What are the Current Mortgage Rates for Home Buyers?

As of April 10, 2025, mortgage rates in Lake County, Ohio, are consistent with state and national averages. Here's a summary of the current rates:

Current Mortgage Rates:]

• 30-Year Fixed-Rate Mortgage: Approximately 6.97% Investopedia+2NerdWallet: Finance smarter+2Third Federal+2

• 15-Year Fixed-Rate Mortgage: Approximately 6.25%

• 5/1 Adjustable-Rate Mortgage (ARM): Approximately 7.70% Bankrate+2Third Federal+2Zillow+2

Source: NerdWallet

Recent Trends:

• The average 30-year fixed mortgage rate has been decreasing, remaining under 7% for the twelfth consecutive week. Source: Freddie Mac  Freddie Mac - We Make Home Possible

  
  

Factors Influencing Rates:

• Economic Policies: Recent global tariffs have introduced economic uncertainties, potentially leading to lower mortgage rates as investors seek safer assets. Source: MarketWatch  MarketWatch

• Federal Reserve Actions: The Federal Reserve's cautious approach to rate cuts in 2025 may result in mortgage rates remaining elevated. Source: AP News  AP News

  
  

Recommendations:

• Consult Local Lenders: Mortgage rates can vary based on individual qualifications and lender-specific offerings. It's advisable to consult with local banks or mortgage brokers in Lake County to obtain personalized rate quotes.

• Monitor Market Conditions: Stay informed about economic developments and Federal Reserve policies, as these can influence mortgage rate trends.

  
  

Please note that mortgage rates are subject to change and can vary based on personal financial factors. I can make recommendations on local lenders and help you get prequalified for a mortgage. Call me at (440) 413-1818.