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Mortgage Refinance Rates Today: March 25, 2025 – Rates Increase
- Today, the average rate on a 30-year fixed refinance is 6.76%, while the 15-year fixed-rate refinance average rate is 5.71%.
- On a 30-year fixed mortgage refi at 6.76%, the monthly cost in principal and interest for $100,000 would be $649, totaling $133,783 in interest over the loan's life.
- For a 20-year fixed refinance mortgage at 6.51%, monthly cost in principal and interest for $100,000 would be $746, totaling around $79,065 in interest.
- A 15-year fixed mortgage refinance average rate stands at 5.71%, with a borrower paying $828 per month in principal and interest for $100,000.
- Refinance rates for a 30-year fixed jumbo mortgage are at 7.17%, while 15-year fixed jumbo rates hover around 6.12%.
- You can reduce your interest rate by paying closing costs upfront, buying discount points, or avoiding mortgage insurance during a refinance.
- Refinancing can lower monthly payments, pay off mortgages sooner, access home equity, or eliminate private mortgage insurance.
- Determining the break-even point for a refinance by comparing new mortgage savings to closing costs can guide decision-making.
- Refinancing may be advisable when seeking a more affordable payment, fixed interest rate, stopping additional loan fees, or utilizing a cash-out refinance.
- Maintaining a good credit score, managing debt, and monitoring fluctuating interest rates can aid in securing a favorable refinance rate.
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