Rate Hike: April 9, 2025 Mortgage Update

As of Wednesday, April 9, 2025, mortgage refinance rates are showing mixed movement across various loan types. The average 30-year fixed-rate refinance is slightly lower, while the 15-year fixed-rate refinance has increased modestly. The 5/1 adjustable-rate mortgage (ARM) refinance rate has also seen a slight increase. Specifically, the average 30-year fixed refinance rate is reported at 6.85%, down slightly from the previous day. The 15-year fixed refinance rate is at 6.20%, representing a marginal increase. The 5/1 ARM refinance rate is currently averaging 6.35%, also reflecting a small increase. These rates are based on a hypothetical scenario involving borrowers with excellent credit scores and substantial equity in their homes. Individual rates may vary significantly depending on creditworthiness, loan-to-value ratio, and other financial factors. The article emphasizes the importance of comparing rates from multiple lenders to secure the most favorable terms. Factors influencing refinance rates include economic conditions, inflation expectations, and Federal Reserve policy. While the daily fluctuations might seem small, they can impact the overall cost of a refinance over the life of the loan. Potential refinancers should carefully consider their financial goals and consult with mortgage professionals to determine if refinancing is the right decision for them. find the original article here: https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-rates-today-wednesday-april-9-2025-100053044.html