Mortgage Refinance Rates Swing 6.83% to 6.97% Amid Market Volatility

Mortgage refinance rates have experienced notable volatility in recent days, with the average 30-year fixed refinance rate showing significant changes. On April 28, 2025, the average 30-year fixed refinance rate was 6.83%, marking an increase of 683 basis points from the previous week. This trend continued into April 29, 2025, when the rate dropped to 6.86%. However, by April 30, 2025, the rate had risen slightly to 6.97%.

The fluctuations in refinance rates mirror broader market trends, with mortgage rates experiencing a roller coaster ride throughout April. On April 24, 2025, the average rate for a 30-year fixed-rate mortgage had decreased to 6.81%, a slight decline of 0.02 percentage points from the previous week. This downward trend was short-lived, as rates began to rise again in the following days. By April 29, 2025, the 30-year fixed-rate mortgage averaged 6.911%, with rates on almost all other loan types also experiencing slight increases.

The recent volatility in mortgage rates can be attributed to several factors, including economic uncertainty and the impact of reciprocal tariffs on imported goods. These tariffs, implemented at the beginning of April, have led to market volatility, making it difficult to forecast future rate movements. According to Lisa Sturtevant, chief economist at Bright MLS, mortgage rates are likely to continue fluctuating in the coming months, with rates ranging in the mid-6% range at least into the summer.

For homeowners considering a refinance, it is crucial to weigh the pros and cons carefully. Refinance rates tend to be higher than purchase rates, and the decision to refinance should be based on individual financial circumstances and long-term goals. Factors such as loan term, loan type, and economic conditions can all impact the cost of refinancing and the size of monthly payments.

In summary, mortgage refinance rates have seen significant fluctuations in recent days, with the average 30-year fixed refinance rate experiencing both increases and decreases. The volatility in rates reflects broader market trends and economic uncertainty, making it essential for homeowners to stay informed and consider their individual financial circumstances when deciding whether to refinance.