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The rate on a 30-year fixed refinance declined to 6.32% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.37%. For 20-year mortgage refinances, the average rate is 6.09%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 1.19%
The average rate for a 30-year fixed-rate mortgage refinance is 6.32%, down 1.19% from a week ago.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.34%. At this time last week, it was 6.42%. The APR represents the all-in cost of your loan.
At an interest rate of 6.32%, a 30-year fixed mortgage refi would cost $620 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be approximately $123,793.
20-Year Refi Rates Climb 0.46%
The average interest rate on the 20-year fixed refinance mortgage is 6.09%. Last week, the 20-year fixed-rate mortgage was at 6.07%.
The APR on a 20-year fixed is 6.12%, compared to 6.1% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $722 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,651 in total interest.
15-Year Fixed Refinance Rates Drop 1.12%
The average interest rate on the 15-year fixed refinance mortgage is 5.37%. Last week, the 15-year fixed-rate mortgage was at 5.43%.
The annual percentage rate on a 15-year fixed is 5.41%. Last week, it was 5.47%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $810 per month in principal and interest per $100,000 borrowed. You would pay around $46,169 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 2.36%
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) declined week-over-week to 6.34%, versus 6.49% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $621 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Climb 7.02%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.07%, up 7.02% from last week.
At today’s rate, a borrower would pay $848 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 $52,761 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
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 refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.
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.
Refinance Interest Rate Trends for 2025
National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.
Although forecasting mortgage interest rates is challenging, economic indicators like inflation and unemployment rates can provide insights into the direction of the housing market. For example, if inflation slows and national unemployment levels remain stable or rise, the Federal Reserve may cut the federal funds rate, which could lead to lower mortgage rates. On the other hand, if inflation stays high and unemployment decreases, rates are likely to remain steady.
Since mortgage rates are expected to experience minimal movement during the remainder of the year, those looking to refinance at a lower rate should consider waiting until rates decrease. In the meantime, improving your credit score and making on-time payments will allow you to secure the best possible rate when you begin shopping for refinance offers.
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 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?
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.