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The rate on a 30-year fixed refinance increased to 6.21% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.29%, and for 20-year mortgages, the average is 5.99%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.97%
At 6.21%, the average rate on a 30-year fixed-rate mortgage refinance is down 1.97% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.23%. This time last week, it was 6.36%. The APR is the all-in cost of your loan.
At the current interest rate of 6.21%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $613 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay about $121,214 in total interest over the life of the loan.
20-Year Refinance Rates Drop 1.67%
The 20-year fixed mortgage refinance average rate stands at 5.99%, versus 6.09% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.02%. It was 6.12% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $716 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $72,220 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.62%
The average interest rate on the 15-year fixed refinance mortgage is 5.29%. The same time last week, the 15-year fixed-rate mortgage was at 5.38%.
On a 15-year fixed refinance, the annual percentage rate is 5.33%. Last week, it was 5.42%.
At the current interest rate, you would pay $806 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $45,466 in total interest.
30-Year Jumbo Refinance Rates Drop 0.20%
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 6.36%, versus 6.37% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $623 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 0.34%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.18%, down 0.34% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $853 per month in principal and interest per $100,000 borrowed. They will pay about $53,817 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
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
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
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Best Mortgage Refinance Lenders
Find the best Mortgage Refinance Lenders for your needs.
Refinance Rate Trends for 2026
National average mortgage rates fell to the low-to-middle 6% range during the last few months of 2025, and experts expect this trend to continue going into 2026.
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 may only change negligibly in the near future, those looking to refinance at a lower rate should consider monitoring the Fed’s decisions at its meetings during the first half of 2026. 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 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.
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 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.