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The rate on a 30-year fixed refinance rose to 6.65% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.55%. On a 20-year mortgage refinance, the average rate is 6.39%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 1.47%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.65%, versus 6.55% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.67%, higher than last week’s 6.58%. 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 $642 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 $131,632.
20-Year Refi Rates Climb 1.19%
The 20-year fixed mortgage refinance average rate stands at 6.39%, versus 6.32% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.43%. It was 6.35% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $739 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $77,908 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Climb 1.78%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.55%. Last week, the 15-year fixed-rate mortgage stood at 5.45%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.59%. Last week, it was 5.5%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $820 per month in principal and interest—not including taxes and fees. That would equal about $47,965 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 1.05%
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) jumped up week-over-week to 6.74%, versus 6.67% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $648 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Climb 1.61%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.94%, up 1.61% from last week.
At today’s rate, a borrower would pay $841 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 $51,603 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.
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).
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 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 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.
Refinance Interest 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 middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year.
If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement.
Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year 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 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 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?
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.