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The rate on a 30-year fixed refinance decreased to 6.39% today, according to the Mortgage Research Center. Rates averaged 5.4% for a 15-year financed mortgage and 6.07% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.42%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.39%, compared to 6.36% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.42%, higher than last week’s 6.39%. 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 $625 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 $125,536.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.16%
The average interest rate on the 20-year fixed refinance mortgage is 6.07%, about the same as last week.
The APR on a 20-year fixed is 6.11%, about the same as last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $721 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,484 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 0.02%
The average interest rate on the 15-year fixed refinance mortgage is 5.4%, unchanged from the prior week.
On a 15-year fixed refinance, the annual percentage rate is 5.44%. It was about the same last week.
At the current interest rate, you would pay $812 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $46,522 in total interest.
30-Year Jumbo Mortgage Refinance Rates Drop 1.18%
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) inched down week-over-week to 6.7%. A week ago, the average rate was 6.78%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $645 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Mortgage Refinance Rates Climb 1.10%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.06%, up 1.10% from last week.
At today’s rate, a borrower would pay $847 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 $52,693 in total interest.
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.
When Refinancing Makes Sense
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).
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Refinancing Rate Outlook for 2025
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 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 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.