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Mortgage Rates Today: May 6, 2025 – Rates Remain Fairly Steady
- The average interest rate on a 30-year fixed mortgage is 6.83%, slightly up from 6.77% the previous week.
- For those looking to pay off their homes faster, the average rate on a 15-year fixed mortgage is 5.77%, down 1.08% from last week.
- Consider comparing your existing mortgage rate with current market rates before refinancing to ensure it's worth the cost.
- The APR on a 30-year fixed-rate mortgage is 6.86%, higher than the 6.8% recorded last week.
- A $100,000 30-year fixed-rate mortgage at 6.83% would cost approximately $654 per month in principal and interest, totaling around $136,206 in interest over the loan's life.
- Today's 15-year fixed mortgage rate stands at 5.77%, with an APR of 5.82%.
- A $100,000 15-year fixed-rate mortgage at 5.77% would amount to a monthly payment of $832, resulting in around $50,188 in total interest.
- The average interest rate on a 30-year fixed jumbo mortgage is 7.24%, higher by 0.63% compared to the previous week.
- Economic factors influence mortgage rates, making it difficult to predict significant drops in rates in the near future.
- Global events and Federal Reserve decisions play significant roles in impacting mortgage rates.
- To get better mortgage rates, maintain good credit, low debt-to-income ratio, and explore loan programs without additional charges.
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