<ul><li>Today, the rate on a 30-year fixed refinance decreased to 6.87%.</li><li>The average rate for a 30-year fixed-rate refinance is 6.87%, up 0.75% from last week.</li><li>On a 30-year fixed mortgage refi, the APR is 6.9%.</li><li>For a 20-year fixed refinance mortgage, the average interest rate is 6.67%.</li><li>The APR on a 20-year fixed mortgage is 6.71%.</li><li>The average interest rate for a 15-year fixed refinance mortgage is 5.76%.</li><li>At today’s rate, a 15-year fixed-rate mortgage refinance of $100,000 would cost $831 per month.</li><li>Mortgage lenders charge different rates for purchase and refinance loans.</li><li>Refinancing can lower interest rates, access equity, or eliminate PMI.</li><li>Closing costs are associated with refinancing; calculating the break-even point is essential.</li></ul>

Current Mortgage Refinance Rates: May 8, 2025 – Rates Dip

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