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30-year fixed refinance mortgage rates stayed flat at 6.51% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.38%. For 20-year mortgage refinances, the average rate is 6.25%.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Drop 0.90%
At 6.51%, the average rate on a 30-year fixed-rate mortgage refinance is down 0.90% from this time last week.
The APR, or annual percentage rate, on a 30-year fixed is 6.53%. This time last week, it was 6.59%. The APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $632 per month in principal and interest (not accounting for taxes and fees) at the current interest rate of 6.51%. You’d pay approximately $128,303 in total interest over the life of the loan.
20-Year Fixed-Rate Mortgage Refinance Rates Drop 1.31%
The 20-year fixed mortgage refinance average rate stands at 6.25%, versus 6.33% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.29%. It was 6.37% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $731 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $75,941 in total interest over the life of the loan.
15-Year Fixed-Rate Mortgage Refinance Rates Drop 1.54%
The 15-year fixed mortgage refinance is currently averaging about 5.38%, compared to 5.46% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.42%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $811 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,322 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates Drop 0.65%
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) decreased week-over-week to 6.68%, versus 6.73% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $644 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Drop 0.61%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.89%, down 0.61% from last week.
At today’s rate, a borrower would pay $838 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 $51,108 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.
When You Should 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.
Refinance Interest Rate Trends for 2025
Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025.
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 in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates are expected to change little 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 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 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 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 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.