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The rate on a 30-year fixed refinance increased to 6.28% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.2%. On a 20-year mortgage refinance, the average rate is 5.89%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 1.12%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.28%, down 1.12% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $618 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $123,065.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.31%, lower than last week’s 6.38%. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Drop 1.49%
The average interest rate on the 20-year fixed refinance mortgage is 5.89%. A week ago, the 20-year fixed-rate mortgage was at 5.98%.
The APR on a 20-year fixed is 5.92%, compared to 6.01% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $710 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $70,879 in total interest.
15-Year Fixed Refinance Rates Drop 0.95%
The 15-year fixed mortgage refinance is currently averaging about 5.2%, compared to 5.25% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.25%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $801 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $44,660 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 1.23%
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) rose week-over-week to 6.73%. Last week, the average rate was 6.65%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $647 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 1.63%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.84%, down 1.63% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $835 per month in principal and interest per $100,000 borrowed. They will pay about $50,575 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice.
Know When To Refinance Your Home
There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance (PMI).
It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance – to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.
Check out our mortgage refinance calculator to help you decide if this is a good time to refinance.
How To Get Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter loan term
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Mortgage Refinance Rate Trends for 2025
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year.
If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement.
Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Frequently Asked Questions (FAQs)
How do you find the best refinancing lender?
Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.
How much does it cost to refinance a mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
How quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow.