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The rate on a 30-year fixed refinance fell to 6.72% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.68%. On a 20-year mortgage refinance, the average rate is 6.52%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 1.21%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.72%, down 1.21% from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $647 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 $133,495.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.75%, lower than last week’s 6.83%. The APR is essentially the all-in cost of the home loan.
20-Year Refi Rates Drop 1.79%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.52%, compared to 6.64% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.56%. It was 6.68% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $747 per month in principal and interest – not including taxes and fees. That would equal about $79,786 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Drop 0.61%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.68%. The same time last week, the 15-year fixed-rate mortgage stood at 5.71%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.72%. Last week, it was 5.76%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $827 per month in principal and interest—not including taxes and fees. That would equal about $49,223 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 0.20%
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) increased week-over-week to 6.99%. Last week, the average rate was 6.98%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $665 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 2.67%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6%, down 2.67% from last week.
At today’s rate, a borrower would pay $844 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 $52,167 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
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
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.
Refinance Rate Trends for 2025
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year.
If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement.
Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer.
Frequently Asked Questions (FAQs)
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?
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 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.