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Today’s Mortgage Refinance Rates: May 30, 2025 – Rates Fall
- The rate on a 30-year fixed refinance slipped to 6.9% today, with rates averaging 5.84% for a 15-year mortgage and 6.77% for a 20-year mortgage.
- The current 30-year refinance average rate is 6.9%, down from 7.06% last week, with an APR of 6.93% compared to 7.09%.
- For a 30-year, $100,000 mortgage, borrowers would pay $659 per month in principal and interest with total interest costs of about $137,747.
- A 20-year fixed refinance average rate is currently 6.77%, with an APR of 6.81%.
- At this rate, a 20-year, $100,000 mortgage costs $762 per month in principal and interest, totaling about $83,316 in interest over the loan life.
- The 15-year fixed refinance averages 5.84%, with an APR of 5.89%. Borrowers would pay $835 per month for a 15-year, $100,000 mortgage.
- Jumbo mortgage refinance rates are at 7.61% for 30-year fixed-rate and 6.28% for 15-year fixed-rate, with corresponding monthly payments and total interest costs.
- Refinance rates vary by program, with government-backed loans often having lower rates. Consider APR and calculate savings before refinancing.
- Factors like closing costs, break-even point, and long-term homeownership should be considered when deciding to refinance, aiming to lower rates or payments.
- Monitoring credit score, mortgage rates, and using calculators can help secure a lower interest rate when refinancing, ideally shorter than a 30-year term.
- National average mortgage rates are expected to stay in the middle-to-high 6% range in the first half of 2025, potentially decreasing later in the year.
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