Mortgage interest rates today are showing signs of easing, offering a small window of opportunity for prospective homebuyers and refinancers. As of April 28, 2025, national average rates for fixed-term mortgages have dipped slightly, continuing a short-term downward trend amid ongoing market volatility.
According to the latest data from Zillow, the average 30-year fixed mortgage rate has dropped to 6.71%, down nine basis points from the previous day. The 20-year fixed rate is now 6.39%, while the 15-year fixed rate has settled at 6.00%, making shorter-term loans more appealing for borrowers focused on long-term savings.
Meanwhile, adjustable-rate mortgages (ARMs) remain elevated. The 5/1 ARM stands at 7.30%, and the 7/1 ARM is at 7.31%, both still significantly higher than their fixed-rate counterparts. VA loan options offer slightly more favorable terms, with the 30-year VA mortgage at 6.23% and the 15-year VA at 5.73%.
Refinance Rates Hold Steady, Slightly Higher Than Purchase Rates
Refinance rates are mirroring trends in the purchase market but remain slightly elevated, a typical pattern due to lender risk premiums. Today’s 30-year refinance rate is 6.72%, while the 15-year refinance rate is 6.10%. Borrowers with existing home loans should assess potential savings carefully, especially if they secured their original mortgage at a higher rate.
Should You Lock In a Rate Now?
Given the unpredictable nature of the current mortgage environment, locking in today’s rate could be a strategic move — particularly for buyers nearing the closing stage. Many lenders now offer “rate float-down” options, allowing borrowers to benefit from falling rates even after locking in a deal. This feature is especially valuable during times of market uncertainty.
Will Rates Drop Further?
Despite recent declines, experts warn against expecting substantial drops in 2025. Although the Federal Reserve implemented rate cuts in late 2024, inflation pressures and geopolitical factors — such as ongoing tariff policies — continue to exert upward pressure on borrowing costs.
“Rates have declined from their 2024 highs, but with inflation remaining sticky and bond yields elevated, we’re not likely to see rates dip dramatically this year,” says an industry analyst.
Fixed vs. Adjustable
While ARMs often offer lower introductory rates, they currently remain less attractive than fixed-rate loans. For example, a 30-year fixed mortgage at 6.71% on a $300,000 loan results in a monthly principal and interest payment of approximately $1,938. Over the life of the loan, total interest paid would reach about $397,617.
By comparison, a 15-year fixed mortgage at 6.00% raises monthly payments to around $2,532, but significantly reduces lifetime interest to $155,683 — a savings of over $240,000.
How to Secure the Best Rate
To qualify for the most competitive rates, borrowers should focus on strengthening their credit profiles, increasing their down payments, and lowering their debt-to-income ratios. Buyers can also explore buydown options at closing, though it’s crucial to weigh the up-front cost against long-term savings.
While today’s mortgage rates are lower than last week’s highs, they remain historically elevated. If you’re in the market to buy or refinance, now may be a good time to act — especially if your lender offers a float-down feature. Keep an eye on the bond market, inflation reports, and Fed signals for hints about where rates may head next.