Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
30-year fixed refinance mortgage rates remained unchanged at 6.89% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.79%. For 20-year mortgage refinances, the average rate is 6.71%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 0.32%
At 6.89%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.32% from this time last week.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.92%, higher than last week’s 6.9%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $658 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 6.89%. The total interest paid over the life of the loan would be approximately $137,554.
20-Year Refinance Rates Climb 0.93%
The 20-year fixed mortgage refinance average rate stands at 6.71%, versus 6.65% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.75%. It was 6.69% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $758 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $82,502 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 1.06%
The 15-year fixed mortgage refinance is currently averaging about 5.79%, compared to 5.73% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.84%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $833 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $50,314 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Rates Climb 2.18%
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) jumped up week-over-week to 7.26%. A week ago, the average rate was 7.1%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $683 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Climb 1.81%
A 15-year, fixed-rate jumbo mortgage refinance is 6.48% on average, up 1.81% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $870 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $56,849 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
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
There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance (PMI).
It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance – to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.
Check out our mortgage refinance calculator to help you decide if this is a good time 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.
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 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 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.
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.