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 climbed to 6.36% 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 6.06%.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.70%
The average rate for a 30-year fixed-rate mortgage refinance is 6.36%, up 0.70% from a week ago.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.39%. At this time last week, it was 6.34%. The APR represents the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage refi of $100,000 will pay $623 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 6.36%. The total interest paid over the life of the loan would be about $124,923.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.45%
The 20-year fixed mortgage refinance average rate stands at 6.06%, versus 6.04% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.1%. It was 6.07% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $720 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,345 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Climb 2.00%
The 15-year fixed mortgage refinance is currently averaging about 5.4%, compared to 5.29% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.44%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $812 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,541 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 0.80%
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 6.73% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $651 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Climb 3.20%
A 15-year, fixed-rate jumbo mortgage refinance is 5.99% on average, up 3.20% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $843 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $52,050 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.
Know When To Refinance Your Home
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
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 Get Today’s Best Refinance Rates
Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing to get a good mortgage rate:
- Improve your credit
- Consider a shorter loan term
- Lower your debt-to-income ratio
- Watch mortgage rates
There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other mortgagerefinance lenders are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance 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)
Are interest rates higher for refinancing?
Refinance interest rates can be higher or lower than your original loan rate. Your credit score, income, repayment history, and current national interest rates will determine whether you qualify for a lower rate. These factors may also lead a lender to offer you a higher rate.
Additionally, lenders may offer a higher rate if you plan to access your home equity. This increases your loan amount and, consequently, the lender’s risk.
Can you refinance a 30-year fixed mortgage?
Yes, you can refinance a 30-year fixed mortgage. Refinancing can help you lower your interest rate, reduce your monthly payments and save you money in the long run.
Refinancing also allows you to change your loan term. You can switch to another 30-year mortgage or choose a shorter term, like a 15-year mortgage.
How much equity do you need to refinance?
The amount of equity you need to qualify for refinancing depends on the lender, but most recommend having at least 20% equity, or a loan-to-value ratio of 80% or lower.
If you have less than 20% equity, you may still qualify for refinancing, but you could face higher interest rates or be required to pay additional fees, such as PMI.