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The rate on a 30-year fixed refinance fell to 6.31% today, according to the Mortgage Research Center. Rates averaged 5.35% for a 15-year financed mortgage and 6.09% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Drop 0.65%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.31%, down 0.65% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $620 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 $123,605.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.33%, lower than last week’s 6.38%. The APR is essentially the all-in cost of the home loan.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.51%
The average interest rate on the 20-year fixed refinance mortgage is 6.09%. Last week, the 20-year fixed-rate mortgage was at 6.06%.
The APR on a 20-year fixed is 6.12%, compared to 6.09% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $722 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,609 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 0.56%
The 15-year fixed mortgage refinance is currently averaging about 5.35%, compared to 5.38% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.39%.
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 $46,026 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates Drop 2.01%
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) fell week-over-week to 6.34%, versus 6.47% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $621 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Drop 1.53%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.07%, down 1.53% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $848 per month in principal and interest per $100,000 borrowed. They will pay about $52,761 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
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of private mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.
The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.
How To Qualify for 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
Find the best Mortgage Refinance Lenders for your needs.
What To Know About 2025 Refinance Rate Trends
National average mortgage rates have remained in the middle-to-high 6% range for most of 2025, and experts expect this trend to continue through the rest of the year.
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. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates aren’t expected to change much for the remainder of 2025, those looking to refinance at a lower rate should consider waiting until the new 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?
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?
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.
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.