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The rate on a 30-year fixed refinance increased to 6.8% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.71%, and for 20-year mortgages, the average is 6.64%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 1.05%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.8%, up 1.05% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $652 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 $135,461.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.83%, higher than last week’s 6.76%. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Climb 1.67%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.64%, compared to 6.53% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.68%. It was 6.57% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $754 per month in principal and interest – not including taxes and fees. That would equal about $81,476 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Climb 0.32%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.71%. A week ago, the 15-year fixed-rate mortgage stood at 5.7%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.76%. Last week, it was 5.74%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $828 per month in principal and interest—not including taxes and fees. That would equal about $49,551 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 3.09%
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 6.98%. A week ago, the average rate was 6.77%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $664 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 6.52%
A 15-year, fixed-rate jumbo mortgage refinance is 6.17% on average, down 6.52% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $853 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,787 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
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
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.
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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
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 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 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 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?
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.