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The rate on a 30-year fixed refinance dropped to 6.43% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.45%. For 20-year mortgage refinances, the average rate is 6.14%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.36%
The average rate for a 30-year fixed-rate mortgage refinance is 6.43%, up 0.36% from last week.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.46%, higher than last week’s 6.43%. 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 today’s interest rate of 6.43%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $627 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $126,480 over the life of the loan.
20-Year Refi Rates Climb 0.52%
The 20-year fixed mortgage refinance average rate stands at 6.14%, versus 6.11% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.17%. It was 6.14% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $724 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $74,361 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Climb 0.87%
The average interest rate on the 15-year fixed refinance mortgage is 5.45%. Last week, the 15-year fixed-rate mortgage was at 5.4%.
On a 15-year fixed refinance, the annual percentage rate is 5.49%. Last week, it was 5.44%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $814 per month in principal and interest per $100,000 borrowed. You would pay around $46,980 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 0.67%
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) rose week-over-week to 6.77%. Last week, the average rate was 6.73%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $650 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 1.31%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 6.11%, up 1.31% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $850 per month in principal and interest per $100,000 borrowed. They will pay about $53,191 in total interest over the life of the loan.
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 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 of 2025
Find the best Mortgage Refinance Lenders for your needs.
Trends in Refinance Rates for 2025
National average mortgage rates have remained in the middle-to-high 6% range for most of 2025, and experts expect this trend to continue through the rest of the year.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates aren’t expected to change much for the remainder of 2025, those looking to refinance at a lower rate should consider waiting until the new year. In the meantime, improving your credit score and paying down your loan balance will help you secure the lowest possible rate when you’re ready to explore refinancing options.
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.