Mortgage and refinance rates today, February 24, 2025: Fixed rates decrease

Mortgage interest rates have inched down for the most part. According to Zillow, the 30-year fixed rate has decreased by four basis points to 6.50%, and the 15-year fixed rate is down by four basis points to 5.83%.

Rates are inching up and down sporadically, but there haven’t been major shifts in a while — and there probably won’t be any significant drops in 2025. I disagree with that statement. I think that the 30-year fixed rate by the end of 2025 with be in the 5% range. With all the layoffs that are happening and not just at the federal government. Also, if these threatening tariffs happen there will be more job losses and more hiring freezes that the Fed is going to have to do something to make sure the economy does not head into a recession. The Fed has other tools to lower the rates than just cutting the prime rate.

Alterna Mortgage rates for February 24, 2025, are a lot better than the national average. The 15-year fixed is at 5.5% with no points and the 30-year fixed rate with 20% equity or down payment is 6.25%.