Mortgage Rates: Sub-6% on May 31, 2025

According to a Yahoo Finance article dated Saturday, May 31, 2025, mortgage refinance rates are showing slight fluctuations across different loan types. The average 30-year fixed refinance rate is hovering around 7.2%, a minor decrease compared to the previous week. The 15-year fixed refinance rate is averaging around 6.5%, showing a similar downward trend. The article attributes these changes to recent economic data releases, specifically citing inflation figures and employment numbers. Inflation remains a key factor influencing rate movements, with lower-than-expected inflation contributing to the slight rate decrease. However, the article cautions potential refinancers to consider their individual financial situations before making a decision. It advises comparing rates from multiple lenders and carefully evaluating closing costs to determine if refinancing is financially beneficial. It also highlights the importance of having a strong credit score and stable income to qualify for the most favorable refinance rates. The article suggests that borrowers with credit scores below 700 may face higher rates or difficulty in getting approved. Finally, the piece notes that market volatility remains a concern, and rates could change significantly in the coming weeks based on upcoming economic announcements and Federal Reserve policy decisions. Therefore, borrowers should closely monitor rate trends and act decisively if they find a suitable refinancing opportunity. find the original article here: https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-rates-today-saturday-may-31-2025-100046481.html