Mortgage Rates Today

Homeowners considering refinancing might find encouraging updates this week. As of June 3, 2025, refinancing rates for mortgages have either remained stable or slightly declined across various loan terms, opening a window of opportunity for borrowers aiming to restructure their current loans.

Based on updated figures from the Mortgage Research Center and Zillow, the national average for a 30-year fixed refinance loan has dipped to 6.91%. This marks a 1.17% decrease compared to last week, representing the lowest rate seen in several weeks.

This small yet meaningful decline may allow borrowers to secure a more favorable rate. The annual percentage rate (APR) for a 30-year refinance now stands at 6.94%, down from 7.02% previously. On a $100,000 refinance, this equates to an estimated monthly principal and interest payment of $659, which could lead to substantial long-term savings.

15-Year and 20-Year Refinance Rates Also See Improvement

Shorter refinance terms have also experienced minor rate reductions:

15-year fixed refinance: Now averages 5.84%, a slight decrease from last week’s 5.93%. This results in an approximate monthly payment of $835 for a $100,000 loan.
20-year fixed refinance: Now at 6.78%, down from 6.87%, with a monthly cost of around $762.

For homeowners aiming to pay off their mortgage sooner and reduce interest expenses, the 15-year term offers considerable advantages. Over the life of the loan, total interest paid is estimated at just $50,788.

Jumbo Loan Refinancing Becomes More Accessible

Borrowers with mortgage balances exceeding the conforming loan limit also received some relief. Jumbo loan refinance rates have moved downward:

30-year jumbo refinance: Now at 7.61%, slightly lower than last week’s 7.66%.
15-year jumbo refinance: Declined to 6.28%, a significant 1.81% drop.

These adjustments can provide added value to high-income homeowners seeking better refinancing terms while market rates remain moderate.

Why Refinance Rates Differ from Purchase Mortgage Rates

Refinancing usually comes with a slightly higher rate than purchasing a new home. This is primarily due to the higher risk lenders associate with refinancing. Currently, the 30-year fixed purchase mortgage rate averages around 6.81%, whereas the refinance equivalent sits at 6.91%. Additionally, government-insured programs such as VA and FHA refinance loans may offer more competitive rates compared to conventional or jumbo options.

Should You Refinance Now?

Given the recent downward trend and the fact that rates are still below recent peaks, it might be a good time to explore refinancing opportunities—especially if you currently have a loan with a higher interest rate or longer term. Utilizing an online mortgage calculator can help you estimate potential monthly savings by comparing your existing loan details with new offers.