<ul><li>Today's 30-year fixed refinance rate decreased to 6.79%, with 15-year and 20-year rates at 5.65% and 6.58% respectively.</li><li>The APR for a 30-year fixed mortgage is 6.82%, costing about $651 per month for $100,000 borrowed.</li><li>For a 20-year fixed mortgage, the APR is 6.62%, with monthly costs at $750 for $100,000 borrowed.</li><li>A 15-year fixed refinance mortgage has an interest rate of 5.65% and an APR of 5.7%.</li><li>The average interest rate for a 30-year fixed-rate jumbo mortgage refinance is 7.07%.</li><li>Cash-out refinance rates are higher due to increased risk, with closing costs ranging from 2% to 6%.</li><li>Refinancing allows for a new rate based on current rates and loan term, helping with monthly payment reduction.</li><li>Reasons to refinance include lowering interest rates, reducing monthly payments, and accessing home equity.</li><li>National average mortgage rates have been in the 6% range, with expected stability in the first half of 2025.</li><li>Improving credit score and lowering loan balance can help secure the lowest possible rate for refinance later in the year.</li></ul>

Today’s Mortgage Refinance Rates: May 2, 2025 – Rates Decline

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