Mortgage Rates This Week: What First-Time Buyers Should Know
Mortgage Rates This Week: What First-Time Buyers Should Know (April 21, 2025)
Thinking about buying your first home this spring? You're not alone—and you're probably wondering what’s going on with mortgage rates right now. Good news: we’ve got the latest updates on mortgage rates for the week of April 21, 2025, plus some helpful tips if you're a first-time buyer trying to make sense of it all.
Let’s dive in and make mortgage talk way less intimidating—because you deserve to feel confident on your path to homeownership.
📉 This Week’s Mortgage Rate Trends (April 21, 2025)
As of this week, the average 30-year fixed mortgage rate is hovering around 6.98%, up slightly from last week’s 6.83%. The 15-year fixed mortgage sits at 6.35%, and the 5/1 ARM (adjustable-rate mortgage) is averaging about 6.1%.
While these shifts might seem small, even a fraction of a percent can make a noticeable difference in your monthly payment—especially if you're buying in a high-demand market like Clark County, WA.
Why Are Rates Moving?
Mortgage rates tend to react to economic indicators like inflation data, Federal Reserve policy updates, and job market numbers. Last week, a slightly stronger-than-expected inflation report pushed rates up a bit, but many analysts still expect them to stabilize heading into summer.
Want a deeper dive into why rates fluctuate? Check out our post on How Mortgage Rates Are Set.
🏠 Mortgage 101 for First-Time Buyers
If this is your first time buying a home, the world of mortgages can feel like learning a new language. Let’s break down the basics so you know exactly what you’re dealing with.
What Is a Mortgage, Anyway?
A mortgage is simply a loan you take out to buy a home. You borrow money from a lender and pay it back over time—with interest. The most common types of mortgages are:
30-year fixed-rate: Same interest rate and payment for 30 years.
15-year fixed-rate: Higher monthly payments, but less interest paid overall.
Adjustable-rate (ARM): Starts lower, but can increase over time.
💡 Pro tip: Fixed-rate mortgages are often best for first-time buyers because of their predictability.
💰 How Mortgage Rates Impact Your Budget
Let’s say you're buying a $400,000 home with 10% down. Here's a quick comparison:
Monthly Payment (Est.) 6.85% interest - $2358 VS 6.98% interest - $2390
That’s about a $32/month difference just based on a 0.13% change in the mortgage rate. Over 30 years? That’s nearly $10,000+ dollars more.
🧾 Pre-Approval: Your First Step
Before you start house hunting, get pre-approved for a mortgage. This tells sellers (and yourself) how much home you can afford, and shows you're serious.
What you’ll need:
Recent pay stubs
Tax returns
Credit report
Bank statements
And don’t worry—getting pre-approved doesn’t lock you into a lender. It just gives you a better idea of your homebuying budget.
Need help getting pre-approved? Reach out to us at [email protected] or give us a call at 360-326-5022—we're happy to walk you through the process.
🛠️ Fixed vs Adjustable: Which Mortgage Should You Choose?
There’s no one-size-fits-all answer here, but here’s a quick rundown:
✅ Fixed-Rate Mortgage
Best for: Long-term planning and stability
Pros: Predictable payments
Cons: Slightly higher initial rates
🔄 Adjustable-Rate Mortgage (ARM)
Best for: Short-term stays or buyers expecting lower future rates
Pros: Lower initial payments
Cons: Risk of higher payments later
Still deciding? Read our Fixed vs. ARM Comparison Guide for a deeper look.
🌐 Where to Find Reliable Mortgage Info
Not all mortgage advice is created equal. When in doubt, stick to trusted sources like:
Freddie Mac’s Weekly Rate Survey
These sources provide unbiased, up-to-date info straight from the experts.
🌟 Summary: What You Need to Know This Week
Here’s your quick recap:
Mortgage rates are up slightly this week (30-year fixed at ~6.98%)
First-time buyers should focus on fixed-rate options for predictability
Always get pre-approved before home shopping
A small rate change can mean big money over time
Stay informed with weekly updates and trusted sources
📞 Let’s Talk Mortgages—We’re Here to Help
Buying your first home doesn’t have to be overwhelming. Whether you’re curious about this week’s rates, looking for a lender recommendation, or wondering how to improve your credit score before applying—we’ve got your back.
👉 Contact us at 360-326-5022
📍 Visit us at 2005 SE 192nd Avenue Suite 200, Office 234, Camas, WA 98607
📧 Email: [email protected]
Let’s make your dream of homeownership a reality—one smart mortgage move at a time.
