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The rate on a 30-year fixed refinance slipped to 6.27% today, according to the Mortgage Research Center. Rates averaged 5.33% for a 15-year financed mortgage and 6.02% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 2.50%
At 6.27%, the average rate on a 30-year fixed-rate mortgage refinance is down 2.50% from this time last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.3%. At this time last week, it was 6.46%. The APR represents the all-in cost of your loan.
At today’s interest rate of 6.27%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $617 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan would be approximately $122,760.
20-Year Refinance Rates Drop 1.68%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.02%, compared to 6.12% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.05%. It was 6.16% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $718 per month in principal and interest – not including taxes and fees. That would equal about $72,692 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.93%
The average interest rate on the 15-year fixed refinance mortgage is 5.33%. A week ago, the 15-year fixed-rate mortgage was at 5.43%.
On a 15-year fixed refinance, the annual percentage rate is 5.37%. Last week, it was 5.47%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $808 per month in principal and interest per $100,000 borrowed. You would pay around $45,798 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Climb 0.53%
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) rose week-over-week to 6.79%. A week ago, the average rate was 6.76%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $651 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 0.37%
A 15-year, fixed-rate jumbo mortgage refinance is 6.12% on average, down 0.37% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $850 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,308 in total interest.
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
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 Qualify for 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 of 2025
Find the best Mortgage Refinance Lenders for your needs.
What To Know About 2025 Refinance Rate Trends
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 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.