Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
The rate on a 30-year fixed refinance climbed to 6.43% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.42%. For 20-year mortgage refinances, the average rate is 6.1%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 2.31%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.43%, up 2.31% from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $627 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 $126,480.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.46%, higher than last week’s 6.31%. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Climb 3.57%
The average interest rate on the 20-year fixed refinance mortgage is 6.1%. Last week, the 20-year fixed-rate mortgage was at 5.89%.
The APR on a 20-year fixed is 6.14%, compared to 5.92% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $722 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,818 in total interest.
15-Year Fixed Refinance Rates Climb 4.23%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.42%. A week ago, the 15-year fixed-rate mortgage stood at 5.2%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.47%. Last week, it was 5.25%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $813 per month in principal and interest—not including taxes and fees. That would equal about $46,750 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 1.32%
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) rose week-over-week to 6.82%, versus 6.73% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $653 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Climb 0.91%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.89%, up 0.91% from last week.
At today’s rate, a borrower would pay $838 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 $51,088 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 Refinancing Makes Sense
You may want to refinance your home mortgage, 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.
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 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.
What To Know About 2025 Refinance Rate Trends
National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.Although forecasting mortgage interest rates is challenging, economic indicators like inflation and unemployment rates can provide insights into the direction of the housing market. For example, if inflation slows and national unemployment levels remain stable or rise, the Federal Reserve may cut the federal funds rate, which could lead to lower mortgage rates. On the other hand, if inflation stays high and unemployment decreases, rates are likely to remain steady.
Since mortgage rates are expected to experience minimal movement in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. In the meantime, improving your credit score and making on-time payments will allow you to secure the best possible rate when you begin shopping for refinance offers.
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 quickly can you refinance a mortgage?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.