Mortgage and Refinance Interest Rates Today, April 30, 2025: Rates Continue Falling

If you’re thinking about buying a home or refinancing your mortgage, you’re in luck. As of April 30, 2025, mortgage and refinance interest rates continue to slide downward, offering a chance for borrowers to lock in lower costs.

This isn’t just a slight dip rates have been steadily falling for a few weeks now, and more buyers are taking notice. With inflation cooling and economic signals pointing toward more stability, lenders have adjusted their rate offers to stay competitive and meet increased borrower demand.

Let’s take a closer look at what’s happening with today’s mortgage and refinance rates, why they’re dropping, and what it means for you.

Mortgage Rates Today

As of this morning, here are the average rates being offered nationally:

• 30-year fixed mortgage: 6.43% (down from 6.55% last week)
• 15-year fixed mortgage: 5.71% (down from 5.81%)
• 5/1 adjustable-rate mortgage (ARM): 5.93% (slightly down from 6.01%)

These numbers can vary based on your credit score, loan size, location, and the lender you choose, but the trend is clear rates are falling.

Refinance Rates Today

For homeowners looking to refinance, here’s what lenders are offering on average:

• 30-year fixed refinance: 6.49% (was 6.59%)
• 15-year fixed refinance: 5.76% (was 5.87%)
• 5/1 ARM refinance: 5.97% (down slightly from 6.05%)

If your current mortgage rate is in the 7% or 8% range, this could be the window you’ve been waiting for.

Why Rates Are Falling

There are a few reasons why rates have been heading lower:

1. Lower inflation: Recent reports show that inflation is finally easing after months of stubbornly high prices. This gives the Federal Reserve more room to pause rate hikes or even consider cuts later in the year.

2. Fed signaling a softer stance: The Fed hasn’t officially cut rates, but comments from Fed officials suggest they may be done raising them. Markets are pricing in the possibility of a rate cut in the second half of 2025.

3. Slower economic growth: While the job market remains fairly strong, consumer spending and housing activity have started to cool off. This helps keep rate pressure down, as lenders try to attract more borrowers.

What This Means for Buyers

If you’re in the market to buy a home, lower rates can make a big difference.

Let’s say you’re buying a $400,000 home with a 20% down payment. At a 6.55% interest rate, your monthly mortgage (excluding taxes and insurance) would be around $2,040. At 6.43%, that drops to roughly $2,010. That may not sound huge month to month, but over 30 years, it adds up to thousands of dollars saved.

Lower rates also mean you could afford more home for the same monthly payment or just enjoy the breathing room in your budget.

What This Means for Homeowners

If you already own your home and your current mortgage is locked in at a higher rate, this could be your chance to refinance and lower your payment.

Let’s say you have a $300,000 loan at 7.25%. If you refinance to 6.49%, you could save close to $150 per month. Over the life of the loan, that’s a big savings.

Just keep in mind: refinancing isn’t free. There are closing costs, appraisal fees, and possibly a new timeline to consider. But if the numbers work in your favor, it might still be worth it.

Should You Lock In Now?

This is the million-dollar question and it depends on your situation.

If you’re buying soon and see a rate that fits your budget, locking it in now can protect you if rates go back up. Most lenders offer a rate lock for 30–60 days, sometimes longer, depending on the lender and loan type.

If you’re refinancing, run the numbers. Check what rate you’d qualify for, what your new payment would be, and how long it would take to break even after paying closing costs.

How to Get the Best Rate

Rates vary from lender to lender, so shopping around is key. But beyond comparing offers, there are smart moves you can make to qualify for the lowest possible rate.

Boost your credit score Your credit score is one of the biggest factors lenders look at. The higher your score, the more trustworthy you appear and the better rate you’re likely to get. To boost your score, pay bills on time, reduce outstanding debt, and avoid taking on new credit right before applying for a loan.

Reduce your debt-to-income ratio Lenders don’t just look at your income they look at how much of it is already spoken for. If you’re using a big chunk of your income to pay off credit cards or loans, that raises red flags. Aim to pay down existing debt before applying, so you look less financially stretched.

Make a bigger down payment Putting more money down means you’re borrowing less and lenders love that. A 20% down payment is the sweet spot: it often gets you better rates, helps you avoid private mortgage insurance (PMI), and signals that you’re a lower-risk borrower.

Compare multiple offers It may be tempting to go with the first lender who pre-approves you, but that could cost you. Different lenders offer different rates, fees, and terms. Getting at least three quotes lets you negotiate better terms and could save you thousands over the life of your loan.

What to Watch Next

The market is still watching the Fed and the next batch of inflation data. If inflation continues to ease, rates could fall even more. But if prices start to climb again or job reports surprise to the upside, rates might go back up.

Also, keep an eye on housing inventory. Lower rates can drive more buyers into the market, which could push home prices higher.

Final Thoughts

As of April 30, 2025, it’s a good moment for borrowers. Mortgage and refinance rates are trending down, and that opens the door to more affordable financing.

If you’re in the market, don’t wait too long. Rate dips don’t last forever and timing the bottom is nearly impossible. The best strategy is to be ready, know your numbers, and take action when the math works in your favor.

Stay informed, shop smart, and let the numbers guide you.