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Mortgage Refinance Rates Today: February 24, 2025 – Rates Hold Steady
- Mortgage refinance rates remained steady at 6.87% today for a 30-year fixed mortgage according to the Mortgage Research Center.
- The average rate for a 15-year fixed refinance mortgage is currently 5.9%, and for a 20-year mortgage, it is 6.72%.
- The APR for a 30-year fixed-rate mortgage is 6.9%, showing a slight decrease from the previous week's 6.93%.
- Borrowers with a $100,000 30-year fixed-rate mortgage will pay around $657 per month for principal and interest.
- For a 20-year fixed refinance mortgage of the same amount, the monthly cost would be approximately $758, with total interest of about $82,003.
- The average interest rate on a 15-year fixed refinance mortgage is 5.9%, with an APR of 5.95%.
- Borrowers opting for a 15-year fixed refinance of $100,000 would pay about $838 per month in principal and interest.
- Refinancing rates for 30-year fixed-rate jumbo mortgages are around 7.18%, whereas 15-year fixed-rate jumbo mortgages average 6.36%.
- Refinancing can help lower interest rates, monthly payments, pay down the mortgage sooner, access equity, or eliminate PMI.
- Consider the break-even point to determine if refinancing is beneficial, factoring in closing costs and monthly savings.
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