Refinance Rates Surge as of May 6, 2025
Refinance rates have taken a turn upwards as of May 6, 2025, the Mortgage Research Center reports. The shift affects various mortgage terms, with the Annual Percentage Rate (APR) for a 15-year fixed mortgage now at 5.81%.
The mortgage rate (mortgage rate) stood at approximately 2.65% on May 5, 2025, marking a significant increase from its zero percent peak around 4.5%. The Bauzinsen (mortgage rates) for 10-year fixed terms were around 3.68% in April 2025, showing a slight upward trend.
The 20-year fixed mortgage rate has climbed to 6.71%, and the 30-year fixed mortgage rate has risen to 6.92%. The APR for a 20-year term now averages 6.75%, while a $100,000 mortgage on a 15-year term would cost about $831 per month. The APR for a 30-year fixed mortgage now stands at 6.95%.
Mortgage rates tend to be slightly higher than purchase mortgage rates, reflecting the current market conditions. Despite the increase, refinancing can still help lower interest rates, reduce monthly payments, or shorten loan terms. The 15-year fixed mortgage rate has dropped slightly to 5.76%, offering a glimmer of hope for borrowers.
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