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The rate on a 30-year fixed refinance fell to 6.34% today, according to the Mortgage Research Center. Rates averaged 5.32% for a 15-year financed mortgage and 6.09% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.83%
The average rate for a 30-year fixed-rate mortgage refinance is 6.34%, down 1.83% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.37%. This time last week, it was 6.49%. The APR is the all-in cost of your loan.
At the current interest rate of 6.34%, a 30-year fixed mortgage refi would cost $622 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be around $124,405.
20-Year Refinance Rates Drop 0.28%
The 20-year fixed mortgage refinance average rate stands at 6.09%, versus 6.11% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.12%. It was 6.14% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $722 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,651 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 0.33%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.32%. The same time last week, the 15-year fixed-rate mortgage stood at 5.4%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.37%. Last week, it was 5.44%.
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 $45,789 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 1.29%
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) declined week-over-week to 6.67%, versus 6.76% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $644 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 1.99%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.75%, down 1.99% from last week.
At today’s rate, a borrower would pay $831 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 $49,773 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.
Know When To Refinance Your Home
You may want to refinance your homemortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.
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
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
What To Know About 2025 Refinance Rate Trends
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 mid-to-high 6% range through the rest of 2025, with a chance that they fall further in 2026 if the Federal Reserve continues to cut its federal funds rate.
Since experts anticipate rates remaining steady through the end of the year, 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?
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.
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.