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The rate on a 30-year fixed refinance climbed to 6.45% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.48%, and for 20-year mortgages, the average is 6.22%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 2.29%
At 6.45%, the average rate on a 30-year fixed-rate mortgage refinance is up 2.29% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.47%. This time last week, it was 6.33%. The APR is the all-in cost of your loan.
At today’s interest rate of 6.45%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $628 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $126,787 over the life of the loan.
20-Year Refi Rates Climb 3.87%
The average interest rate on the 20-year fixed refinance mortgage is 6.22%. Last week, the 20-year fixed-rate mortgage was at 5.99%.
The APR on a 20-year fixed is 6.25%, compared to 6.02% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $729 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $75,437 in total interest.
15-Year Fixed Refinance Rates Climb 3.24%
The average interest rate on the 15-year fixed refinance mortgage is 5.48%. Last week, the 15-year fixed-rate mortgage was at 5.31%.
The annual percentage rate on a 15-year fixed is 5.52%. Last week, it was 5.35%.
A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $816 per month in principal and interest. Over the life of the loan, you would pay $47,266 in total interest.
30-Year Jumbo Refinance Interest Rates Drop 4.19%
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) decreased week-over-week to 6.51%. Last week, the average rate was 6.8%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $633 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 1.99%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 6.2%, up 1.99% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $855 per month in principal and interest per $100,000 borrowed. They will pay about $54,013 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
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.
When Refinancing Makes Sense
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.
Our mortgage refinance calculator could help you determine if refinancing is right for you.
How To Get Today’s Best Refinance Rates
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.
Best Mortgage Refinance Lenders
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 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 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.
How do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.