Mortgage Refinance Rates Today Jump by 7 Basis Points – June 28, 2025

Are you thinking about refinancing your mortgage? It's a big decision, and keeping up with rate changes is critical. As of today, June 28, 2025, the national average for a 30-year fixed refinance rate has edged up. According to the latest data, we're seeing an increase of 7 basis points, bringing the average rate to 7.07%. While this figure may seem small, even minor fluctuations can impact your monthly payments and overall savings.

Mortgage Refinance Rates Today Jump by 7 Basis Points

Current Refinance Rate Overview – June 28, 2025

Okay, so what exactly do these numbers mean for you? Let's break down the current refinance rate scenario to see exactly how these changes impact homeowners like yourself.

According to the most recent data from Zillow, here's a quick snapshot of where refinance rates stand today:

• 30-Year Fixed Refinance Rate: 7.07% (Up 7 basis points from 7.00%)
• 15-Year Fixed Refinance Rate: 5.87% (Up 3 basis points from 5.84%)
• 5-Year ARM Refinance Rate: 7.74% (Down 2 basis points from 7.76%)

This week's movement shows a mixed bag. While the popular 30-year fixed rate has increased slightly, other terms like the 5-year ARM have seen a dip. This highlights the importance of considering your specific circumstances and risk tolerance when deciding on a refinance strategy.

Why Did Refinance Rates Go Up?

Understanding why rates move is crucial for making informed decisions. Several factors influence mortgage refinance rates, including:

• Economic conditions: The overall health of the economy, including inflation, employment, and GDP growth, plays a big role. Strong economic data can sometimes push rates higher.
• Federal Reserve policy: The Fed's decisions on interest rates directly affect mortgage rates. Any hints about future rate hikes or cuts can send ripples through the market.
• Bond market activity: Mortgage rates are closely tied to the yield on the 10-year Treasury bond. When bond yields rise, mortgage rates typically follow suit.
• Investor sentiment: Uncertainty and volatility in the market can also affect rates. When investors are nervous, they tend to flock to safer assets like bonds, which can push yields lower and, consequently, mortgage rates.

Comparing Refinance Rates by Loan Type

It's not just about the 30-year fixed rate. Different loan types have their own dynamics. Here's a look at how various refinance options are trending. These rates are conforming and may also depend on your existing loan program as well.

Conforming Loans

PROGRAM	RATE	1W CHANGE	APR	1W CHANGE
30-Year Fixed Rate	6.75%	Down 0.17%	7.21%	Down 0.17%
20-Year Fixed Rate	6.37%	Down 0.21%	6.81%	Down 0.14%
15-Year Fixed Rate	5.75%	Down 0.22%	6.05%	Down 0.21%
10-Year Fixed Rate	5.78%	Down 0.15%	6.04%	Down 0.03%
7-year ARM	7.29%	Down 0.15%	7.80%	Down 0.01%
5-year ARM	7.53%	Up 0.33%	7.97%	Up 0.17%
3-year ARM	—	0.00%	—	0.00%

Government Loans

PROGRAM	RATE	1W CHANGE	APR	1W CHANGE
30-Year Fixed Rate FHA	6.13%	Down 0.68%	7.14%	Down 0.69%
30-Year Fixed Rate VA	6.36%	Down 0.25%	6.58%	Down 0.24%
15-Year Fixed Rate FHA	5.63%	Down 0.30%	6.59%	Down 0.30%
15-Year Fixed Rate VA	5.83%	Down 0.22%	6.18%	Down 0.20%

Jumbo Loans

PROGRAM	RATE	1W CHANGE	APR	1W CHANGE
30-Year Fixed Rate Jumbo	7.67%	Up 0.30%	8.05%	Up 0.37%
15-Year Fixed Rate Jumbo	7.50%	Up 0.74%	7.58%	Up 0.62%
7-year ARM Jumbo	—	0.00%	—	0.00%
5-year ARM Jumbo	8.63%	Down 0.36%	8.51%	Down 0.26%
3-year ARM Jumbo	—	0.00%	—	0.00%

Is Refinancing Right for You?

Even with these rate fluctuations, refinancing can still be a smart move for many homeowners. Here are a few scenarios where it might make sense:

• Lowering your interest rate: This is the most obvious benefit. Even a small reduction in your rate can save you thousands of dollars over the life of your loan.
• Shortening your loan term: Switching from a 30-year to a 15-year mortgage can help you pay off your home faster and save on interest.
• Switching from an ARM to a fixed-rate mortgage: If you're concerned about rising interest rates, refinancing to a fixed-rate loan can provide stability and peace of mind.
• Consolidating debt: You can roll other high-interest debts, like credit card balances, into your mortgage, potentially saving you money on interest payments.
• Taking out cash: A cash-out refinance allows you to borrow against your home equity to fund major expenses like home renovations or education.

Factors to Consider Before Refinancing

Before you jump into refinancing, consider these crucial factors:

• Closing costs: Refinancing involves costs similar to those you paid when you originally bought your home, such as appraisal fees, title insurance, and origination fees.
• Break-even point: Calculate how long it will take you to recoup the closing costs through your monthly savings. If you don't plan to stay in your home long enough to reach the break-even point, refinancing might not be worth it.
• Credit score: A good credit score is essential for securing the best refinance rates. Check your credit report and address any issues before applying.
• Loan-to-value ratio (LTV): Your LTV is the amount of your mortgage divided by the appraised value of your home. A lower LTV (meaning you have more equity) typically qualifies you for better rates.
• Personal Circumstances: Don't look at just the numbers. Consider your personal and financial situations. As an example, I wouldn't take an adjustable-rate mortgage loan if my income stream wasn't also floating with it as that'd create a mismatch that could increase the risk of default in the future.

Why This Increase Matters in the Bigger Picture

Okay, so rates went up by a few basis points. Big deal, right? Well, yes and no. While a single day's movement might seem insignificant, it's essential to look at the broader trend. Are rates generally rising, falling, or staying stable? This helps you gauge whether it's a good time to lock in a rate.

Also, consider your personal financial goals. If you're on the fence about refinancing, even a small increase could nudge you to act sooner rather than later.

My Take: Don't Panic, But Pay Attention

As someone who's been following the mortgage market for a while (and, let's be honest, has a mortgage of my own!), I can tell you that it's crucial to stay informed but also avoid getting caught up in day-to-day fluctuations. Focus on the bigger picture:

• Assess your needs: What are you hoping to achieve by refinancing? Lower payments? Shorter loan term? Debt consolidation?
• Shop around: Don't settle for the first offer you receive. Get quotes from multiple lenders to compare rates and fees. Online quote comparison tools can come in handy.
• Consult with a professional: Talk to a mortgage broker or financial advisor to get personalized advice based on your financial situation.

The Bottom Line

While the Mortgage Refinance Rates Today Jump by 7 Basis Points – June 28, 2025, it's one piece of a larger puzzle. Stay informed, assess your needs, and make a decision that aligns with your long-term financial goals. Don't let daily fluctuations scare you, but don't ignore them either. Do your research, and you'll be well-equipped to navigate the refinance market.