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Current Mortgage Refinance Rates: May 23, 2025 – Rates Advance Higher
- The average rate for a 30-year fixed refinance rose to 7.06% today, with the 15-year fixed-rate refinance mortgage averaging 6.03% and the 20-year mortgage refinance rate at 6.93%.
- For a 30-year fixed-rate mortgage refinance, the APR is 7.09%, indicating the all-in cost of the home loan, with borrowers paying around $670 per month for principal and interest on a $100,000 loan.
- On the 20-year fixed refinance mortgage, the APR is 6.97%, costing borrowers around $771 per month on a $100,000 loan, totaling approximately $85,625 in interest over the loan term.
- 15-year fixed mortgage refinance rates are averaging around 6.03%, with an APR of 6.07%, resulting in monthly payments of $845 on a $100,000 loan and total interest of roughly $52,586 over 15 years.
- The interest rate on a 30-year fixed-rate jumbo mortgage refinance is currently at 7.61%, with borrowers paying $706 per month on a $100,000 loan, while the 15-year fixed-rate jumbo refinance stands at 6.41%.
- Mortgage lenders charge slightly higher rates for refinance loans compared to purchase loans, typically around 0.01% to 0.15% higher for a 30-year fixed rate.
- Factors like paying closing costs upfront, buying discount points, and avoiding mortgage insurance can help in reducing interest rates when refinancing.
- It's essential to compare current and new interest rates, mortgage balance, and loan term to determine potential savings before deciding whether to refinance.
- Refinancing can be beneficial if it lowers interest rates, reduces monthly payments, pays off the mortgage sooner, accesses home equity, or eliminates private mortgage insurance (PMI).
- National mortgage rates have hovered in the mid-to-high 6% range, with experts expecting minimal movement in rates for the first half of 2025, influenced by economic indicators like inflation and employment trends.
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