Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
30-year fixed refinance mortgage rates remained unchanged at 6.78% today, according to the Mortgage Research Center. Rates averaged 5.7% for a 15-year financed mortgage and 6.64% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 0.25%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.78%, up 0.25% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $651 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 $134,885.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.81%, higher than last week’s 6.79%. The APR is essentially the all-in cost of the home loan.
20-Year Refinance Rates Climb 1.61%
The average interest rate on the 20-year fixed refinance mortgage is 6.64%. The same time last week, the 20-year fixed-rate mortgage was at 6.54%.
The APR on a 20-year fixed is 6.68%, compared to 6.58% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $754 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $81,504 in total interest.
15-Year Mortgage Refinance Rates Climb 0.64%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.7%. A week ago, the 15-year fixed-rate mortgage stood at 5.66%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.75%. Last week, it was 5.71%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $828 per month in principal and interest—not including taxes and fees. That would equal about $49,455 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Climb 0.13%
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) jumped up week-over-week to 7.04%. Last week, the rate was about the same.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $668 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 0.66%
A 15-year, fixed-rate jumbo mortgage refinance is 6.34% on average, down 0.66% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $862 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $55,467 in total interest.
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
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 Get 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.
Refinancing Rate Outlook for 2025
National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.
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 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 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 do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.
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.
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.