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The rate on a 30-year fixed refinance fell to 6.28% today, according to the Mortgage Research Center. Rates averaged 5.3% for a 15-year financed mortgage and 5.93% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Drop 1.74%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.28%, down 1.74% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $618 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $122,948.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.31%, lower than last week’s 6.42%. The APR is essentially the all-in cost of the home loan.
20-Year Fixed-Rate Mortgage Refinance Rates Drop 2.69%
For a 20-year fixed refinance mortgage, the average interest rate is currently 5.93%, compared to 6.1% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 5.97%. It was 6.13% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $712 per month in principal and interest – not including taxes and fees. That would equal about $71,501 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 1.08%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.3%. The same time last week, the 15-year fixed-rate mortgage stood at 5.36%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.35%. Last week, it was 5.41%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $807 per month in principal and interest—not including taxes and fees. That would equal about $45,618 in total interest over the life of the loan.
30-Year Jumbo Mortgage Refinance Rates Drop 0.98%
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) dropped week-over-week to 6.65%, versus 6.72% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $642 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Climb 0.09%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.78%, about the same as last week.
At today’s rate, a borrower would pay $832 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 $50,024 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.
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 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.
Refinance Rate Trends for 2025
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 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 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?
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.