Key Takeaways
- For a second week in a row, mortgage rates have eased lower. That’s welcome news after the massive surge earlier this month, triggered by President Trump’s various tariff announcements.
- Rates on new 30-year fixed-rate loans have dropped 22 points over two weeks, dipping further below the 7% mark at 6.92%.
- 15-year rates have fallen further, subtracting 31 basis points over the two past weeks to register a 6.00% average by Friday.
- Jumbo 30-year rates also saw a two-week drop, subtracting 24 basis points to a Friday reading of 6.91%.
- On a new loan of $350,000 with a 30-year term, today’s rates translate into a monthly payment of $2,310—$52 cheaper than two weeks ago.
- See our tables below for other loan types and amounts.
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Mortgage Rates Retreat From a Major Surge
Mortgage rates have not been spared from the market chaos triggered by President Trump’s on-again, off-again tariff announcements. Though an initial stock market sell-off prompted a drop in 10-year Treasury yields, which in turn pushed mortgage rates lower, that trend reversed after just two days. Bond yields then soared, confounding many experts—and unsurprisingly shooting mortgage rates higher.
But the roller coaster continues, as the 30-year mortgage rate average changed direction again two Fridays ago—and continued its decline this past week. You can see the two-week change for each new purchase loan average below, followed by a deeper dive into 30-year, 15-year, and jumbo 30-year fixed-rate loans.
| Mortgage Type | Apr 11 averages | Apr 25 averages | 1-week change |
|---|---|---|---|
| 30-Year Fixed | 7.14% | 6.92% | – 0.22 |
| FHA 30-Year Fixed | 7.04% | 7.37% | No change |
| VA 30-Year Fixed | 6.81% | 6.51% | – 0.30 |
| 20-Year Fixed | 7.09% | 6.66% | – 0.43 |
| 15-Year Fixed | 6.31% | 6.00% | – 0.31 |
| FHA 15-Year Fixed | 6.32% | 6.82% | No change |
| 10-Year Fixed | 6.69% | 5.81% | – 0.88 |
| 7/6 ARM | 7.34% | 7.41% | + 0.07 |
| 5/6 ARM | 7.22% | 7.40% | + 0.18 |
| Jumbo 30-Year Fixed | 7.15% | 6.91% | – 0.24 |
| Jumbo 15-Year Fixed | 7.07% | 6.85% | – 0.22 |
| Jumbo 7/6 ARM | 7.59% | 7.21% | – 0.38 |
| Jumbo 5/6 ARM | 7.77% | 7.48% | – 0.29 |
30-Year Mortgage Rates Continue to Drop
Rates on 30-year new purchase loans have given up 22 basis points over the last two calendar weeks. That lowers the flagship average to 6.92%—a notable improvement vs. the 7.14% average registered on April 11. Leading up to that reading, 30-year rates surged a remarkable 44 basis points, for their biggest Friday-to-Friday gain since June 2022 and their most expensive average in almost 11 months.
Things were much better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). So far this year, the lowest weekly reading has been 6.55%.
15-Year Mortgage Rates See Strong Decline
Rates on 15-year new purchase loans have declined even more dramatically in the past two weeks, subtracting a bold 31 basis points to average 6.00%. Still, the current reading is about a percentage point above the two-year low of 4.97% registered in September.
Jumbo 30-Year Give Up More Ground
Rates on jumbo 30-year new purchase loans fell 24 basis points across two weeks, landing Friday at a 6.91% average. That’s compared to a 2025 high of 7.15%. In contrast, September rates on new 30-year jumbo loans sank as far as 6.24%, with the lowest weekly average registering at 6.39%.
What’s a jumbo loan?
A jumbo mortgage is one that exceeds the maximum loan limits for Fannie Mae and Freddie Mac conforming loans—$806,500 for single-family homes in most parts of the U.S. in 2025, but up to $1,209,750 in certain more expensive areas.
Here’s How Much Monthly Payments Are Now
To see how much this week’s rate increases would impact monthly payments for new borrowers, our tables below lay out the principal-plus-interest payment for various loan amounts with a 30-year, 15-year, or jumbo 30-year fixed-rate new purchase mortgage.
| 30-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 7.14% | $1,687 | $2,362 | $3,036 | $3,711 | $4,386 |
| Fri, Apr. 25 | 6.92% | $1,650 | $2,310 | $2,970 | $3,630 | $4,290 |
| 2-week decline | – 0.22 | – $37 | – $52 | – $66 | – $81 | – $96 |
| 15-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $250,000 | $350,000 | $450,000 | $550,000 | $650,000 | |
| Fri, Apr. 11 | 6.31% | $2,152 | $3,012 | $3,873 | $4,734 | $5,595 |
| Fri, Apr. 25 | 6.00% | $2,110 | $2,953 | $3,797 | $4,641 | $5,485 |
| 2-week decline | – 0.31 | – $42 | – $59 | – $76 | – $93 | – $110 |
By definition, jumbo 30-year mortgages are larger loans. So below we’ve run our calculations on loan amounts of $800,000 to $1.2 million.
| Jumbo 30-Year Loan Monthly Mortgage Payments | ||||||
|---|---|---|---|---|---|---|
| National average rate | $800,000 | $900,000 | $1,000,000 | $1,100,000 | $1,200,000 | |
| Fri, Apr. 11 | 7.15% | $5,403 | $6,079 | $6,754 | $7,429 | $8,105 |
| Fri, Apr. 25 | 6.91% | $5,274 | $5,933 | $6,593 | $7,252 | $7,911 |
| 2-week decline | – 0.24 | – $129 | – $146 | – $161 | – $177 | – $194 |
How We Track Mortgage Rates
The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect when receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2025. Use is subject to the Zillow Terms of Use.
