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The rate on a 30-year fixed refinance rose to 6.22% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.32%. On a 20-year mortgage refinance, the average rate is 6.04%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.44%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.22%, compared to 6.2% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.25%, higher than last week’s 6.22%. 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 $614 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 $121,565.
20-Year Refi Rates Climb 0.72%
The average interest rate on the 20-year fixed refinance mortgage is 6.04%. A week ago, the 20-year fixed-rate mortgage was at 5.99%.
The APR on a 20-year fixed is 6.07%, compared to 6.03% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $719 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $72,886 in total interest.
15-Year Fixed Refinance Rates Climb 0.43%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.32%. Last week, the 15-year fixed-rate mortgage stood at 5.3%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.36%. Last week, it was 5.34%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $808 per month in principal and interest—not including taxes and fees. That would equal about $45,760 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 0.27%
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) declined week-over-week to 6.69%. A week ago, the average rate was 6.7%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $644 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 5.96%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.9%, down 5.96% from last week.
At today’s rate, a borrower would pay $838 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 $51,088 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
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 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 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.
Best Mortgage Refinance Lenders
Find the best Mortgage Refinance Lenders for your needs.
What To Know About 2026 Refinance Rate Trends
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2026, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the low-to-mid 6% range through the start of 2026, with a chance that they fall further if the Federal Reserve continues to cut its federal funds rate like it did at its last three meetings of 2025 .
Since experts anticipate rates remaining steady through the start of 2026, 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)
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.
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.