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30-year fixed refinance mortgage rates didn’t move at 6.26% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.29%, and for 20-year mortgages, the average is 6.02%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.32%
At 6.26%, the average rate on a 30-year fixed-rate mortgage refinance is down 1.32% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.28%. This time last week, it was 6.37%. The APR is the all-in cost of your loan.
At the current interest rate of 6.26%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $616 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan would be around $122,408.
20-Year Refinance Rates Drop 1.15%
The 20-year fixed mortgage refinance average rate stands at 6.02%, versus 6.09% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.05%. It was 6.12% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $717 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $72,609 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.56%
The average interest rate on the 15-year fixed refinance mortgage is 5.29%. Last week, the 15-year fixed-rate mortgage was at 5.37%.
On a 15-year fixed refinance, the annual percentage rate is 5.32%. Last week, it was 5.41%.
A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $806 per month in principal and interest. Over the life of the loan, you would pay $45,399 in total interest.
30-Year Jumbo Refinance Rates Climb 0.35%
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) jumped up week-over-week to 6.36%, versus 6.34% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $623 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Climb 1.05%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.14%, up 1.05% from last week.
At today’s rate, a borrower would pay $851 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $53,425 in total interest.
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 You Should Refinance Your Home
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of private mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.
The Forbes Advisor mortgage refinancecalculator can help you run the numbers to see if it’s a good time for you to refinance.
How To Qualify for 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
Find the best Mortgage Refinance Lenders for your needs.
Trends in Refinance Rates for 2026
National average mortgage rates fell to the low-to-middle 6% range during the last few months of 2025, and experts expect this trend to continue going into 2026.
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 may only change negligibly in the near future, those looking to refinance at a lower rate should consider monitoring the Fed’s decisions at its meetings during the first half of 2026. 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 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.
How quickly can you refinance a mortgage?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.