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Today’s Mortgage Refinance Rates: May 1, 2025 – Rates Move Upward
- Today's mortgage refinance rates for 30-year fixed loans stand at 6.82%, with 15-year and 20-year rates at 5.72% and 6.61%, respectively.
- The average APR for a 30-year fixed-rate mortgage refinance is 6.85%, with borrowers paying $653 per month for principal and interest.
- For a 20-year mortgage refinance of $100,000, borrowers pay around $752 per month in principal and interest at a rate of 6.61%.
- A 15-year fixed mortgage refinance averages around 5.72%, leading to a monthly payment of $829 for principal and interest.
- Refinancing a jumbo mortgage will cost borrowers with 30-year fixed rates around $673 per month per $100,000 borrowed.
- To determine if refinancing is right, compare current rates with existing terms and consider the potential long-term savings.
- Mortgage refinance brings benefits like lower rates, quicker payoffs, equity access, or removing PMI, but entails closing costs.
- National average mortgage rates may fluctuate, influencing the ideal time for refinancing in 2025.
- Experts suggest waiting until later in the year for potential mortgage rate decreases to secure the best refinance offer.
- To find the lowest refinance rate, maintain a solid credit score, reduce debt, and keep an eye on changing interest rates for various loan terms.
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