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30-year fixed refinance mortgage rates didn’t move at 6.68% today, according to the Mortgage Research Center. Rates averaged 5.61% for a 15-year financed mortgage and 6.48% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.36%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.68%, versus 6.78% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.71%, lower than last week’s 6.81%. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $644 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $132,587.
20-Year Refinance Rates Drop 2.44%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.48%, compared to 6.64% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.52%. It was 6.68% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $744 per month in principal and interest – not including taxes and fees. That would equal about $79,192 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.63%
The average interest rate on the 15-year fixed refinance mortgage is 5.61%. Last week, the 15-year fixed-rate mortgage was at 5.7%.
The annual percentage rate on a 15-year fixed is 5.66%. Last week, it was 5.75%.
At the current interest rate, you would pay $823 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $48,569 in total interest.
30-Year Jumbo Refinance Rates Climb 0.09%
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) increased week-over-week to 6.99%. Last week, the rate was about the same.
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 Refi Rates Drop 2.90%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.99%, down 2.90% from last week.
At today’s rate, a borrower would pay $843 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 $52,040 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.
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 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.
Trends in Refinance Rates for 2025
Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates are expected to change little 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 paying down your loan balance will help you secure the lowest possible rate when you’re ready to explore refinancing options.
Frequently Asked Questions (FAQs)
How much does it cost to refinance a mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
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?
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.