If you’re in the market for a mortgage or refinancing your current loan, it’s important to stay updated on the latest rate trends. As of Monday, February 17, 2025, mortgage rates have seen slight increases across the board, which could affect your decision-making process. Here’s a breakdown of the current rates and what they mean for you.
30-Year Fixed Mortgage Rate: 6.94%
The benchmark 30-year fixed mortgage rate has increased to 6.94%, rising by 2 basis points over the past week. While this change may seem minor, it can have a significant impact on your monthly payments, especially for larger loan amounts. If you’re considering purchasing a home, it’s crucial to lock in your rate sooner rather than later, as rates have shown signs of slight upward movement in recent weeks.
30-Year Fixed Refinance Rate: 6.93%
For those looking to refinance, the average rate for a 30-year fixed refinance is currently 6.93%. This has risen by 3 basis points from the previous week. If you’re thinking about refinancing your mortgage to take advantage of better terms or consolidate debt, now might still be a good time to act. Keep in mind that rates are likely to continue shifting, so timing is key.
15-Year Fixed Refinance Rate: 6.23%
The average rate for a 15-year fixed refinance is now at 6.23%, which has also increased by 3 basis points over the past week. Refinancing into a 15-year mortgage can help you pay off your loan faster and save on interest over the life of the loan, but your monthly payments will be higher. If you’re looking for a quicker path to financial freedom and can handle the increased payments, a 15-year refinance could be a great option, though it’s important to consider whether this change in rates will fit your long-term financial goals.
Should You Refinance or Lock in a Mortgage Now?
While rates have been on the rise, they are still historically reasonable compared to the highs seen over the past decade. However, if you’re planning to make a move soon, either by purchasing a home or refinancing, acting sooner may help you avoid further increases. Mortgage rates are influenced by a variety of economic factors, including inflation and the Federal Reserve’s policy decisions, so it’s always a good idea to stay ahead of the curve.
If you are refinancing, make sure to shop around for the best deal, as even a small difference in interest rates can save you thousands of dollars over the life of the loan. And if you’re buying, now is still a good time to lock in a rate before further increases.
Conclusion
With the average 30-year mortgage rate now at 6.94%, and refinance rates following closely behind, it’s clear that interest rates are on the move. As you plan your home-buying or refinancing journey, stay informed and work with a trusted mortgage advisor to help you navigate the current market. Whether you’re securing a new home or optimizing your current mortgage, understanding these rate changes will give you the confidence to make the right decision for your future.
If you have questions about how these rates affect your options, feel free to reach out. We’re here to help guide you through your homeownership journey.
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