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30-year fixed refinance mortgage rates didn’t move at 6.67% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.57%. For 20-year mortgage refinances, the average rate is 6.44%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 2.69%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.67%, down 2.69% from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $643 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 $132,181.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.7%, lower than last week’s 6.88%. The APR is essentially the all-in cost of the home loan.
20-Year Refinance Rates Drop 3.39%
The average interest rate on the 20-year fixed refinance mortgage is 6.44%. Last week, the 20-year fixed-rate mortgage was at 6.67%.
The APR on a 20-year fixed is 6.48%, compared to 6.71% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $742 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $78,669 in total interest.
15-Year Mortgage Refinance Rates Drop 3.43%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.57%. A week ago, the 15-year fixed-rate mortgage stood at 5.77%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.61%. Last week, it was 5.81%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $821 per month in principal and interest—not including taxes and fees. That would equal about $48,166 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 2.05%
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) declined week-over-week to 6.93%, versus 7.08% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $661 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 2.24%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 6.3%, down 2.24% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $860 per month in principal and interest per $100,000 borrowed. They will pay about $55,043 in total interest over the life of the loan.
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 Refinancing Makes Sense
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.
Refinance Interest Rate Trends for 2025
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?
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 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.