<ul><li>The average interest rate on a 30-year fixed mortgage is 6.78%, slightly lower than last week's 6.82%.</li><li>For faster repayment, the average rate on a 15-year fixed mortgage is 5.74%, down 2.48% from the previous week.</li><li>Homeowners considering refinancing to lock in a lower rate should compare existing rates with current market rates.</li><li>Today's average 30-year fixed mortgage rate is 6.78%, with an APR of 6.81%.</li><li>The APR on a 15-year fixed mortgage is 5.79%, down from 5.94% the previous week.</li><li>Mortgage rates initially trended downward post-spring 2024 but surged in October 2024 despite Federal Reserve rate cuts.</li><li>Experts do not anticipate a significant decrease in mortgage rates in the near future.</li><li>Mortgage rates follow U.S. Treasury bond yields and are influenced by Federal Reserve decisions and global events.</li><li>The Federal Reserve's monetary policy and economic conditions impact long-term mortgage rates.</li><li>Prospective homebuyers can improve their chances of qualifying for competitive rates by maintaining a good credit score and lower DTI ratio.</li></ul>

Mortgage Rates Today: May 5, 2025 – Rates Remain Fairly Steady

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