Rates remain elevated as Fed meeting underway | Today's mortgage and refinance rates for May 7, 2025
Mortgage rates were mixed compared to last week, according to Bankrate data. Rates for 30-year fixed and ARM loans rose, while 15-year fixed and jumbo mortgage rates declined.
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.”
| Loan type | Today's rate | Last week's rate | Change |
|---|---|---|---|
| 30-year fixed | 6.83% | 6.82% | +0.01% |
| 15-year fixed | 6.02% | 6.03% | -0.01% |
| 5/1 ARM | 6.11% | 6.02% | +0.09% |
| 30-year fixed jumbo | 6.85% | 6.86% | -0.01% |
Rates accurate as of May 7, 2025.
These rates are marketplace averages based on the assumptions indicated here. Actual rates displayed across the site may vary. All rate data is accurate as of Wednesday, May 7th, 2025 at 6:30 a.m. ET.
Mortgage purchase rates
30-year mortgage rate rises
0.01%
Today's average rate for the benchmark 30-year fixed mortgage is 6.83 percent, an increase of 1 basis point since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 6.72 percent.
At the current average rate, you'll pay a combined $653.92 per month in principal and interest for every $100,000 you borrow. That's $0.66 higher compared with last week.
Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.
15-year mortgage rate dips
0.01%
The average rate for a 15-year fixed mortgage is 6.02 percent, down 1 basis point since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $845 per $100,000 borrowed.
5/1 ARM climbs
0.09%
The average rate on a 5/1 ARM is 6.11 percent, up 9 basis points over the last week.
Monthly payments on a 5/1 ARM at 6.11 percent would cost about $607 for each $100,000 borrowed over the initial five years.
Jumbo loan interest rate dips
0.01%
The average jumbo mortgage rate is 6.85 percent, a decrease of 1 basis point over the last week. Last month on the 7th, the average rate on a jumbo mortgage was lesser at 6.70 percent.
At today's average jumbo rate, you'll pay $655.26 per month in principal and interest for every $100,000 you borrow. That's down $0.67 from what it would have been last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate increases
0.09%
The average 30-year fixed-refinance rate is 6.89 percent, up 9 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 6.81 percent.
At the current average rate, you'll pay $657.93 per month in principal and interest for every $100,000 you borrow. That's an extra $6.00 compared with last week.
Will mortgage rates stay the same in 2025?
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?
When should you lock your mortgage rate?
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.
Should you refinance your mortgage in 2025?
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.
More on current mortgage rates
Methodology
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.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
