Majority of rates decrease: Should you refi now? | Today's mortgage and refinance rates for May 1, 2025

Mortgage rates were mostly down compared to a week ago, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages declined, while rates for ARM loans increased.

Mortgage rates move for many reasons, and can be buffeted quickly as conditions in the economy shift. Existing-home sales retreated by 5.9 percent in March, according to the National Association of Realtors (NAR), but prices rose year-over-year for the 21st month in a row.

“Homebuying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said NAR Chief Economist Lawrence Yun in a statement. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”

Rates as of May 1, 2025.

The rates listed above are averages based on the assumptions indicated here. Actual rates available within the site may vary. All rate data is accurate as of Thursday, May 1st, 2025 at 6:30 a.m. ET.

Today's average rate for the benchmark 30-year fixed mortgage is 6.79 percent, down 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.65 percent.

At the current average rate, you'll pay principal and interest of $651.26 for every $100,000 you borrow. That's $7.34 lower, compared with last week.

Use our mortgage calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll fork up over the life of the loan.

The average rate for a 15-year fixed mortgage is 5.98 percent, down 13 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $843 per $100,000 borrowed.

The average rate on a 5/1 ARM is 6.14 percent, ticking up 10 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.14 percent would cost about $609 for each $100,000 borrowed over the initial five years.

The average rate you'll pay for a jumbo mortgage is 6.77 percent, a decrease of 7 basis points since the same time last week. A month ago, jumbo mortgages' average rate was lesser at 6.71 percent.

At the average rate today for a jumbo loan, you'll pay $649.93 per month in principal and interest for every $100,000 you borrow. That's down $4.66 from what it would have been last week.

The average 30-year fixed-refinance rate is 6.85 percent, down 6 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.74 percent.

At the current average rate, you'll pay $655.26 per month in principal and interest for every $100,000 you borrow. That's lower by $4.01 than it would have been last week.

Mortgage rates declined briefly in the wake of the April 2 tariffs announcement, but the retreat has largely been erased. Given so much uncertainty, rates could stay in a narrow range for much of 2025, according to experts polled by Bankrate. On average, the experts forecast the 30-year mortgage rate to land at 6.41 percent by the end of the year.

“The housing market is facing a repeated challenge from a recent jump in mortgage rates, which are likely to remain volatile and elevated, particularly considering the Federal Reserve’s independence being called into question,” said Dr. Selma Hepp, chief economist for Cotality, in a statement.

While it’s challenging to predict mortgage rates in any circumstances, it’s become especially difficult now. Most analysts and economists — even Fed policymakers — are taking a wait-and-see approach as the new administration’s objectives come into focus.

Check out Bankrate’s weekly survey of lenders to learn more.

With the flurry of happenings since President Trump took office again, is 2025 the year to buy a home? Ultimately it depends on your financial situation, but there have been some positive signs for buyers. Consider this: There are more homes for sale, especially new construction.

“The home builders’ focus on smaller-sized homes is also attracting buyers,” Yun said.

In addition, while mortgage rates could remain elevated, they’ve also been relatively stable. As of now, many experts predict that 30-year rates will hold steady this year, averaging between 6 and 7 percent. While this is a higher range than in recent years, it’s still in line with historical norms.

Whether you refinance your mortgage hinges on a few things: your rate today, how rates might move in the future and your long-term plans. It can be challenging to pinpoint exactly when to apply for a new loan, however.

The economy, including inflation and unemployment figures, could hold some clues as to timing, says Rick Sharga, founder and CEO of CJ Patrick Company. Sharga recently wrote about the 4 trends to watch when determining when to refinance.

“These directional signals can help make sure you’re ready to move instantly if rates do go down — and potentially save yourself thousands of dollars over the life of your loan,” Sharga writes.

• Mortgage rate trend predictions this week
• The latest mortgage news this week
• Compare mortgage rates for today

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

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