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Mortgage Rates Today, Apr. 22, 2025: Now Threats to Fed Chief Roil Markets

Home sale pending sign: Mortgage rates today

The average 30-year fixed rate mortgage is 6.93% today, an increase of 0.03% since yesterday. The 15-year fixed mortgage rate stands at 5.99%, up by 0.02%. The 30-year FHA mortgage now averages 6.33%, having risen by 0.06. Meanwhile, the 30-year jumbo mortgage rate is 7.39%, reflecting a decrease of 0.01%.

The bigger picture

Yesterday was a sell-everything day for most U.S. markets. The dollar, stock indices and bond prices all tumbled.

The Wall Street Journal put it thus: "The 'Sell America' trade picked back up on Monday. Stocks fell, with the Dow industrials dropping almost 1,000 points and on pace for their worst April since 1932, and the dollar hit fresh multiyear lows against the euro and other major currencies. Yields on longer-term Treasurys rose and gold surged to a fresh record." Yields on bonds, including Treasurys, invariably move inversely to bond prices.

And, for once, tariffs weren't the main cause of the sell-off. This time, investors were also scared by threats to the independence of the Federal Reserve.

Some of the nation's most powerful voices are arguing that Fed Chair Jerome Powell should be fired and replaced by someone who will comply with demands to immediately lower general interest rates. What's wrong with that?

Well, most central banks (the Fed is ours) in advanced economies are independent of their governments. And there's an observable correlation between those that are subject to political interference and poor economic performance. This really is a big deal.

What this means for mortgage rates

Mortgage rates are largely determined by the yield on a type of bond called the mortgage-backed security (MBS). And MBSs tend to shadow U.S. Treasury bonds, especially 10-year notes.

Sure enough, yesterday's sell-off of bonds saw yields on both those notes and MBSs rise as prices fell. And it was a bad day for mortgage rates with those for 30-year fixed-rate mortgages perilously close to 7% again, according to Mortgage News Daily.

That doesn't necessarily mean that today or tomorrow will be similarly bad. As we suggested yesterday, " ... it's too soon to be trying to spot consistent trends. Those are unlikely to emerge until Wall Street gains more confidence in what the future might bring."

In the meantime, we should expect a lot of volatility, bringing both good and bad days for mortgage rates. Unfortunately, over the last couple of months, the bad has outweighed the good.

Mortgage Rate Trends: Past 90 Days

Purchase Rates

Loan Type Rate APR Daily Change Monthly Change
30-Year Fixed 6.93% 6.96% +0.03% +0.4%
15-Year Fixed 5.99% 6.05% +0.02% +0.34%
30-Year Fixed FHA 6.33% 7.52% +0.06% +0.48%
30-Year Fixed VA 6.42% 6.57% +0.04% +0.57%
30-Year Fixed USDA 6.46% 6.6% +0.05% +0.16%
30-Year Fixed Jumbo 7.39% 7.41% -0.01% +0.67%
5/6 Year ARM 6.71% 6.75% -0.12% +0.43%

Refinance Rates

Loan Type Rate APR Daily Change Monthly Change
30-Year Fixed 7% 7.03% +0.04% +0.37%
15-Year Fixed 5.98% 6.03% +0.02% +0.35%
30-Year Fixed FHA 6.33% 7.52% +0.06% +0.49%
30-Year Fixed VA 6.5% 6.64% +0.04% +0.57%
5/6 Year ARM 6.82% 6.86% -0.11% +0.3%
How we source rates and rate trends.

Coming up

Although economic reports are usually the main drivers of changes to mortgage rates, they're not the only ones. The general mood in markets and economically consequential news can also affect those rates — as we've seen frequently recently, especially over tariffs.

Here's Comerica Bank's preview of economic reports due this week:

"The flash releases of S&P Global’s PMIs will offer the first broad-reaching view of business conditions in April. They are expected to show manufacturing in contraction and growth of service-providing businesses slowing. Economic uncertainty and high prices likely weighed on new and existing home sales in March. Household sentiment was likely a little less dour in the April final release of the University of Michigan’s Survey of Consumers with the stock market stabilizing at month end. Households’ short and long-term inflation expectations, which soared after the initial reciprocal tariff announcement, were likely slightly lower. Durable goods orders probably posted another strong increase last month as car dealers rebuilt inventories that ran low during March’s surge in demand. Orders for nondefense capital goods excluding aircraft—a widely-watched proxy for business spending on equipment—likely rose at a modest pace, as businesses take a “wait and see” approach to investment amidst heightened economic uncertainty."

Mortgage rates today

There are no economic reports on MarketWatch's economic calendar today. Tomorrow should bring two purchasing managers' indices (PMIs) for April, along with March data for new home sales. Markets are expecting both PMIs to fall back but home sales to edge upward.

This week

There aren't any blockbuster reports at all on this week's calendar. Just keep an eye on those PMIs tomorrow and the final consumer sentiment index for April on Friday.

About The Author:

Peter Warden has been covering mortgage, real estate, and personal finance for 15 years. He has appeared on The Mortgage Reports, Credit Sesame, Bills.com, and other publications.

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