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Current refi mortgage rates report for May 2, 2025
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Current refi mortgage rates report for May 2, 2025

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See Friday's report on average refi rates on different types of home loans.
On May 2, 2025, mortgage refinance rates have seen a slight increase, with the average 30-year fixed-rate mortgage at 7.00%, up from 6.99% the previous week, and the 15-year fixed-rate at 6.25%, up from 6.24%. Despite these rises, experts suggest that now could still be a good time to refinance due to the potential for rates to increase further. The article also provides a detailed comparison of rates from various lenders, including Bank of America, Chase, and Wells Fargo, and offers insights into how homeowners can benefit from refinancing, such as lowering monthly payments or shortening the loan term. Additionally, it discusses the impact of economic factors like inflation and Federal Reserve policies on mortgage rates, advising homeowners to consider their financial situation and long-term goals before deciding to refinance.

Read the Full Fortune Article at:
[ https://fortune.com/article/current-refi-mortgage-rates-05-02-2025/ ]