A naukri.com initiative
Forbes
1w
143
Image Credit: Forbes
Mortgage Refinance Rates Today: May 6, 2025 – Rates Advance Higher
- Today's 30-year fixed refinance rate is at 6.92%, with the 15-year rate at 5.76% and 20-year at 6.71%.
- The APR for a 30-year fixed mortgage is 6.95%, and for a 20-year fixed mortgage, it is 6.75%.
- On a $100,000 30-year mortgage, monthly payments would be $660 with total interest costs of about $138,325.
- For a 20-year mortgage at the same amount, monthly payments would be $758 with total interest around $82,445.
- A 15-year refinance rate is 5.76%, costing $831 per month with approximately $50,053 in total interest.
- Jumbo mortgage refinance rates for 30-year fixed are at 7.27%, and for 15-year fixed are at 6.43%.
- Refinance rates are typically slightly higher than purchase rates, varying from 0.01% to 0.15%.
- Important factors for refinancing decision include interest rates, loan terms, and potential savings.
- Considerations such as closing costs, equity usage, and PMI elimination play a role in refinancing decisions.
- Mortgage refinance calculator can help assess the feasibility of refinancing based on individual circumstances.
- Forecast predicts minimal changes in mortgage rates in the first half of 2025, influenced by economic factors like inflation and unemployment rates.
- Improving credit scores and payment punctuality are recommended strategies for securing favorable refinance rates.
Read Full Article
8 Likes
For uninterrupted reading, download the app