<ul><li>Today, the rate on a 30-year fixed refinance dropped to 6.97%, down from the previous weeks.</li><li>The average rate for a 15-year financed mortgage is 5.94% and for a 20-year financed mortgage is 6.82%.</li><li>Borrowers with a 30-year fixed-rate mortgage of $100,000 will pay about $663 per month at the current interest rate.</li><li>The total interest costs over the life of the loan are around $139,461.</li><li>The APR for a 30-year fixed-rate mortgage is 7%, representing the all-in cost of the home loan.</li><li>For a 20-year fixed mortgage refinance, the average rate is 6.82% with an APR of 6.86%.</li><li>The 15-year fixed mortgage refinance rate averages 5.94% with an APR of 5.98%.</li><li>Refinance rates differ from mortgage rates and are slightly higher, varying by program.</li><li>Consider factors such as closing costs, loan term, and current interest rate when deciding on refinancing.</li><li>Experts expect national average mortgage interest rates to remain in the middle-to-high 6% range in the first half of 2025.</li></ul>

Today’s Mortgage Refinance Rates: May 21, 2025 – Rates Drop

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