{"id":245,"date":"2025-06-03T10:05:33","date_gmt":"2025-06-03T10:05:33","guid":{"rendered":"https:\/\/valentinefranc.com\/?p=245"},"modified":"2025-06-03T11:33:48","modified_gmt":"2025-06-03T11:33:48","slug":"mortgage-refinance-rates-today-june-3-2025-rates-advance-higher","status":"publish","type":"post","link":"https:\/\/valentinefranc.com\/index.php\/2025\/06\/03\/mortgage-refinance-rates-today-june-3-2025-rates-advance-higher\/","title":{"rendered":"Mortgage Refinance Rates Today: June 3, 2025 \u2013 Rates Advance Higher"},"content":{"rendered":"

The rate on a 30-year fixed refinance increased to 6.92%<\/strong> today, according to the Mortgage Research Center. Rates averaged 5.84%<\/strong> for a 15-year financed mortgage and 6.79%<\/strong> for a 20-year financed mortgage.<\/p>\n

Related: <\/strong> Compare Current Refinance Rates<\/a><\/span><\/p>\n

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30-Year Fixed-Rate Mortgage Refinance Rates Drop 1.06%<\/strong><\/h2>\n

At 6.92%, the average rate on a 30-year fixed-rate mortgage refinance is down 1.06% from this time last week.<\/p>\n

The APR<\/a><\/span>, or annual percentage rate, on a 30-year fixed is 6.95%. This time last week, it was 7.02%. The APR is the all-in cost of your loan.<\/p>\n

According to the Forbes Advisor mortgage calculator<\/a><\/span>, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $660 per month in principal and interest (not accounting for taxes and fees) at today\u2019s interest rate of 6.92%. In total interest, you\u2019d pay $138,205 over the life of the loan.<\/p>\n

20-Year Fixed-Rate Mortgage Refinance Rates Drop 1.15%<\/strong><\/h2>\n

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.79%, compared to 6.87% last week.<\/p>\n

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.83%. It was 6.91% last week.<\/p>\n

At today\u2019s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $763 per month in principal and interest \u2013 not including taxes and fees. That would equal about $83,645 in total interest over the life of the loan.<\/p>\n

15-Year Fixed-Rate Mortgage Refinance Rates Drop 1.53%<\/strong><\/h2>\n

The 15-year fixed mortgage refinance is currently averaging about 5.84%, compared to 5.93% last week.<\/p>\n

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.89%.<\/p>\n

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $835 per month in principal and interest. That doesn\u2019t include taxes and fees. That borrower would pay roughly $50,807 in total interest over the 15-year life of the loan.<\/p>\n

30-Year Jumbo Mortgage Refinance Rates Drop 4.27%<\/strong><\/h2>\n

The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) dropped week-over-week to 7.34%, versus 7.66% last week.<\/p>\n

At today\u2019s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $688 per month in principal and interest on a $100,000 loan.<\/p>\n

15-Year Jumbo Mortgage Refinance Rates Drop 0.80%<\/strong><\/h2>\n

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.34%, down 0.80% from last week.<\/p>\n

At today\u2019s rate, a borrower would pay $863 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $55,506 in total interest.<\/p>\n

Are Refinance Rates and Mortgage Rates the Same?<\/h2>\n

Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.<\/p>\n

You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan<\/a><\/span>. Buying discount points and avoiding mortgage insurance can also help.<\/p>\n

When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice.<\/p>\n

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Know When To Refinance Your Home<\/strong><\/h2>\n

You may want to refinance your home mortgage<\/a><\/span>, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home\u2019s equity for other financial needs, like a remodeling project or to pay for your child\u2019s college. If you\u2019ve been paying private mortgage insurance<\/a><\/span> (PMI), refinancing also may give you the opportunity to ditch that cost.<\/p>\n

A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.<\/p>\n

Our mortgage refinance calculator<\/a><\/span> could help you determine if refinancing is right for you.<\/p>\n

How To Qualify for Today\u2019s Best Refinance Rates<\/strong><\/h2>\n

Refinancing a mortgage isn\u2019t that different than taking out a mortgage in the first place, and it\u2019s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:<\/p>\n