Mortgage Rates Today, Apr. 29, 2025: Stand By for Hard Economic Data This Week
The average 30-year fixed rate mortgage is 6.72% today, a decrease of 0.06% since yesterday. The 15-year fixed mortgage rate stands at 5.75%, down by 0.09%. The 30-year FHA mortgage now averages 6.08%, having dropped by 0.04. Meanwhile, the 30-year jumbo mortgage rate is 7.18%, reflecting a decrease of 0.01%.
The bigger picture
There are several blockbuster economic reports on this week's calendar. And markets are wondering whether they will begin to show the effects of the trade war.
Here are the week's highlights:
- Today — April consumer confidence
- Tomorrow — Gross domestic product (GDP) growth in the first quarter
- Tomorrow — March personal consumption and expenditures (PCE) price index
- Thursday — Two April purchasing managers' indices (PMIs) for the manufacturing sector
- Friday — The April jobs report
The jobs report is by far the most important of those. And markets are expecting the number of new jobs created that month to tumble to 133,000 from 228,000 in March, largely as a result of employers freezing hiring amid uncertainty about tariffs.
GDP is also expected to slow markedly, down to 0.4% growth compared with 2.4% in the last quarter of 2024. The Federal Reserve Bank of Atlanta's GDPNow tool is expecting negative growth of -0.4% after allowing for imports and exports of gold. Again, tariffs are widely blamed.
Consumer confidence is also expected to continue its erosion, and the PMIs are expected to fall modestly. All these could be good news for mortgage rates, which tend to fall when the economy is in trouble.
Those rates, however, tend to rise when inflation warms up. Luckily, that's not expected in tomorrow's PCE price index, which is the Federal Reserve's favorite gauge of inflation.
However, many economists believe that even current tariffs, which are much higher than previously — despite the 90-day pause on most of the more extreme ones — will bring higher prices soon. So, if lower mortgage rates do emerge this week and beyond, they may not last long.
It's also worth noting that, in markets, headlines about tariffs have recently swamped even important economic data. As we remind you most days, uncertainty is the current bane of investors' lives.
Mortgage Rate Trends: Past 90 Days
Purchase Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.72% | 6.75% | -0.06% | -0.02% |
| 15-Year Fixed | 5.75% | 5.81% | -0.09% | +0% |
| 30-Year Fixed FHA | 6.08% | 7.28% | -0.04% | +0.09% |
| 30-Year Fixed VA | 6.18% | 6.34% | -0.06% | +0.12% |
| 30-Year Fixed USDA | 6.2% | 6.35% | -0.02% | +0.12% |
| 30-Year Fixed Jumbo | 7.18% | 7.2% | -0.01% | +0.08% |
| 5/6 Year ARM | 6.69% | 6.73% | -0.05% | -0.09% |
Refinance Rates
| Loan Type | Rate | APR | Daily Change | Monthly Change |
|---|---|---|---|---|
| 30-Year Fixed | 6.81% | 6.84% | -0.05% | -0.02% |
| 15-Year Fixed | 5.76% | 5.81% | -0.09% | +0.02% |
| 30-Year Fixed FHA | 6.08% | 7.28% | -0.04% | +0.1% |
| 30-Year Fixed VA | 6.26% | 6.41% | -0.07% | +0.11% |
| 5/6 Year ARM | 6.76% | 6.8% | -0.11% | -0.1% |
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.
Here's Comerica Bank's take on what to expect from economic reports this week:
"The economy likely contracted in the first quarter on the back of a record trade deficit in goods as importers front-ran tariff hikes. The labor market probably softened in April, with a lackluster increase in employment and an uptick of the unemployment rate. Job vacancies likely fell in March. The ISM Manufacturing PMI is expected to show the sector in contraction for the second consecutive month. House price growth likely moderated in February, easing annual increases. The Conference Board will probably report a big decline in consumer confidence in line with other household surveys. Vehicle sales are anticipated to take a breather in April after March’s jump to the highest sales in four years."
Mortgage rates today
Today's April consumer confidence index is expected to fall to 87.3 from March's 92.9, according to the MarketWatch economic calendar. Also today, job openings in March are expected to have fallen to 7.5 million, down from 7.6 million in February.
See above for all the other key reports due this week. As always, we'll brief you on all the important ones before they're published.
