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Current Mortgage Refinance Rates: March 24, 2025 – Rates Hold Steady
- Mortgage refinance rates were unchanged with a rate of 6.63% for a 30-year fixed, 5.62% for a 15-year, and 6.34% for a 20-year refinance.
- The APR for a 30-year fixed rate mortgage refinance is 6.66% compared to 6.86% last week.
- For a 30-year fixed refinance at an interest rate of 6.63%, the monthly cost would be around $641 per $100,000.
- On a 20-year mortgage refinance, at an interest rate of 6.34%, the monthly cost would be $736 per $100,000.
- A 15-year fixed mortgage refinance averages around 5.62%, with a monthly payment of $824 per $100,000 borrowed.
- For a 15-year fixed-rate jumbo mortgage refinance, the average interest rate is 6.74%, with a monthly payment of $884 per $100,000.
- Refinance rates are typically slightly higher than purchase loan rates by 0.01% to 0.15% for a 30-year fixed rate.
- Consider factors like closing costs, discount points, or avoiding mortgage insurance to lower interest rates when refinancing.
- Refinancing can help lower monthly payments, pay off loans sooner, tap into home equity, or eliminate PMI.
- It is crucial to calculate the break-even point by dividing closing costs by monthly savings to assess the benefit of refinancing.
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