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The rate on a 30-year fixed refinance rose to 6.43% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.43%. For 20-year mortgage refinances, the average rate is 6.12%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 0.70%
The average rate for a 30-year fixed-rate mortgage refinance is 6.43%, up 0.70% from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.46%. This time last week, it was 6.42%. The APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $628 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 6.43%. You’d pay around $126,527 in total interest over the life of the loan.
20-Year Refinance Rates Climb 0.82%
The 20-year fixed mortgage refinance average rate stands at 6.12%, versus 6.07% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.16%. It was 6.11% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $724 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $74,138 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 0.63%
The 15-year fixed mortgage refinance is currently averaging about 5.43%, compared to 5.4% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.47%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $813 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,798 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Climb 0.84%
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) increased week-over-week to 6.76%, versus 6.7% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $649 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Climb 1.44%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.14%, up 1.44% from last week.
At today’s rate, a borrower would pay $852 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 $53,543 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.
When Refinancing Makes Sense
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 Qualify for Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Refinance Interest Rate Trends for 2025
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the mid-to-high 6% range through the rest of 2025, with a chance that they fall further in 2026 if the Federal Reserve continues to cut its federal funds rate.
Since experts anticipate rates remaining steady through the end of the year, 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 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 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.
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.