Mortgage Rates Today, Apr. 23, 2025: Rates Unmoved Amid Market Volatility
The average 30-year fixed rate mortgage is 6.84% today, a decrease of 0.09% since yesterday. The 15-year fixed mortgage rate stands at 5.9%, down by 0.08%. The 30-year FHA mortgage now averages 6.24%, having dropped by 0.08. Meanwhile, the 30-year jumbo mortgage rate is 7.28%, reflecting a decrease of 0.11%.
The bigger picture
Yesterday, we discussed why mortgage rates had risen appreciably the previous day as stocks had plunged, and we concluded that those forces don't "necessarily mean that today or tomorrow will be similarly bad. ... 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."
Sure enough, markets acted very differently on Tuesday than on Monday. Stocks soared, but mortgage rates were close to unchanged. What's new?
We know it wasn't hard data in the form of economic reports because none was published yesterday. But, that morning, a top official spoke in upbeat terms about the possibility of a trade deal with China. He said, “ ... there will be a de-escalation" in the “very near future.” That's what cheered up stock markets.
However, later yesterday, the International Monetary Fund (IMF) delivered difficult news for the global economy in its World Economic Outlook report. " ... the landscape has changed as governments around the world reorder policy priorities and uncertainties have climbed to new highs," it said. "Forecasts for global growth have been revised markedly down compared with the January 2025 World Economic Outlook (WEO) Update, reflecting effective tariff rates to levels not seen in a century and a highly unpredictable environment. Global headline inflation is expected to decline at a slightly slower pace than what was expected in January.
The report suggested that U.S. economic growth was likely to slow to 1.8% this year and 1.7% in 2026, sharply down from the 2.8% recorded in 2024, mostly owing to tariffs. At a press conference in Washington D.C., the IMF's chief economist said the organization wasn't yet forecasting a recession in America or globally, but that one was more likely now than previously.
Meanwhile, the Federal Reserve Bank of Atlanta's GDPNow tool is currently predicting negative growth of -2.2% in the first quarter of 2025.
There was better news for stock indices yesterday after American markets closed. The threat to the Federal Reserve's independence receded when the president said he had "no intention" of firing Fed Chair Jerome Powell. Overnight, markets in Asia and Europe climbed on the news.
Usually, recessions are good for mortgage rates, though not for much else. However, if tariffs create a spike in inflation, those and other interest rates could end up rising further.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.84% | 6.88% | -0.09% | +0.18% |
| 15-Year Fixed | 5.9% | 5.96% | -0.08% | +0.18% |
| 30-Year Fixed FHA | 6.24% | 7.44% | -0.08% | +0.31% |
| 30-Year Fixed VA | 6.35% | 6.5% | -0.07% | +0.35% |
| 30-Year Fixed USDA | 6.4% | 6.55% | -0.05% | +0.45% |
| 30-Year Fixed Jumbo | 7.28% | 7.3% | -0.11% | +0.21% |
| 5/6 Year ARM | 6.73% | 6.77% | +0.02% | +0.15% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.94% | 6.97% | -0.07% | +0.17% |
| 15-Year Fixed | 5.92% | 5.97% | -0.06% | +0.21% |
| 30-Year Fixed FHA | 6.25% | 7.44% | -0.09% | +0.32% |
| 30-Year Fixed VA | 6.44% | 6.59% | -0.05% | +0.4% |
| 5/6 Year ARM | 6.81% | 6.85% | -0.02% | +0.08% |
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
This morning 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 today and the final consumer sentiment index for April on Friday.
