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The rate on a 30-year fixed refinance decreased to 6.4% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.36%. On a 20-year mortgage refinance, the average rate is 6.08%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 0.14%
At 6.4%, the average rate on a 30-year fixed-rate mortgage refinance is the same as last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.43%. At this time last week, it was 6.43%. The APR represents the all-in cost of your loan.
At an interest rate of 6.4%, a 30-year fixed mortgage refi would cost $625 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be about $125,772.
20-Year Refi Rates Drop 0.88%
The average interest rate on the 20-year fixed refinance mortgage is 6.08%. The same time last week, the 20-year fixed-rate mortgage was at 6.13%.
The APR on a 20-year fixed is 6.12%, compared to 6.17% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $721 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,553 in total interest.
15-Year Fixed Refinance Rates Drop 0.02%
The 15-year fixed mortgage refinance is currently averaging about 5.36%, unchanged from a week ago.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.4%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $809 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,112 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 0.19%
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) rose week-over-week to 6.72%, versus 6.71% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $646 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Climb 1.41%
A 15-year, fixed-rate jumbo mortgage refinance is 5.84% on average, up 1.41% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $835 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $50,594 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Trends in Refinance Rates for 2025
National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.
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 during the remainder of the year, those looking to refinance at a lower rate should consider waiting until rates decrease. 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?
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 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.
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.