A naukri.com initiative
Forbes
1d
38
Image Credit: Forbes
Current Mortgage Refinance Rates: May 20, 2025 – Rates Increase
- Mortgage refinance rates have increased, with a 30-year fixed refinance rate at 6.99% and a 15-year fixed rate at 5.96%.
- On average, a 30-year refinance mortgage costs $665 per month for a $100,000 loan, with total interest payments of about $139,920.
- The annual percentage rate (APR) for a 30-year mortgage is 7.02%, reflecting the overall cost of the loan.
- For a 20-year fixed refinance, the average interest rate is 6.87%, with an APR of 6.91%.
- A 15-year fixed refinance has an average interest rate of 5.96% and an APR of 6.01%.
- Jumbo refinance rates are higher, with a 30-year jumbo rate at 7.63% and a 15-year rate at 6.41%.
- Refinancing rates differ based on the type of loan program, with FHA and VA rates potentially lower than conventional rates.
- Factors like keeping track of current interest rates, mortgage balance, and loan term are crucial when considering a refinance.
- Refinancing can help lower interest rates, reduce monthly payments, pay off loans faster, tap into home equity, or eliminate PMI.
- It's advisable to calculate break-even points to determine the suitable time for refinancing based on savings and closing costs.
Read Full Article
2 Likes
For uninterrupted reading, download the app