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Today’s Mortgage Refinance Rates: May 7, 2025 – Rates Climb
- Today's mortgage refinance rates as of May 7, 2025 show an increase in rates with the average rate for a 30-year fixed refinance at 6.93%.
- 15-year fixed refinance mortgages have an average rate of 5.78% and 20-year mortgages at 6.71%.
- The average rate on a 30-year fixed-rate mortgage refinance has risen by 1.73% from the previous week.
- Borrowers with a 30-year fixed-rate refinance mortgage of $100,000 at 6.93% would pay $660 per month in principal and interest.
- The average interest rate is 6.71% for a 20-year fixed refinance mortgage and 5.78% for a 15-year fixed refinance mortgage.
- When considering a mortgage refinance, it's essential to compare current rates, loan terms, and potential savings to make an informed decision.
- Refinance rates are typically higher than mortgage rates, varying by program and loan type.
- Factors like credit score, loan term, and mortgage balance play a significant role in determining the refinance rate a borrower may receive.
- Changes in national average mortgage interest rates are anticipated to influence refinancing trends in 2025, with expected fluctuations based on economic indicators.
- While experts foresee minimal rate movement in the first half of the year, borrowers aiming for lower rates may benefit from waiting until later in 2025.
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