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The rate on a 30-year fixed refinance climbed to 6.42% today, according to the Mortgage Research Center. Rates averaged 5.43% for a 15-year financed mortgage and 6.14% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 1.09%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.42%, compared to 6.35% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.44%, higher than last week’s 6.37%. 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 $627 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 $126,079.
20-Year Refinance Rates Climb 1.60%
The average interest rate on the 20-year fixed refinance mortgage is 6.14%. A week ago, the 20-year fixed-rate mortgage was at 6.05%.
The APR on a 20-year fixed is 6.17%, compared to 6.08% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $725 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $74,361 in total interest.
15-Year Mortgage Refinance Rates Climb 1.10%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.43%. The same time last week, the 15-year fixed-rate mortgage stood at 5.37%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.47%. Last week, it was 5.42%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $814 per month in principal and interest—not including taxes and fees. That would equal about $46,789 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 4.88%
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) fell week-over-week to 6.49%. Last week, the average rate was 6.82%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $631 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Climb 1.74%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance increased to 6.19%, up 1.74% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $854 per month in principal and interest per $100,000 borrowed. They will pay about $53,895 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.
When Refinancing Makes Sense
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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 Get 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
Find the best Mortgage Refinance Lenders for your needs.
Refinance Interest Rate Trends for 2025
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the mid-to-high 6% range through the rest of 2025, with a chance that they fall further in 2026 if the Federal Reserve continues to cut its federal funds rate.
Since experts anticipate rates remaining steady through the end of the year, homeowners waiting to refinance at a lower rate may want to hold off a while longer to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer.
Frequently Asked Questions (FAQs)
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 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?
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.