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Here Are Today’s Mortgage Refinance Rates: April 29, 2025 – Rates Dip
- Today's mortgage refinance rates as of April 29, 2025 show a drop in the rate for a 30-year fixed refinance to 6.86% and an average of 5.84% for a 15-year mortgage refinance.
- The average rate for a 30-year fixed-rate mortgage refinance is currently at 6.86%, down from last week's 8.28%, with borrowers paying $656 per month for principal and interest on a $100,000 loan.
- The APR for a 30-year fixed-rate mortgage stands at 6.89%, representing the total cost of the loan, and the average rate on a 20-year fixed refinance is 6.62%.
- For a 20-year fixed-rate mortgage refinance of $100,000, borrowers would pay around $753 per month in principal and interest, with a total interest cost of approximately $81,291 over the loan term.
- The interest rate on a 15-year fixed mortgage refinance is about 5.84%, leading to monthly payments of $835 for a $100,000 loan, totaling around $50,798 in interest over 15 years.
- Jumbo mortgage refinance rates are higher, with the average rate for a 30-year fixed-rate jumbo mortgage refinance at 7.22% and a 15-year fixed-rate jumbo mortgage at 6.42%.
- Consider factors like loan program differences, APR, and loan term when comparing mortgage refinance options and determining savings on lower rates or shorter terms.
- Improving credit score, making timely payments, and reducing loan amount can strengthen your position to secure a lower rate when refinancing later in 2025.
- National average mortgage interest rates are expected to remain in the middle-to-high 6% range in the first half of 2025, with a potential decrease by the year-end based on economic factors and Federal Reserve actions.
- Timing and financial preparation are key when considering a home loan refinance to maximize savings and benefit from favorable market conditions.
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