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The rate on a 30-year fixed refinance slipped to 6.34% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.36%. For 20-year mortgage refinances, the average rate is 6.03%.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Drop 1.46%
The average rate for a 30-year fixed-rate mortgage refinance is 6.34%, down 1.46% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.36%. This time last week, it was 6.46%. The APR is the all-in cost of your loan.
At the current interest rate of 6.34%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $621 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $124,311 over the life of the loan.
20-Year Fixed-Rate Mortgage Refinance Rates Drop 1.76%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.03%, compared to 6.14% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.07%. It was 6.17% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $718 per month in principal and interest – not including taxes and fees. That would equal about $72,845 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 1.56%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.36%. A week ago, the 15-year fixed-rate mortgage stood at 5.44%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.4%. Last week, it was 5.49%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $810 per month in principal and interest—not including taxes and fees. That would equal about $46,122 in total interest over the life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 0.24%
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 6.8%. Last week, the average rate was 6.78%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $652 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Mortgage Refinance Rates Drop 0.19%
A 15-year, fixed-rate jumbo mortgage refinance is 6.15% on average, down 0.19% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $852 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,572 in total interest.
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
Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing to get a good mortgage rate:
- Improve your credit
- Consider a shorter loan term
- Lower your debt-to-income ratio
- Watch mortgage rates
There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other mortgage refinance lenders are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Trends in Refinance Rates for 2025
National average mortgage rates have remained in the middle-to-high 6% range for most of 2025, and experts expect this trend to continue through the rest of the year.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates aren’t expected to change much for the remainder of 2025, those looking to refinance at a lower rate should consider waiting until the new year. In the meantime, improving your credit score and paying down your loan balance will help you secure the lowest possible rate when you’re ready to explore refinancing options.
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 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.
How soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.