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The rate on a 30-year fixed refinance slipped to 6.32% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.29%. For 20-year mortgage refinances, the average rate is 6.04%.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.59%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.32%, versus 6.28% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.34%, higher than last week’s 6.31%. 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 $620 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 $123,840.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 1.79%
The average interest rate on the 20-year fixed refinance mortgage is 6.04%. Last week, the 20-year fixed-rate mortgage was at 5.93%.
The APR on a 20-year fixed is 6.07%, compared to 5.97% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $719 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $72,956 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 0.23%
The 15-year fixed mortgage refinance is currently averaging about 5.29%, compared to 5.3% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.33%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $806 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $45,494 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 1.08%
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) inched up week-over-week to 6.73%, versus 6.65% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $647 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Climb 0.38%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.8%, up 0.38% from last week.
At today’s rate, a borrower would pay $833 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 $50,246 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.
When You Should 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 Qualify for Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance Rate Trends 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 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 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?
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.