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2w ago

Mortgage Rates Surge, Marking Largest One-Day Increase Since 2024

On April 8, 2025, 30-year fixed mortgage rates for purchases climbed to 6.85%, while refinance rates broke a four-week plateau, reaching 7.01%.

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A house under construction is seen in Los Angeles, California, U.S., June 22, 2022. REUTERS/Lucy Nicholson/File Photo
Stocks fell further Tuesday as bonds also sold off.
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Overview

  • The 30-year fixed mortgage rate for new purchases jumped 15 basis points to 6.85%, the highest one-day increase since June 2024.
  • Refinance rates climbed 8 basis points to 7.01%, ending a month-long flat trend and surpassing 7% for the first time since February 2025.
  • State-level disparities were significant, with refinance rates ranging from 6.82% in states like New York and Florida to 7.14% in states like West Virginia and Alaska.
  • The Federal Reserve’s aggressive rate hikes from 2021 to mid-2023, followed by easing measures starting in late 2023, continue to influence mortgage rate volatility.
  • Current rates are derived from Zillow Mortgage API data, reflecting borrower qualifications and regional variations, differing from advertised teaser rates.