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Economic uncertainty rattled mortgage rates this week—and the widely reported average rates for the week may not show the full picture, economists say. The 30-year fixed-rate mortgage averaged 6.62%, down slightly from last week’s 6.64% average, Freddie Mac reported Thursday. But some lenders showed much higher rates by the end of the week, near or even slightly above 7% averages.
“The 30-year fixed-rate mortgage has been on a roller coaster ride this week, and the weekly average is below today’s mortgage rate quotes,” says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “The bond market is reacting in real time to real-time decisions.”
Economic Uncertainty Brews
This week had it all: global tariff spats, stock market volatility, and news on Thursday of slightly easing inflation. The Consumer Price Index fell to 2.4% in March—the lowest level since September.
“There’s so much uncertainty and so much disruption; things can quickly change,” Lawrence Yun, NAR’s chief economist, said at a session on Wednesday at the 2025 REALTOR® Broker Summit in Louisville.
Market volatility may be taking its toll, the Mortgage News Daily posted in an analysis at its site on Wednesday. “It results in lenders being unable to perfectly keep pace with the underlying bond market,” the analysis says. “The more volatile the trading, the more it costs a mortgage lender to be able to offer any given rate.” The Mortgage News Daily rate index showed 30-year rates averaging 6.92% by mid-Wednesday.
A Mixed Picture
Some home shoppers jumped to lock in the lower rates offered last week and earlier this week, Lautz says. That helped fuel an uptick in mortgage applications for home purchases—a gauge of future homebuying activity. Applications climbed 9% week-over-week and 24% year-over-year, the Mortgage Bankers Association reported on Wednesday the highest level in purchase demand since January 2024, a budding sign of hope for the housing market this spring.
With a fluctuating outlook, home buyers who are ready to buy and on solid financial footing should “stay in close contact to find the perfect home and lock in the lowest rate amid daily changes,” Lautz advises.
Lower mortgage rates will be key to getting the housing market moving, Yun said in his economic update at the REALTOR® Broker Summit. The U.S. population has grown by 80 million over the last 30 years, yet home sales were at 30-year lows in 2024. “Once conditions improve for mortgage rates and inventory,” pent-up demand will be unleashed in home sales, he said.
Mortgage Rate Averages This Week
At this week’s 30-year fixed-rate mortgage average of 6.62%, home buyers paying 20% down would face a monthly mortgage payment of $2,048 on a home priced at $400,000. With a 10% down payment, their monthly payment would be $2,304, Lautz says.
Here’s a closer look at how mortgage rates fared for the week ending April 10:
- 30-year fixed-rate mortgages: averaged 6.62%, dropping from last week’s 6.64% average. A year ago, 30-year rates averaged 6.88%.
- 15-year fixed-rate mortgages: averaged 5.82%, unchanged compared to last week’s average. A year earlier, 15-year rates averaged 6.16%.
