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Current Mortgage Refinance Rates: May 9, 2025 – Rates Drop
- On May 9, 2025, the rate for a 30-year fixed refinance mortgage decreased to 6.85%.
- The average rates for 15-year and 20-year fixed refinance mortgages are 5.72% and 6.62%, respectively.
- The current 30-year fixed-rate mortgage refinance average rate is 6.85%.
- The APR for a 30-year fixed-rate mortgage is 6.88%.
- Borrowers with a $100,000 30-year fixed-rate mortgage will pay about $655 per month for principal and interest.
- For a 20-year fixed refinance mortgage, the average interest rate is 6.62%.
- The APR on a 20-year fixed mortgage is 6.66%.
- A 15-year fixed mortgage refinance is averaging around 5.72%.
- Borrowers with a $100,000 15-year fixed-rate mortgage refinance will pay about $829 per month for principal and interest.
- Rates for jumbo mortgage refinances are slightly higher, with the 30-year fixed-rate at 7.22%.
- Mortgage refinance rates differ by program, and cash-out refinance rates are higher due to borrowing from available equity.
- Comparing interest rates, loan balance, and term is essential when considering a mortgage refinance.
- Experts anticipate mortgage rates to remain in the middle-to-high 6% range in the first half of 2025.
- Improving credit score and reducing loan balance can help secure lower rates for those looking to refinance later in the year.
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