According to the latest Primary Mortgage Market Survey from Freddie Mac, the average rate for a 30-year fixed-rate mortgage in the U.S. currently stands at 6.64% as of April 3, 2025.
“Over the past month, the 30-year fixed-rate has remained relatively stable, with only minor fluctuations. This consistency is encouraging, and we’re seeing a corresponding increase in purchase application activity — the fastest growth rate since late last year,” said Sam Khater, Chief Economist at Freddie Mac.
Freddie Mac Mortgage Highlights:
The 30-year fixed-rate mortgage (FRM) averaged 6.64% as of April 3, 2025, a slight decrease from 6.65% the previous week. One year ago, the rate was 6.82%.
The 15-year FRM averaged 5.82%, down from 5.89% last week. At this time last year, it was 6.06%.
Tariff Tensions and Mortgage Rate Impacts
The recent dip in mortgage rates follows President Donald Trump’s announcement of a proposed 10% tariff on imports, which has unsettled markets and raised concerns about economic stability. When tariffs are introduced, they can disrupt supply chains, increase costs, and spark fears of a slowdown — factors that often drive investors toward safer assets like U.S. Treasury bonds.
This shift pushed down the yield on the 10-year Treasury note, a benchmark closely tied to mortgage rates, resulting in the recent decline in borrowing costs.
However, there’s a dual concern: while mortgage rates may temporarily drop, tariffs could also trigger a rise in inflation. If inflation climbs, it could offset the benefits of lower rates, complicating affordability for buyers and long-term planning for investors.
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