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Here Are Today’s Mortgage Refinance Rates: May 15, 2025 – Rates Rise
- Today's average rates for mortgage refinance are 6.95% for 30-year fixed, 5.88% for 15-year fixed, and 6.8% for 20-year fixed mortgages.
- The APR for a 30-year fixed refinance is 6.98%, with total interest over the loan life at approximately $138,905.
- 20-year fixed refinance rate is 6.8% with an APR of 6.84%, costing around $83,731 in total interest over the loan term.
- 15-year fixed refinance averages 5.88% with an APR of 5.93%, costing around $51,166 in total interest over 15 years.
- Jumbo mortgage refinance rates increased, with 30-year fixed at 7.62% and 15-year fixed at 6.47%.
- Lenders charge slightly higher rates for refinance loans compared to purchase loans.
- Consider refinancing to lower interest rates, reduce monthly payments, pay off the mortgage sooner, access equity, or eliminate PMI.
- Having a strategy to find the lowest rate is crucial, including maintaining a strong credit score and comparing rates regularly.
- Experts anticipate minimal movement in mortgage rates in 2025, suggesting waiting for better opportunities later in the year.
- Improving credit scores and making timely payments can help secure better refinance rates in the future.
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