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The rate on a 30-year fixed refinance dropped to 6.22% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.3%. For 20-year mortgage refinances, the average rate is 6.02%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 0.14%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.22%, about the same as last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.24%, about the same as last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $614 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $121,424.
20-Year Refinance Rates Climb 0.57%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.02%, compared to 5.99% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.05%. It was 6.02% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $718 per month in principal and interest – not including taxes and fees. That would equal about $72,692 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 0.19%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.3%, the same as a week ago.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.34%. Last week, it was 5.33%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $807 per month in principal and interest—not including taxes and fees. That would equal about $45,570 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Climb 0.77%
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) inched up week-over-week to 6.41%, versus 6.36% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $626 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 0.05%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.17%, about the same as last week.
At today’s rate, a borrower would pay $853 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 $53,797 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
You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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
Find the best Mortgage Refinance Lenders for your needs.
Refinance Interest 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 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 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?
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.