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The rate on a 30-year fixed refinance increased to 6.4% today, according to the Mortgage Research Center. Rates averaged 5.41% for a 15-year financed mortgage and 6.07% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 2.80%
The average rate for a 30-year fixed-rate mortgage refinance is 6.4%, up 2.80% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.43%. This time last week, it was 6.25%. The APR is the all-in cost of your loan.
At an interest rate of 6.4%, a 30-year fixed mortgage refi would cost $625 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $125,795 over the life of the loan.
20-Year Refi Rates Climb 2.36%
The 20-year fixed mortgage refinance average rate stands at 6.07%, versus 5.93% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.11%. It was 5.97% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,484 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Climb 2.74%
The 15-year fixed mortgage refinance is currently averaging about 5.41%, compared to 5.27% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.46%.
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 $46,655 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Climb 0.91%
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) rose week-over-week to 6.76%. Last week, the average rate was 6.7%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $649 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 4.21%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance rose to 6.01%, up 4.21% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $845 per month in principal and interest per $100,000 borrowed. They will pay about $52,264 in total interest over the life of the loan.
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 You Should Refinance Your Home
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
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.
What To Know About 2025 Refinance Rate Trends
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 do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.
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 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.