Mortgage Rates Rise for a Fourth Day in April 23, 2025

Mortgage rates are on an April roller coaster—falling, surging, then falling again. The rates are currently on the rise after having risen for the last four consecutive days to reach an average of 7.07%. The rate movement was also up for other mortgage types.

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 23, 2025

Today's New Purchase Mortgage Rate Averages

After gaining nine basis points in just three days, 30-year purchase mortgage rates rose another four points on Tuesday. The average now stands at 7.07%. 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.

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 more than 90 basis 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 Tuesday, bringing it to 6.19%. That's still a slight 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, crashing to 4.97%, last September. Though today's 15-year average is elevated, it's almost 90 basis points below October 2023's historic 7.08% reading—a high since 2000.

In the meantime, jumbo 30-year loan rates rose by an even more aggressive 8 basis points on Tuesday. The current 7.12% is just below a reading of 7.15% a week ago, which was the highest in 10 months. 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

Freddie Mac, a government sponsored buyer of mortgages, publishes a 30-year average mortgage rate every Thursday. Last week'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 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 payment for different loan scenarios 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 a variety of factors, including your credit score and income.

What causes mortgage rates rise or fall?

Mortgage rates are determined by the complex interaction of macroeconomics and industry factors.

• The level and direction in the bond market, particularly the 10-year Treasury yields
• The Federal Reserve’s current monetary policies, particularly as they relate to bond purchases and funding government-backed loans
• Mortgage lenders compete with each other for different loan types.

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. The Federal Reserve bought billions of dollars’ worth of bonds to respond to the economic pressures caused by the pandemic. This bond-buying strategy is a major factor in determining mortgage rates.

Starting in November 2021 the Fed will begin to reduce its bond purchases, reducing them by a significant amount each month until they reach zero in March.

Fed aggressively increased the federal funds rate between July 2023 and then to fight the inflation which has been a problem for decades. While the fed fund rate can affect mortgage rates, it does not do so directly. 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, 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. At its March 19 meeting, Fed released its quarterly forecast. It showed that at that time the central banks’ median expectation for rest of year was only two quarter point rate cuts. 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 rates that result 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 asks writers to use primary resources to support their writing. These include whitepapers, government data and original reporting as well as interviews with industry experts. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate and unbiased content by visiting our 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.