Rate Relief: March 2025 Mortgage Update

As of March 14, 2025, mortgage refinance rates are showing mixed movement. The average rate for a 30-year fixed-rate refinance is at 7.15%, while the 15-year fixed-rate refinance averages 6.50%. The 5/1 adjustable-rate mortgage (ARM) is averaging 6.25%. These rates can fluctuate significantly based on various factors, including credit score, loan-to-value ratio, and the overall economic climate. Borrowers with excellent credit scores and lower loan-to-value ratios typically qualify for the most competitive rates. The article emphasizes the importance of shopping around and comparing rates from multiple lenders before making a decision. It also highlights the significance of considering individual financial goals and circumstances when determining if refinancing is the right choice. Factors like the current interest rate environment, the length of time remaining on the existing mortgage, and the potential savings from a lower interest rate should all be taken into account. While the article provides current rates, it advises potential refinancers to carefully evaluate their own situation and compare options to determine the best course of action. find the original article here: https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-rates-today-friday-march-14-2025-100046414.html