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The rate on a 30-year fixed refinance climbed to 6.43% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.44%. For 20-year mortgage refinances, the average rate is 6.14%.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.69%
At 6.43%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.69% from a week ago.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.46%, higher than last week’s 6.42%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
At an interest rate of 6.43%, a 30-year fixed mortgage refi would cost $628 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be around $126,551.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 1.07%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.14%, compared to 6.07% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.17%. It was 6.11% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $724 per month in principal and interest – not including taxes and fees. That would equal about $74,361 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Climb 0.87%
The average interest rate on the 15-year fixed refinance mortgage is 5.44%. Last week, the 15-year fixed-rate mortgage was at 5.4%.
The annual percentage rate on a 15-year fixed is 5.49%. Last week, it was 5.44%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $814 per month in principal and interest per $100,000 borrowed. You would pay around $46,941 in total interest over the life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 1.19%
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) jumped up week-over-week to 6.78%. A week ago, the average rate was 6.7%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $651 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Mortgage Refinance Rates Climb 1.70%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.16%, up 1.70% 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 $53,689 in total interest.
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 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
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 of 2025
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 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?
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 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.