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The rate on a 30-year fixed refinance fell to 6.27% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.24%. On a 20-year mortgage refinance, the average rate is 5.95%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 1.18%
At 6.27%, the average rate on a 30-year fixed-rate mortgage refinance is down 1.18% from last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.29%. At this time last week, it was 6.37%. The APR represents the all-in cost of your loan.
At an interest rate of 6.27%, a 30-year fixed mortgage refi would cost $617 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $122,643 over the life of the loan.
20-Year Refinance Rates Drop 2.35%
The 20-year fixed mortgage refinance average rate stands at 5.95%, versus 6.09% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 5.98%. It was 6.12% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $713 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $71,680 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.54%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.24%. The same time last week, the 15-year fixed-rate mortgage stood at 5.32%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.28%. Last week, it was 5.37%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $803 per month in principal and interest—not including taxes and fees. That would equal about $44,982 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 0.99%
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 6.61%, versus 6.67% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $639 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Climb 0.28%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 5.77%, up 0.28% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $831 per month in principal and interest per $100,000 borrowed. They will pay about $49,908 in total interest over the life of the loan.
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
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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance Rate Trends for 2025
National average mortgage rates have remained in the middle-to-high 6% range for most of 2025, and experts expect this trend to continue through the rest of the year.
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. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates aren’t expected to change much for the remainder of 2025, those looking to refinance at a lower rate should consider waiting until the new 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 quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow.
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.