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The rate on a 30-year fixed refinance climbed to 6.93% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.78%, and for 20-year mortgages, the average is 6.71%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 1.73%
At 6.93%, the average rate on a 30-year fixed-rate mortgage refinance is up 1.73% from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.96%. This time last week, it was 6.84%. The APR is the all-in cost of your loan.
At the current interest rate of 6.93%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $660 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay around $138,470 in total interest over the life of the loan.
20-Year Refinance Rates Climb 2.05%
The average interest rate on the 20-year fixed refinance mortgage is 6.71%. A week ago, the 20-year fixed-rate mortgage was at 6.58%.
The APR on a 20-year fixed is 6.75%, compared to 6.62% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $758 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $82,544 in total interest.
15-Year Mortgage Refinance Rates Climb 0.52%
The average interest rate on the 15-year fixed refinance mortgage is 5.78%. Last week, the 15-year fixed-rate mortgage was at 5.75%.
The annual percentage rate on a 15-year fixed is 5.83%. Last week, it was 5.8%.
A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $832 per month in principal and interest. Over the life of the loan, you would pay $50,236 in total interest.
30-Year Jumbo Refinance Rates Climb 1.08%
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) jumped up week-over-week to 7.3%, versus 7.22% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $686 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Climb 1.33%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance increased to 6.41%, up 1.33% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $866 per month in principal and interest per $100,000 borrowed. They will pay about $56,226 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
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.
Trends in Refinance Rates 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 middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year.
If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement.
Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year 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 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.