Mortgage Rates This Week – April 24, 2025

Mortgage rates are up slightly this week. Rates shot sharply higher on Monday following the Trump Administration’s comments that they were looking into whether or not the President could fire Fed Chair Powell. Rates have improved since then, moving close to Friday’s levels after Trump said he does not intend to fire Powell, along with signs of a weakening economy. The 30-year fixed rate currently sits at 6.000%, 6.263% APR with points, and 6.750%, 6.787% APR with 0 points for borrowers with excellent credit and 25% down on a Single-Family Primary Residence.

Today’s move lower in rates was the first time in a long time that the market reacted to economic data instead of political headlines or rumors. Despite the robust headline number of Durable Goods Orders rising 9.2% in March, Core Durable Goods were reported at just 0.1%, which was below expectations. Core Shipments, which are part of the GDP calculation, came in at a disappointing 0.9%, which could cause further downward revisions to Q1 GDP expectations, which are already very low. The headline jump of 9.2% was widely dismissed as orders jumped to beat the implementation of tariffs.

Unfortunately, leading up to today, almost all market activity has been focused on tariff talk and political headlines. The on-again, off-again of tariffs and political posturing on potential trade deals will continue to dominate the markets, likely for weeks or months to come. How this will impact rates is difficult to predict, as no one knows with certainty how the tariffs will affect the economy overall. Will price increases lead to a big enough economic slowdown that rates will move lower, or will businesses and consumers absorb the increases in stride, resulting in spiking inflation and likely higher rates? Unfortunately, any prediction today would be obsolete in days or hours as new headlines emerge in these volatile times.

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Despite the global political chaos, we still have to pay attention to economic data, and next week is jobs week. ADP will be released on Wednesday, and the big monthly BLS Non-Farm Payroll Report will come out on Friday. Whether or not these reports start to show a slowdown in the resilient job market will be interesting and could quickly shift rate expectations for both the Fed and mortgage rates if the employment picture is worse than expected. Currently, the Fed seems focused on jobs as they have not become more accommodative over the past couple of years, as inflation has slowed. With a dual mandate to fight inflation and keep healthy employment levels, they will be in a challenging position if the jobs market starts to crack, and the impact of tariffs on inflation is still unknown.

Earlier in the month, the Producer Price Index (PPI), which measures wholesale inflation, dropped in March and was reported at -0.4%. Producer prices rose to 2.7% from 3.2% year over year, well below expectations. The core rate, which strips out food and energy prices, was -0.1%, much lower than expected. The annual rate was 3.3%, which was also cooler than expected. Overall, this report would generally cause rates to move lower; however, tariff talk is dictating the market more than economic data.

The Consumer Price Index (CPI) showed inflation rising 0.1% for the month and decreasing from 2.8% to 2.4% year-over-year, below estimates. The core reading, which removes volatile food and energy costs, increased 0.1% in March and decreased from 3.1% to 2.8% annually.

As expected, purchase demand has spiked with the start of the spring buying season. Even with inventory improving, we’re again seeing competitive bidding wars on high-demand homes. Clients who choose to get a fully underwritten preapproval are seeing more success getting offers accepted.

To find the most affordable rate, compare different lenders and collaborate with a company that offers transparent mortgage rates and costs online. Experienced Mortgage Advisors and Loan Officers can guide you through the current market conditions and chart the most effective course forward.

Current Mortgage Rates This Week for WA, OR, ID, CA, and CO From Sammamish Mortgage
04/24/2025

**Conforming assumptions – $800k Purchase Price, 25% Down, 800+ Credit
**Jumbo assumptions – $1.5MM Purchase Price, 25% Down, 800+ Credit

Washington State mortgage rates

Loan Programs Rate APR
Conforming 30-year fixed 6.000% 6.263%
Conforming 15-year fixed 5.125% 5.542%
Conforming 7/1 ARM 5.750% 6.651%
Jumbo 30 year fixed 6.125% 6.394%

Mortgage rates In Oregon

Loan Programs Rate APR
Conforming 30-year fixed 6.000% 6.259%
Conforming 15-year fixed 5.125% 5.546%
Conforming 7/1 ARM 5.750% 6.652%
Jumbo 30 year fixed 6.125% 6.394%

Mortgage rates in Idaho

Loan Programs Rate APR
Conforming 30-year fixed 6.000% 6.265%
Conforming 15-year fixed 5.125% 5.552%
Conforming 7/1 ARM 5.750% 6.651%
Jumbo 30 year fixed 6.125% 6.394%

Mortgage Rates for Colorado

Loan Programs Rate APR
Conforming 30-year fixed 6.000% 6.264%
Conforming 15-year fixed 5.125% 5.550%
Conforming 7/1 ARM 5.750% 6.653%
Jumbo 30 year fixed 6.125% 6.394%

California Mortgage Rates

Loan Programs Rate APR
Conforming 30-year fixed 6.000% 6.270%
Conforming 15-year fixed 5.125% 5.542%
Conforming 7/1 ARM 5.750% 6.653%
Jumbo 30 year fixed 6.125% 6.394%

National Average Mortgage Rates:

Loan ProgramsRate
30-year fixed mortgage rate5.79%
20-year fixed mortgage rate5.62%
15-year fixed mortgage rate5.10%
10-year fixed mortgage rate5.12%
30-year jumbo mortgage rate6.20%
5/1 adjustable mortgage rate5.92%

(State-specific rates sourced from Sammamish Mortgage – National Average rates sourced from Zillow)

Consumer Price Index, Consumer Sentiment & Inflation

Without a doubt, the biggest driver of interest rates is inflation. With that in mind, we continue to focus on inflation data and expectations going forward to gauge what we can expect to see interest rates in the coming months. Current inflation is running well above the Fed’s annual target of 2%, pushing the Fed’s hand to raise short-term rates to slow things down. While current numbers remain elevated, we expect a significant reduction in the inflation readings in the coming months as various factors moderate the pace of inflation.

Consumer Price Index (CPI) March = 0.1% – Annual = 2.4%  

Producer Price Index (PPI) February = -0.4% – Annual = 2.7%

Personal Consumption Expenditures (PCE) February = 0.3% – Annual = 2.5% 

Overall, it is difficult to predict what will happen with mortgage rates in the near term. With global economic turmoil, banking issues, inflation, and thus far a far more resilient economy than many expected, trying to predict rates from one day to the next to time a rate lock is almost impossible or at least requires luck. However, looking at a longer time horizon, it’s much easier to see that there is an excellent chance we could see rates move lower from current levels, providing an opportunity for recent and existing buyers to potentially refinance in the future.

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What the Fed rate hike means for borrowers, savers, and investors

When the Federal Reserve raises interest rates, it affects various aspects of the economy, including the housing market, savings, and investment.

For potential homebuyers, a Fed rate hike typically leads to an increase in mortgage rates in the early stages of a tightening cycle; however, if the market thinks the Fed rate increases will hurt the economy and cause inflation to decrease, mortgage rates can improve when the Fed raises the Fed Funds Rate. It’s important to note that the Fed does not control mortgage rates. Fed rate increases do directly impact credit card rates, car loans, and commercial loans, which are shorter in duration than a typical 30-year fixed mortgage.

For savers, a Fed rate hike may lead to higher returns on savings accounts and certificates of deposit (CDs). In addition, banks and other financial institutions may increase the interest rates they pay to savers to remain competitive, which can benefit savers looking to earn more on their savings.

A Fed rate hike may impact the stock and bond markets for investors. Typically, when interest rates rise, the value of stocks and bonds can fall as investors may shift their money to fixed-income investments with higher returns. However, the impact of a rate hike on the markets can be complex and depends on various factors, such as the overall state of the economy, inflation expectations, and global events.

FOMC Meeting DateRate Change (bps)Federal Funds Rate
January 29, 2025-254.00% to 4.25%
December 18, 2024-254.25% to 4.50%
November 7, 2024-254.50% to 4.75%
September 18, 2024-504.75% to 5.00%
July 26, 2023+255.25% to 5.50%
May 03, 2023+255.00% to 5.25%
March 22, 2023+254.75% to 5.0%
February 2, 2023+254.50% to 4.75%
December 14, 2022+505.0% to 5.25%
November 2, 2022+754.5% to 4.75%
October 12, 2022+753.75% to 4.00%
Sept 21, 2022+753.00% to 3.25%
July 27, 2022+752.25% to 2.5%
June 16, 2022+751.5% to 1.75%
May 5, 2022+500.75% to 1.00%
March 17, 2022+250.25% to 0.50%

Loan Limits Increased For 2025

Loan limits have increased for 2025. Each county in every state has its loan limit. That said, the new standard conforming loan limit is $806,500, and high balance limits in select high-priced areas can go up as high as $1,037,300 for 1-unit properties in 2024.

Visit our 2025 conforming loan limit pages for Washington State, Oregon, Idaho, California,, and Colorado.

For FHA loan limits for 2025, visit our pages for Washington State, Idaho, Colorado, California and Oregon.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

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Ready to Apply For a Mortgage?

Do you have questions about rates this week and home loans? Or are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, Colorado & California. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Our programs include the Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Contact us today with any questions you have about mortgages.

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