A naukri.com initiative
Forbes
2d
115
Image Credit: Forbes
Current Mortgage Refinance Rates: April 17, 2025 – Rates Dip
- The average rate on a 30-year fixed refinance decreased to 6.94% today, with rates at 5.94% for a 15-year and 6.75% for a 20-year financed mortgage.
- The APR on a 30-year refinance is down to 6.97%, costing $661 per month in principal and interest per $100,000.
- For a 20-year fixed refinance, the APR is 6.79% and monthly payments are around $760 per $100,000 borrowed.
- On a 15-year refinance, the average rate is 5.94%, with an APR of 5.99% and monthly payments of $840 per $100,000.
- Rates for 30-year and 15-year fixed-rate jumbo mortgage refinances are 7.38% and 6.74% respectively.
- Government-backed refinances like FHA and VA can offer lower rates, but cash-out refinances come with higher rates due to borrowing equity.
- Consider refinancing to lower interest rates, monthly payments, pay off loans sooner, access equity, or remove PMI, but weigh closing costs.
- It's important to calculate the 'break-even point' when considering a refinance to ensure savings outweigh closing costs.
- Keep in mind that refinance rates have risen since 2021, making it harder to secure lower rates unless opting for a 15-year mortgage.
- Maintain a strong credit score, check mortgage rates regularly, and use calculators to find the best loan terms and rates when refinancing.
Read Full Article
6 Likes
For uninterrupted reading, download the app