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The rate on a 30-year fixed refinance slipped to 6.2% today, according to the Mortgage Research Center. Rates averaged 5.26% for a 15-year financed mortgage and 5.98% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 0.02%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.2%, the same as last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $612 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $120,956.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.22%, about the same as last week. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Drop 0.27%
The average interest rate on the 20-year fixed refinance mortgage is 5.98%. A week ago, the 20-year fixed-rate mortgage was at 5.99%.
The APR on a 20-year fixed is 6.01%, compared to 6.03% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $715 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $72,096 in total interest.
15-Year Fixed Refinance Rates Drop 0.81%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.26%. A week ago, the 15-year fixed-rate mortgage stood at 5.3%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.3%. Last week, it was 5.34%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $804 per month in principal and interest—not including taxes and fees. That would equal about $45,162 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 0.72%
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) dropped week-over-week to 6.66%. Last week, the average rate was 6.7%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $642 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 6.20%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.88%, down 6.20% from last week.
At today’s rate, a borrower would pay $838 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 $50,943 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
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 a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).
A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs 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.
Mortgage Refinance Rate Trends for 2026
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2026, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the low-to-mid 6% range through the start of 2026, with a chance that they fall further if the Federal Reserve continues to cut its federal funds rate like it did at its last three meetings of 2025.
Since experts anticipate rates remaining steady through the start of 2026, homeowners waiting to refinance at a lower rate may want to hold off a while longer to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer.
Frequently Asked Questions (FAQs)
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 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 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.