Mortgage Rates Fall to 6.71% Amid Economic Concerns

Mortgage rates have slightly decreased as of April 28, 2025, with the 30-year fixed rate averaging around 6.71%, providing a modest opportunity for both homebuyers and those looking to refinance. This dip continues a short-term downward trend, although volatility remains due to ongoing inflation, global trade tensions, and market uncertainty. While fixed rates have become more attractive, adjustable-rate mortgages remain notably higher, and refinance rates are still slightly above purchase rates, reflecting typical lender risk premiums. Experts caution that, despite recent declines, significant further drops in mortgage rates are unlikely for the rest of 2025, as inflationary and geopolitical pressures persist. Homebuyers are advised to consider locking in current rates, possibly with float-down options, to mitigate risks posed by continued volatility. Persistently high home prices and limited inventory may still challenge affordability, even as lower rates tempt some buyers back into the market.