Mortgage Rates May 10, 2025: Fixed Rates Hold While Refinance Edges Higher

Today’s mortgage rates bring mixed news for buyers and refinancers. According to Zillow, the 30-year fixed rate increased slightly to 6.72%, while 15-year fixed loans jumped to 6.03%. The good news? Rates are still down from last month’s levels.

Couple reviewing mortgage options on laptop at home table with interest chart visible

Today’s Mortgage and Refinance Rates

30-year fixed: 6.72%
15-year fixed: 6.03%
30-year VA: 6.29%
5/1 ARM: 7.11%

Refinance Snapshot

30-year fixed refinance: 6.75%
15-year fixed refinance: 6.06%
5/1 VA refinance: 6.48%

See If You Should Refinance Based on New Rates

Mortgage application form beside smartphone showing latest mortgage rates

What Home Buyers Should Know

Rates remain unpredictable due to market volatility, but are better than they were in April. This creates a more favorable condition for buyers entering the market this spring. Even a slight dip in interest rate can save you thousands over the life of a loan.

Fixed vs. Adjustable: Which to Choose?

While ARM loans offer low introductory rates, current conditions show fixed-rate mortgages may be the safer bet due to long-term stability. Always consider your timeline—ARMs may benefit short-term occupants, but fixed-rate loans offer long-run cost predictability.

Should You Buy Now or Wait?

Home prices have stabilized compared to the post-pandemic surge, but mortgage rates remain high by historic standards. Experts suggest not trying to time the market—buy when it aligns with your financial readiness and life plans, not market guessing games.

Smart Refinance Strategies

Refinancing into a shorter term or improving your credit score can help lock in a better rate. Also consider your debt-to-income ratio and shop around with multiple lenders. Use a refinance calculator to compare your total interest savings over time.

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