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Mortgage Refinance Rates Today: May 29, 2025 – Rates Rise
- The rate on a 30-year fixed refinance rose to 6.98% today, while the 15-year fixed-rate refinance mortgage average rate is at 5.91% with 20-year mortgage refinances averaging 6.87%.
- The average rate on a 30-year fixed-rate mortgage refinance has decreased by 0.61% from last week, with an APR of 7.01%.
- At 6.98% interest rate, a 30-year fixed mortgage refi would cost around $664 per month in principal and interest for $100,000.
- For a 20-year fixed refinance mortgage at 6.87%, the monthly cost would be approximately $767 for principal and interest.
- The APR for a 15-year fixed mortgage refinance at 5.91% is 5.95%, costing around $839 per month in principal and interest.
- Refinance rates are slightly higher than mortgage rates with differences across programs like conventional, FHA, VA, and jumbo loans.
- Government-backed loan programs often have lower refinance rates, such as FHA and VA refinances.
- Consider your current mortgage balance, interest rate, and loan term when evaluating if refinancing is the right choice for you.
- Experts anticipate national average mortgage interest rates to remain in the middle-to-high 6% range in the first half of 2025.
- Improving your credit score, making on-time payments, and paying down loan amounts can help secure a lower rate when refinancing.
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