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The rate on a 30-year fixed refinance declined to 6.74% today, according to the Mortgage Research Center. Rates averaged 5.63% for a 15-year financed mortgage and 6.5% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.36%
The average rate for a 30-year fixed-rate mortgage refinance is 6.74%, up 0.36% from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.76%. This time last week, it was 6.74%. The APR is the all-in cost of your loan.
At the current interest rate of 6.74%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $648 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay approximately $133,783 in total interest over the life of the loan.
20-Year Refi Rates Climb 0.37%
The average interest rate on the 20-year fixed refinance mortgage is 6.5%. A week ago, the 20-year fixed-rate mortgage was at 6.47%.
The APR on a 20-year fixed is 6.53%, compared to 6.51% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $745 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $79,404 in total interest.
15-Year Fixed Refinance Rates Drop 0.04%
The 15-year fixed mortgage refinance is currently averaging about 5.63%, unchanged from a week ago.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.68%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $824 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $48,771 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 0.81%
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) inched down week-over-week to 7.01%, versus 7.07% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $666 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Climb 0.13%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance rose to 6.37%, about the same as last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $864 per month in principal and interest per $100,000 borrowed. They will pay about $55,772 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
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 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.
Trends in Refinance Rates for 2025
Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025.
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 in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates are expected to change little in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the 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 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.
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.