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The rate on a 30-year fixed refinance fell to 6.38% today, according to the Mortgage Research Center. Rates averaged 5.39% for a 15-year financed mortgage and 6.06% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.13%
The average rate for a 30-year fixed-rate mortgage refinance is 6.38%, the same as last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.41%. At this time last week, it was 6.4%. The APR represents the all-in cost of your loan.
At the current interest rate of 6.38%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $624 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $125,394 over the life of the loan.
20-Year Refi Rates Climb 0.12%
The average interest rate on the 20-year fixed refinance mortgage is 6.06%, about the same as last week.
The APR on a 20-year fixed is 6.09%, about the same as last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $720 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,220 in total interest.
15-Year Fixed Refinance Rates Climb 0.19%
The average interest rate on the 15-year fixed refinance mortgage is 5.39%, unchanged from the prior week.
On a 15-year fixed refinance, the annual percentage rate is 5.44%. It was about the same last week.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $811 per month in principal and interest per $100,000 borrowed. You would pay around $46,474 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 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) inched down week-over-week to 6.76%. Last week, the average rate was 6.79%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $649 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 3.97%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.08%, up 3.97% from last week.
At today’s rate, a borrower would pay $848 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $52,927 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
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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
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 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 soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.
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.