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30-year fixed refinance mortgage rates didn’t move at 6.34% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.23%, and for 20-year mortgages, the average is 5.92%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 0.50%
The average rate for a 30-year fixed-rate mortgage refinance is 6.34%, down 0.50% from this time last week.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.37%, lower than last week’s 6.4%. 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 the current interest rate of 6.34%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $622 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $124,499 over the life of the loan.
20-Year Refinance Rates Drop 2.08%
For a 20-year fixed refinance mortgage, the average interest rate is currently 5.92%, compared to 6.05% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 5.96%. It was 6.08% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $712 per month in principal and interest – not including taxes and fees. That would equal about $71,376 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 0.38%
The 15-year fixed mortgage refinance is currently averaging about 5.23%, compared to 5.21% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.28%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $803 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $44,944 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Climb 1.24%
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 6.71%, versus 6.63% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $646 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 1.07%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 5.85%, down 1.07% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $836 per month in principal and interest per $100,000 borrowed. They will pay about $50,662 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
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
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
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-term loan
- 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 mortgage refinance 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.
Mortgage Refinance Rate Trends 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 much does it cost to refinance a mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
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 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.