Mortgage Rates Decline 20 Basis Points, Easing Homebuying Costs

On April 8, 2025, the average refinance rate for a 30-year, fixed-rate home loan was reported at 6.76%. This figure represents a slight decrease from the previous week, signaling a minor easing in the mortgage market. Concurrently, the average interest rate for a 30-year, fixed-rate conforming mortgage loan in the U.S. was noted at 6.481%, indicating a similar trend of stabilization following recent market fluctuations.

Over the weekend, home loan rates experienced a notable decline, with a decrease of 20 basis points from the previous week. This downward trend was observed in both purchase and refinance rates. Specifically, the average rate for a 30-year fixed mortgage for purchase stood at 6.66%, while the refinance rate was at 6.76%. This represents a decline of 9 basis points for purchase and 6 basis points for refinance from the previous rates.

The decline in mortgage rates was particularly pronounced for 30-year new purchase mortgages, which fell by 5 basis points on Friday. This new average rate of 6.70% marks a decrease of 15 basis points over just over a week, suggesting a more favorable environment for homebuyers. At the current interest rate of 6.51%, homebuyers will pay $632 per month in principal and interest for every $100,000 borrowed, excluding taxes and fees.

The overall trend indicates a stabilization in mortgage rates, with a slight downward trajectory observed in recent days. This stabilization is likely to provide some relief to potential homebuyers and those looking to refinance their existing mortgages. The decrease in rates, although modest, is a positive sign for the housing market, as it makes homeownership more accessible and affordable for a broader range of individuals.