Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
30-year fixed refinance mortgage rates didn’t budge at 6.34% today, according to the Mortgage Research Center. Rates averaged 5.37% for a 15-year financed mortgage and 6.09% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 0.52%
The average rate for a 30-year fixed-rate mortgage refinance is 6.34%, up 0.52% from a week ago.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.37%. At this time last week, it was 6.34%. The APR represents the all-in cost of your loan.
At today’s interest rate of 6.34%, borrowers 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. You’d pay approximately $124,381 in total interest over the life of the loan.
20-Year Refinance Rates Climb 0.96%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.09%, compared to 6.03% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.12%. It was 6.06% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest – not including taxes and fees. That would equal about $73,567 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 0.64%
The 15-year fixed mortgage refinance is currently averaging about 5.37%, compared to 5.34% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.41%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $810 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,198 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Drop 1.87%
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) fell week-over-week to 6.34%. Last week, the average rate was 6.46%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $622 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 1.36%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.07%, down 1.36% from last week.
At today’s rate, a borrower would pay $848 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 $52,800 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.
When Refinancing Makes Sense
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of private mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.
The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.
How To Get Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Best Mortgage Refinance Lenders
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 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 quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow.
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.