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The rate on a 30-year fixed refinance climbed 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 6.08%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.25%
The average rate for a 30-year fixed-rate mortgage refinance is 6.34%, down 1.25% from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.36%. This time last week, it was 6.44%. The APR is the all-in cost of your loan.
At the current interest rate of 6.34%, borrowers 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. The total interest paid over the life of the loan would be approximately $124,217.
20-Year Refinance Rates Drop 1.11%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.08%, compared to 6.14% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.11%. It was 6.17% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest – not including taxes and fees. That would equal about $73,414 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.42%
The 15-year fixed mortgage refinance is currently averaging about 5.36%, compared to 5.43% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.39%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $809 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,055 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Drop 1.80%
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) declined week-over-week to 6.37%. Last week, the average rate was 6.49%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $624 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 1.86%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 6.07%, down 1.86% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $848 per month in principal and interest per $100,000 borrowed. They will pay about $52,771 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 You Should 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 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.
Refinancing Rate Outlook 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?
Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It’s always a good idea to ask the lender what kind of closing costs they’ll charge before you decide to borrow from them.
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?
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.