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30-year fixed refinance mortgage rates didn’t budge at 6.31% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.34%. On a 20-year mortgage refinance, the average rate is 6.03%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 1.17%
At 6.31%, the average rate on a 30-year fixed-rate mortgage refinance is up 1.17% from last week.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.34%, higher than last week’s 6.26%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
At an interest rate of 6.31%, a 30-year fixed mortgage refi would cost $620 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay around $123,652 in total interest over the life of the loan.
20-Year Refinance Rates Drop 0.46%
The 20-year fixed mortgage refinance average rate stands at 6.03%, versus 6.06% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.06%. It was 6.09% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $718 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $72,817 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 1.06%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.34%. Last week, the 15-year fixed-rate mortgage stood at 5.28%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.38%. Last week, it was 5.32%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $808 per month in principal and interest—not including taxes and fees. That would equal about $45,912 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 4.48%
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) decreased week-over-week to 6.46%. A week ago, the average rate was 6.76%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $629 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Climb 2.63%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance rose to 6.16%, up 2.63% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $852 per month in principal and interest per $100,000 borrowed. They will pay about $53,689 in total interest over the life of the loan.
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.
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 Qualify for 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Refinancing Rate Outlook 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?
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 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.
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.