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The rate on a 30-year fixed refinance climbed to 6.27% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.23%. For 20-year mortgage refinances, the average rate is 5.96%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 0.71%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.27%, down 0.71% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $617 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 $122,736.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.3%, lower than last week’s 6.34%. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Drop 1.06%
The average interest rate on the 20-year fixed refinance mortgage is 5.96%. The same time last week, the 20-year fixed-rate mortgage was at 6.02%.
The APR on a 20-year fixed is 5.99%, compared to 6.06% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $714 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $71,847 in total interest.
15-Year Fixed Refinance Rates Drop 1.64%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.23%. The same time last week, the 15-year fixed-rate mortgage stood at 5.32%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.28%. Last week, it was 5.37%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $803 per month in principal and interest—not including taxes and fees. That would equal about $44,954 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 1.08%
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) dropped week-over-week to 6.6%. Last week, the average rate was 6.68%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $639 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 0.28%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.77%, down 0.28% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $831 per month in principal and interest per $100,000 borrowed. They will pay about $49,860 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.
Know When To Refinance Your Home
There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).
A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs 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 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.
Refinance Interest 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 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?
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?
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.