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Mortgage Refinance Rates Drop: Opportunities for Savvy Borrowers

3/25/2025

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Summary

Story summary

The average rate for a 30-year fixed mortgage refinance is now 6.76%, down from 6.86% last week.
A 15-year fixed mortgage averages 5.71%, and a 20-year fixed rate is 6.51%.
Jumbo mortgage rates for 30 years stand at 7.17%.
Refinancing may reduce monthly payments but includes closing costs.
Strong credit and low debt-to-income ratios improve chances for better rates.

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Story summary

The average rate for a 30-year fixed mortgage refinance is now 6.76%, down from 6.86% last week.
A 15-year fixed mortgage averages 5.71%, and a 20-year fixed rate is 6.51%.
Jumbo mortgage rates for 30 years stand at 7.17%.
Refinancing may reduce monthly payments but includes closing costs.
Strong credit and low debt-to-income ratios improve chances for better rates.