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Home » News » Mortgage rates today: April 23, 2025 – Is now the right time to buy or refinance?​

Mortgage rates today: April 23, 2025 – Is now the right time to buy or refinance?​

  • / Updated:
  • Digital Team 

Mortgage rates remain elevated this week, with the national average for a 30-year fixed loan nearing 7%. As homebuyers navigate a competitive spring market, understanding current rates is crucial for making informed decisions.​

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Current mortgage rates

As of April 23, 2025, the average 30-year fixed mortgage rate stands at 6.95%, according to Bankrate. This is slightly below the 7.03% reported by Investopedia earlier this week. Freddie Mac’s weekly survey places the rate at 6.83%, reflecting a modest increase from the previous week.​

For 15-year fixed mortgages, rates average 6.13%, while 5/1 adjustable-rate mortgages (ARMs) are at 5.95%.​

Should you buy or refinance now?

With rates hovering near 7%, affordability remains a concern for many potential buyers. However, experts suggest that rates may not decrease significantly in the near future. The National Association of Realtors forecasts average 30-year rates around 6.0% for 2025, while Wells Fargo projects rates to remain near 6.9% into 2026.​

Buying: If you’re financially prepared and find a suitable property, acting now could be advantageous, especially if home prices continue to rise.​

Refinancing: Homeowners with existing rates above 7% might benefit from refinancing, but those with lower rates may find limited savings.​

Tips for navigating the current market

  • Shop around: Compare offers from multiple lenders to secure the best rate.
  • Improve your credit: A higher credit score can lead to better loan terms.
  • Consider loan types: Evaluate whether a fixed-rate or adjustable-rate mortgage suits your financial situation.
  • Lock in rates: If you find a favorable rate, consider locking it in to protect against future increases.​

While mortgage rates remain high, understanding the market and preparing accordingly can help you make the best decision for your financial future.​

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