’s quarterly rate forecast was released at its March 19 meeting. It showed that central bankers had a median expectation of two quarter-point cuts for the rest the year. Eight rate-setting meetings are scheduled each year, so we could see several rate-hold announcements by 2025.

How We Track Mortgage Interest 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 resulting rates are what borrowers will receive when they receive quotes from lenders, based on the qualifications of the borrower. These rates can differ from advertised teaser rate. © 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. We also use original research from other reputable publications when appropriate. 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 for March 19, 2025,” page 4.