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Today’s 15-year mortgage rates hold steady while 30-year rates rise | April 17, 2024

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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Mortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate. (iStock)

The interest rate on a 30-year fixed-rate mortgage is 7.625% as of April 17, which is 0.125 percentage points higher than yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 6.625%, which is unchanged from yesterday.

With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s also important to compare different lenders’ current interest rates, terms, and fees to ensure you get the best deal. 

Rates last updated on April 17, 2024. Rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

How do mortgage rates work?

When you take out a mortgage loan to purchase a home, you’re borrowing money from a lender. In order for that lender to make a profit and reduce risk to itself, it will charge interest on the principal — that is, the amount you borrowed.

Expressed as a percentage, a mortgage interest rate is essentially the cost of borrowing money. It can vary based on several factors, such as your credit score, debt-to-income ratio (DTI), down payment, loan amount, and repayment term.

After getting a mortgage, you’ll typically receive an amortization schedule, which shows your payment schedule over the life of the loan. It also indicates how much of each payment goes toward the principal balance versus the interest.

Near the beginning of the loan term, you’ll spend more money on interest and less on the principal balance. As you approach the end of the repayment term, you’ll pay more toward the principal and less toward interest.

Your mortgage interest rate can be either fixed or adjustable. With a fixed-rate mortgage, the rate will be consistent for the duration of the loan. With an adjustable-rate mortgage (ARM), the interest rate can fluctuate with the market.

Keep in mind that a mortgage’s interest rate is not the same as its annual percentage rate (APR). This is because an APR includes both the interest rate and any other lender fees or charges.

Mortgage rates change frequently — sometimes on a daily basis. Inflation plays a significant role in these fluctuations. Interest rates tend to rise in periods of high inflation, whereas they tend to drop or remain roughly the same in times of low inflation. Other factors, like the economic climate, demand, and inventory can also impact the current average mortgage rates.

To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. You can also use Credible’s mortgage calculator to estimate your monthly mortgage payments.

What determines the mortgage rate?

Mortgage lenders typically determine the interest rate on a case-by-case basis. Generally, they reserve the lowest rates for low-risk borrowers — that is, those with a higher credit score, income, and down payment amount. Here are some other personal factors that may determine your mortgage rate:

  • Location of the home
  • Price of the home
  • Your credit score and credit history
  • Loan term
  • Loan type (e.g., conventional or FHA)
  • Interest rate type (fixed or adjustable)
  • Down payment amount
  • Loan-to-value (LTV) ratio
  • DTI

Other indirect factors that may determine the mortgage rate include:

  • Current economic conditions
  • Rate of inflation
  • Market conditions
  • Housing construction supply, demand, and costs
  • Consumer spending
  • Stock market
  • 10-year Treasury yields
  • Federal Reserve policies
  • Current employment rate

How to compare mortgage rates

Along with certain economic and personal factors, the lender you choose can also affect your mortgage rate. Some lenders have higher average mortgage rates than others, regardless of your credit or financial situation. That’s why it’s important to compare lenders and loan offers.

Here are some of the best ways to compare mortgage rates and ensure you get the best one:

One other way to compare mortgage rates is with a mortgage calculator. Use a calculator to determine your monthly payment amount and the total cost of the loan. Just remember, certain fees like homeowners insurance or taxes might not be included in the calculations.

Here’s a simple example of what a 15-year fixed-rate mortgage might look like versus a 30-year fixed-rate mortgage:

15-year fixed-rate

  • Loan amount: $300,000
  • Interest rate: 6.29%
  • Monthly payment: $2,579
  • Total interest charges: $164,186
  • Total loan amount: $464,186

30-year fixed-rate

  • Loan amount: $300,000
  • Interest rate: 6.89%
  • Monthly payment: $1,974
  • Total interest charges: $410,566
  • Total loan amount: $710,565

Pros and cons of mortgages

If you’re thinking about taking out a mortgage, here are some benefits to consider:

And here are some of the biggest downsides of getting a mortgage:

  • Expensive fees and interest: You could end up paying thousands of dollars in interest and other fees over the life of the loan. You will also be responsible for maintenance, property taxes, and homeowners insurance.
  • Long-term debt: Taking out a mortgage is a major financial commitment. Typical loan terms are 10, 15, 20, and 30 years.
  • Potential rate changes: If you get an adjustable rate, the interest rate could increase.

How to qualify for a mortgage

Requirements vary by lender, but here are the typical steps to qualify for a mortgage:

  1. Have steady employment and income: You’ll need to provide proof of income when applying for a home loan. This may include money from your regular job, alimony, military benefits, commissions, or Social Security payments. You may also need to provide proof of at least two years’ worth of employment at your current company.
  2. Review any assets: Lenders consider your assets when deciding whether to lend you money. Common assets include money in your bank account or investment accounts.
  3. Know your DTI: Your DTI is the percentage of your gross monthly income that goes toward your monthly debts — like installment loans, lines of credit, or rent. The lower your DTI, the better your approval odds.
  4. Check your credit score: To get the best mortgage rate possible, you’ll need to have good credit. However, each loan type has a different credit score requirement. For example, you’ll need a credit score of 580 or higher to qualify for an FHA loan with a 3.5% down payment.
  5. Know the property type: During the loan application process, you may need to specify whether the home you want to buy is your primary residence. Lenders often view a primary residence as less risky, so they may have more lenient requirements than if you were to get a secondary or investment property.
  6. Choose the loan type: Many types of mortgage loans exist, including conventional loans, VA loans, USDA loans, FHA loans, and jumbo loans. Consider your options and pick the best one for your needs.
  7. Prepare for upfront and closing costs: Depending on the loan type, you may need to make a down payment. The exact amount depends on the loan type and lender. A USDA loan, for example, has no minimum down payment requirement for eligible buyers. With a conventional loan, you’ll need to put down 20% to avoid private mortgage insurance (PMI). You may also be responsible for paying any closing costs when signing for the loan.

How to apply for a mortgage

Here are the basic steps to apply for a mortgage, and what you can typically expect during the process:

  1. Choose a lender: Compare several lenders to see the types of loans they offer, their average mortgage rates, repayment terms, and fees. Also, check if they offer any down payment assistance programs or closing cost credits.
  2. Get pre-approved: Complete the pre-approval process to boost your chances of getting your dream home. You’ll need identifying documents, as well as documents verifying your employment, income, assets, and debts.
  3. Submit a formal application: Complete your chosen lender’s application process — either in person or online — and upload any required documents.
  4. Wait for the lender to process your loan: It can take some time for the lender to review your application and make a decision. In some cases, they may request additional information about your finances, assets, or liabilities. Provide this information as soon as possible to prevent delays.
  5. Complete the closing process: If approved for a loan, you’ll receive a closing disclosure with information about the loan and any closing costs. Review it, pay the down payment and closing costs, and sign the final loan documents. Some lenders have an online closing process, while others require you to go in person. If you are not approved, you can talk to your lender to get more information and determine how you can remedy any issues.

How to refinance a mortgage

Refinancing your mortgage lets you trade your current loan for a new one. It does not mean taking out a second loan. You will also still be responsible for making payments on the refinanced loan.

You might want to refinance your mortgage if you:

  • Want a lower interest rate or different rate type
  • Are looking for a shorter repayment term so you can pay off the loan sooner
  • Need a smaller monthly payment
  • Want to remove the PMI from your loan
  • Need to use the equity for things like home improvement or debt consolidation (cash-out refinancing)

The refinancing process is similar to the process you follow for the original loan. Here are the basic steps:

  • Choose the type of refinancing you want.
  • Compare lenders for the best rates.
  • Complete the application process.
  • Wait for the lender to review your application.
  • Provide supporting documentation (if requested).
  • Complete the home appraisal.
  • Proceed to closing, review the loan documents, and pay any closing costs.

How to access your home’s equity 

If you need to tap into your home’s equity to pay off debt, fund a renovation, or cover an emergency expense, there are two popular options to choose from: a home equity loan and a home equity line of credit (HELOC). Both a home equity loan and a HELOC allow you to borrow against your home’s equity but a home equity loan comes in the form of a lump sum payment and a HELOC is a revolving line of credit.

These two loan types have some other key similarities and differences in how they work:

  Home equity loan Home equity line of credit (HELOC)
Interest rate Fixed Variable
Monthly payment amount Fixed Variable
Closing costs and fees Yes  Yes, might be lower than other loan types 
Repayment period Typically 5-30 years Typically 10-20 years

FAQ

What is a rate lock?

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.

What are mortgage points?

Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments. 

What are closing costs?

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.

If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

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Powell may have a hard time avoiding Trump’s ‘Too Late’ label even as Fed chief does the right thing

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U.S. Federal Reserve Chair Jerome Powell speaks during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, D.C., U.S., May 7, 2025.

Kevin Lamarque | Reuters

History suggests that President Donald Trump’s new “Too Late” nickname for Federal Reserve Chair Jerome Powell has a strong chance of coming true, though he’d hardly be alone if it does.

After all, central bank leaders have a long history of being too reluctant to raise or lower interest rates.

Whether it was Arthur Burns keeping rates too low in the face of the stagflation threat during the 1970s, Alan Greenspan not responding quickly enough to the dotcom bubble in the ’90s, or Ben Bernanke’s dismissal of the subprime housing prices as “contained” and not lowering rates prior to the 2008 financial crisis, Fed leaders have long been criticized as slow to act absent compelling data showing them something needs to be done.

So some economists think Powell, faced with a unique set of challenges to the Fed’s twin goals of full employment and low inflation, has a strong chance of wearing the “Too Late” label.

In fact, many of them think nothing is exactly what Powell should do now.

“Historically, go back and look at any Federal Reserve, and I’m going back into the ’70s, the Fed is always late both ways,” said Dan North, senior economist at Allianz Trade North America. “They tend to wait. They want to wait to make sure that they won’t make a mistake, and by the time they do that, usually it is too late. The economy is almost always in recession.”

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However, he said that given the volatile policy mix, with Trump’s tariffs threatening both growth and inflation, Powell has little choice but to sit tight absent more clarity.

Powell is in a no-win situation, with threats to both sides of the Fed mandate, “and that’s why he’s doing the exact right thing at this moment, which is nothing, because one way or another it’s going to be a mistake,” North said.

Trump wants a cut

Though Trump said the economy probably will be fine no matter what the Fed does, he has been badgering the central bank lately to cut rates, insisting that inflation has been slayed.

In a Truth Social post after the Fed decision this week to keep rates unchanged, Trump declared that “Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue.” The president declared there is “virtually NO INFLATION,” something that was true for March at least when the Fed’s preferred inflation gauge came in unchanged for the month.

However, the president’s tariffs have yet to be felt in the real economy, as they are barely a month old.

Recent economic data do not indicate price spikes nor a perceptible slowdown in economic activity. However, surveys are showing heightened worries in both the manufacturing and service sectors, while consumer sentiment has soured, and nearly 90% of S&P 500 companies mentioned tariff concerns on their quarterly earnings calls.

At this week’s post-meeting news conference, though, Powell repeatedly voiced confidence in what he called a “solid” economy and a labor market “consistent with maximum employment.”

No ‘pre-emptive’ cuts

The 72-year-old Fed chair also dismissed any idea of a pre-emptive rate cut, despite what sentiment survey data is indicating about current conditions.

“Powell offered two reasons for not being in a hurry. The first – ‘no real cost to waiting’ – is one he may live to regret,” Krishna Guha, head of global policy and central bank strategy at Evercore ISI, said in a client note. “The second – ‘we are not sure what the right thing will be’ – makes more sense.”

Powell has his own particular history of being late, with the Fed reluctant to hike when inflation began spiking in 2021. He and his colleagues labeled that episode “transitory,” a call that came back to haunt them when they had to institute a series of historically aggressive hikes that still have not brought inflation back to the central bank’s 2% target.

“If they’re waiting for the labor market to confirm whether they should cut rates, by definition they’re too late,” said Joseph LaVorgna, chief economist at SMBC Nikko Securities and a senior economic advisor to Trump in his first term. “I don’t think the Fed is being forward-looking enough.”

Indeed, if the Fed is using the labor market as a guide, it almost certainly will be behind the curve. An old adage on Wall Street says, “the labor market is the last to know” when a recession is coming, and history has been fairly consistent that job losses generally don’t start until after a downturn has begun.

LaVorgna thinks the Fed is hamstrung by its own history and will miss this call as well, as policymakers unsuccessfully try to game out the impact of tariffs.

“We’re not going to know if it’s too late until it’s too late,” he said. “Economic history combined with current market pricing suggests there’s a real risk the Fed will be too late.”

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Foreign tourist boycott begins, as businesses brace for impact

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Kaia Matheny (left) and Nora Lamphiear (right), co-owners of Adrift Restaurant in Anacortes, Washington.

Kaia Matheny.

Anacortes, a small coastal town in Washington state, typically bustles with tourists during the summer months.

But local business owners like Kaia Matheny are bracing for less foot traffic — and a financial hit — this year as tensions around trade and concerns about immigration policy push foreigners to reconsider the U.S. as a travel destination.

Matheny is the co-owner of Adrift Restaurant, a nautical themed farm-to-table eatery in downtown Anacortes. The town, a gateway to the San Juan islands, is a two-hour drive south of Vancouver.

She’s seen sales fall amid fewer customers from Canada, which is generally the U.S.’ top source of international visitors. Air and land arrivals from Canadians fell 14% and 32%, respectively, in March compared to the same time in 2024, according to Tourism Economics.

A sharp decline in foot traffic among foreign tourists looks set to persist through summer, data shows. Matheny is “wary” about what that will mean during peak season, which typically kicks off in June.

Tourism “won’t be what it is usually,” Matheny said. “We’ll batten down the hatches and make the best of it.”

A ‘quickly souring’ travel outlook

Tourism is a big U.S. export: Foreign visitors spent more than $180 billion here in 2024, more than all agricultural exports combined, said Geoff Freeman, president and CEO of the U.S. Travel Association.

However, international visits to the U.S. fell 12% year-over-year in March, according to Oxford Economics.

It’s not just Canada: Visits from Western Europe, Asia and South America — historically the U.S.’ highest-value travel markets — are also down by double-digit percentages, according to the U.S. Travel Association.

Data suggests the weakness will persist through the summer.

Air bookings for overseas summer travel to the U.S. are pacing about 10% behind the same time last year, according to Tourism Economics, which is affiliated with Oxford Economics. (These were bookings made as of March.)

Canada and Mexico are worse, data show. Summer bookings from Canada to the U.S. are down more than 30%, for example.

“Foreign visitations to the US are the largest services export in the country and the outlook is quickly souring,” Ryan Sweet, chief U.S. economist at Oxford Economics, wrote in a research note published in May.

The loss in international tourism is expected to cost the U.S. economy $10 billion this year compared to 2024, said Adam Sacks, president of Tourism Economics. The U.S. Travel Association pegs the potential loss at an even higher $21 billion in 2025, if current travel trends continue.

“It’s alarming,” Freeman said. Many businesses and destinations “count on the international visitor, in particular.”

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The tourism pullback appears to be “more a U.S. issue right now” rather than a broad global weakness in travel, since other regions are seeing positive tourism growth, said Lorraine Sileo, senior analyst and founder of Phocuswright Research, a market research firm.

Domestic tourism isn’t poised to pick up the slack — the market was slowing heading into 2025 and the “revenge travel” trend, which had propelled Americans to travel due to pent-up demand after Covid-19 lockdowns, has largely been played out, she said.

“I don’t think it’s all doom and gloom for the U.S. travel industry,” Sileo said. “But it’ll be a tough year.”

Travelers have ‘a great deal of fear’

U.S. Customs and Border Protection in Newark Liberty International Airport.

Nicolas Economou/NurPhoto via Getty Images

Many factors underpin the decline in international visitors, travel experts said.

For one, President Donald Trump has announced several rounds of tariffs, sparking fears of a global trade war and raising the average import duties to the highest level since the early 1900s.

Trade wars are “intrinsically combative” with the international community, Sacks said.

In early April, China issued a risk alert for tourists heading to the U.S., citing deteriorating economic relations and domestic security. Several European nations also recently issued U.S. travel advisories, citing reasons such as heightened border security and potential issues around travel documents.

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Trump has also drawn the ire of Canadian citizens and lawmakers through repeated suggestions that Canada become the 51st U.S. state, experts said. Likewise for Greenland, which is part of Denmark.

“Now is also the time to choose Canada,” former Prime Minister Justin Trudeau said during a speech in February. “It might mean changing your summer vacation plans to stay here in Canada and explore the many national and provincial parks, historical sites and tourist destinations our great country has to offer,” he added.

Searches conducted in March and April from Canadians for travel to the U.S. dropped 50% from 2024, according to Beyond, a data provider on the global short-term rental market.

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“We saw a nearly immediate drop in Canadian search activity after the tariff news broke back in February,” Julie Brinkman, CEO of Beyond, wrote in an e-mail. “While interest in the U.S. dropped, Mexico saw a 35% increase in searches. That tells us travelers aren’t canceling trips — they’re choosing new destinations.”

Anecdotes on social media support that notion.

“Proud to say we’ve cancelled 3 US based cruises over the next 2 years and instead will be vacationing in Europe and Canada,” one Reddit commenter wrote recently.

Growing concern tied to U.S. immigration policy is perhaps the most consequential development in recent months, experts said.

“Whether fair or not, a perception is taking hold that more people are being detained, more devices [are] being searched and legal travelers [are] being deported back to their origin country,” Freeman said. “That creates a great deal of fear.”

Business profits fall ‘sharply’ amid lost customers

Nationally, small and mid-sized business profits have already “deteriorated sharply” amid the travel slowdown, said Aaron Terrazas, an economist at Gusto, a payroll and benefits provider.

The share of “tourism” companies that are profitable fell to 32% in April 2025, down from 41% and 43% in April 2024 and 2023, respectively, according to Gusto. The category includes tour operators, condo or time-share agencies and ticket or reservation agencies.

The share of profitable “accommodation” businesses fell to 36%, down from 44% and 45%, Gusto found. The category includes small hotels and motels, guesthouses, cottages and cabins, and RV parks and campgrounds.

Tourists visit the Charging Bull of Wall Street in lower Manhattan on March 28, 2025, in New York City.

Spencer Platt | Getty Images News | Getty Images

Slower customer traffic — and lost income — are the main culprits, rather than an increase in expenses from inflation or labor costs, Terrazas said.

The erosion in profitability and revenue is “unusually sharp and unusually sudden, particularly for a time of year when we normally start to see travel pick up,” Terrazas said. “There’s no obvious reason why domestic travel would collapse so sharply and so suddenly in a single month, whereas for international travel there are more obvious explanations.”

The longer the slowdown continues, the greater the odds businesses will be forced to make tough choices and potentially cut staff, Terrazas said.

Foreign visitations to the US are the largest services export in the country and the outlook is quickly souring.

Ryan Sweet

chief U.S. economist at Oxford Economics

Financial losses come at a time when the U.S. hasn’t returned to pre-pandemic levels of travel, further pressuring businesses that rely on tourism, Freeman said. The U.S. welcomed 72 million foreign visitors in 2024, shy of the 78 million in 2019, he said.

While non-residents account for less than 10% of all U.S. tourism demand, they are far more “lucrative” spenders, Freeman said.

The average overseas visitor spends more than $4,000 per person per visit, eight times more than the average American tourist spends domestically, Freeman said. The average Canadian and Mexican tourist spends $1,200 per visit.

‘It’s a community impact’

Less foreign travel will have a disproportionate impact on certain areas.

Las Vegas; Los Angeles; Miami; New York; Orlando, Florida; and San Francisco, for example, account for the largest share of foreign tourists, said Sweet of Oxford Economics.

While New York has a large, diverse economy that can likely absorb a tourism loss without going into recession, the same probably isn’t true of places like Las Vegas or Honolulu, he said.

Tourists take photos near the Las Vegas strip.

Robyn Beck | Afp | Getty Images

“These economies are very, very sensitive to tourism,” said Sweet. “This is their main economic driver.”

So far, Matheny, the co-owner of Adrift Restaurant, has seen monthly sales fall 4% relative to last year — not a “huge” decrease, but a “noticeable” one, she said.

The restaurant has had to cut its buying by an equivalent amount, she said. That in turn hurts the local economy in Anacortes, since the restaurant sources the bulk of its food from local farms and fisheries — hurting their bottom lines, too, said Matheny.

“It’s a community impact,” she said.

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Number of ‘tariff’ mentions has soared past ‘AI’ on earnings calls

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