Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
The rate on a 30-year fixed refinance declined to 6.37% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.4%. For 20-year mortgage refinances, the average rate is 6.07%.
Related:Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 1.38%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.37%, up 1.38% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $624 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 $125,182.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.4%, higher than last week’s 6.31%. The APR is essentially the all-in cost of the home loan.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 2.04%
The average interest rate on the 20-year fixed refinance mortgage is 6.07%. The same time last week, the 20-year fixed-rate mortgage was at 5.95%.
The APR on a 20-year fixed is 6.1%, compared to 5.98% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $720 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,387 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Climb 3.91%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.4%. A week ago, the 15-year fixed-rate mortgage stood at 5.2%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.44%. Last week, it was 5.24%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $812 per month in principal and interest—not including taxes and fees. That would equal about $46,522 in total interest over the life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 1.27%
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 6.78%, versus 6.69% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $650 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Climb 0.05%
A 15-year, fixed-rate jumbo mortgage refinance is 5.92% on average, about the same as last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $839 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $51,350 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 Refinancing Makes Sense
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
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.
Refinancing Rate Outlook for 2025
National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.
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 in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. 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 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.
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.