Mortgage interest rates are inching downward again, offering potential savings for homebuyers and those looking to refinance. After a period of volatility fueled by economic uncertainty, inflation concerns, and speculation around Federal Reserve policy, average mortgage rates have dropped below the 6.75% mark—a small but meaningful shift for borrowers.
According to updated Zillow data, the 30-year fixed mortgage rate now sits at 6.71%, down 9 basis points (0.09%) from earlier in the week. This is the first time in over a week that rates have fallen beneath this threshold. Similarly, 15-year fixed rates have decreased by 9 basis points, moving from 6.09% to 6.00%—the lowest point in nearly three weeks.
Here’s a look at the current national average mortgage interest rates as of April 26, 2025:
- 30-year fixed: 6.71% (down from 6.80% earlier this week)
- 20-year fixed: 6.39%
- 15-year fixed: 6.00% (down from 6.09%)
- 5/1 ARM: 7.30%
- 7/1 ARM: 7.31%
- 30-year VA: 6.23%
- 15-year VA: 5.73%
- 5/1 VA ARM: 6.37%
Refinance rates have followed a similar trend:
- 30-year fixed refinance: 6.72%
- 20-year fixed refinance: 6.34%
- 15-year fixed refinance: 6.10%
- 5/1 ARM refinance: 7.60%
- 7/1 ARM refinance: 7.49%
- 30-year VA refinance: 6.32%
- 15-year VA refinance: 5.85%
- 5/1 VA refinance: 6.31%
Compared to last month, the 30-year fixed rate has increased by 26 basis points, rising from 6.45% in March to 6.71% today, while 15-year rates are up 21 basis points, from 5.79% in March to 6.00% now. These subtle rate hikes are being tempered by this week’s modest decline, which may present a short-term opportunity for borrowers.
Meanwhile, adjustable-rate mortgages (ARMs), which traditionally offer lower introductory rates, are currently higher than many fixed-rate options. This has reduced their appeal for borrowers seeking stability. A 5/1 ARM is averaging 7.30%, while the 7/1 ARM is at 7.31%, both significantly above today’s 30-year fixed rate.
VA and FHA loan rates remain competitive, offering lower entry barriers for eligible borrowers. VA loans currently average 6.23% for 30-year terms, with 15-year options at 5.73%. While updated FHA rates for April weren’t listed, they were recently at 5.76% and have likely ticked up slightly.
Should You Lock In a Rate Now?
With rate volatility expected to continue as the Federal Reserve responds to inflation and economic data, locking in a mortgage rate now could be a smart move if you’re ready. Though rates are still higher than they were two years ago, the recent dip offers a small window for savings. Market watchers expect gradual declines in mortgage rates through 2025, but inflation and tariff impacts could disrupt those projections.
If you’re refinancing, experts suggest you consider doing so only if you can reduce your rate by at least 0.50% to 1.00%. More importantly, calculate your break-even point—the time it takes to recoup your refinancing costs through monthly savings.
Mortgage interest rates today have eased slightly, but uncertainty remains. If you’re in the market for a home or considering refinancing, focusing on improving your credit score, increasing your down payment, and reducing your debt-to-income ratio will help secure the best possible rate—regardless of market fluctuations.
Current market snapshot
- 30-Year Fixed: 6.71%
- 15-Year Fixed: 6.00%
- Refinance (30-Year): 6.72%
- VA (30-Year): 6.23%