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Today’s Mortgage Refinance Rates: May 28, 2025 – Rates Drop
- Today, the 30-year fixed refinance rate dropped to 6.95%, while rates for 15-year and 20-year mortgages averaged 5.88% and 6.81% respectively.
- The current APR for a 30-year fixed-rate mortgage is 6.98%, with borrowers paying approximately $662 per month on a $100,000 loan, totaling around $138,929 in interest over the loan period.
- For a 20-year fixed refinance, the average rate is 6.81%, with an APR of 6.85%, costing borrowers around $764 per month for a $100,000 loan, and about $83,874 in total interest.
- The 15-year fixed mortgage refinance rate is approximately 5.88%, with an APR of 5.93%, requiring borrowers to pay $837 per month on a $100,000 loan, totaling around $51,185 in interest.
- Rates for 30-year and 15-year fixed-rate jumbo mortgage refinances are currently at 7.63% and 6.35% respectively.
- It’s important to compare different refinance rates for conventional, FHA, VA, and jumbo applications as rates vary by program.
- Factors like credit score, mortgage balance, and loan term should be considered when deciding on a refinance to estimate savings and monthly payments.
- Economic indicators like inflation and unemployment rates can influence mortgage interest rates, with experts expecting minimal rate movement in the first half of 2025.
- Improving credit score and making timely payments are recommended before beginning the refinance process to secure the best possible rate.
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