Majority of rates decrease as Fed meeting underway | Today's mortgage and refinance rates for May 6, 2025

Average mortgage rates were mostly lower compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed and jumbo mortgages decreased, while rates for adjustable rate mortgages increased.

Mortgage rates aren’t influenced by one sole factor, but rather a combination of economic indicators. Most recently, the April employment report from the Labor Department found that job growth and unemployment both posted stronger numbers than expected.

“Regardless of what may be happening on Wall Street, where half of the stock market valuations are held by the top 1 percent of the population, Main Street America continues to move forward,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR), said in a statement on the jobs report.

Coming up this week: the May Federal Reserve meeting, with policymakers announcing a rate decision on Wednesday. Many expect the Fed to again keep its benchmark rate unchanged.

“Despite the financial market volatility in April, and expectations of a sharp slowdown in economic activity in the coming months, these data will be enough to keep the Federal Reserve on the sidelines for now, as they assess whether the threat to economic growth or inflation is the bigger concern,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association, in a statement. “Mortgage rates are likely to stay within their current range as well.”

Rates accurate as of May 6, 2025.

The rates listed here are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. All rate data is accurate as of Tuesday, May 6th, 2025 at 6:30 a.m. ET.

The average rate you'll pay for a 30-year fixed mortgage today is 6.83 percent, down 5 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 6.64 percent.

At the current average rate, you'll pay principal and interest of $653.92 for every $100,000 you borrow. Compared with last week, that's $3.34 lower.

The average rate for the benchmark 15-year fixed mortgage is 6.01 percent, down 8 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $844 per $100,000 borrowed.

The average rate on a 5/1 adjustable rate mortgage is 6.24 percent, adding 14 basis points over the last 7 days.

Monthly payments on a 5/1 ARM at 6.24 percent would cost about $615 for each $100,000 borrowed over the initial five years.

The average rate you'll pay for a jumbo mortgage is 6.91 percent, down 6 basis points over the last seven days. A month ago, the average rate for jumbo mortgages was lower at 6.70 percent.

At today's average rate, you'll pay principal and interest of $659.27 for every $100,000 you borrow. Compared with last week, that's $4.02 lower.

The average 30-year fixed-refinance rate is 6.93 percent, up 12 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.76 percent.

At the current average rate, you'll pay $660.61 per month in principal and interest for every $100,000 you borrow. That's an increase of $8.02 over what you would have paid last week.

For now, expect rates to stay in a narrow range for most of 2025, say experts polled by Bankrate.

Following the April 2 tariff announcement, bond yields plummeted, bringing mortgage rates down temporarily. Since then, yields have recovered and the spread between the 10-year Treasury and the 30-year mortgage rate has widened, erasing any significant drop in rates.

Learn more: Will mortgage rates go down in May?

Given how unpredictable the economy and mortgage market is, locking in your mortgage rate provides some degree of certainty. Many homebuyers choose to lock their rates after their offer on a home has been accepted, but you can lock sooner than that if you think rates will rise before you find a home.

Before you lock your mortgage rate, ask your lender:

• How much does it cost to lock a rate? Many lenders offer free rate locks, but only for a certain time frame. Ask about any rate lock fees or lock extension fees.
• How long does the rate lock last? The typical initial rate lock lasts 30 to 60 days, though some lenders do 90-day initial locks. Beyond that, you’ll need to ask for an extension.
• If rates drop, will I be able to take a lower rate? Some lenders allow you to take a lower rate after you lock in, known as a float-down lock. If your lender offers this, be sure you understand the details, including if there’s an additional fee or rate change threshold.

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.

• Expert poll: Mortgage rate trend predictions this week
• Latest mortgage news this week
• Compare today's mortgage rates

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:

• National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
• Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
• “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.

You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate. Learn more about Bankrate’s how we collect, display and report mortgage rates.

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