30-year fixed refinance mortgage rates didn’t move at 6.49% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.46%. On a 20-year mortgage refinance, the average rate is 6.15%.
Related: Compare Current Refinance Rates
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30-Year Refinance Rates Climb 1.38%
The average rate for a 30-year fixed-rate mortgage refinance is 6.49%, up 1.38% from last week.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.52%, higher than last week’s 6.43%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
At an interest rate of 6.49%, a 30-year fixed mortgage refi would cost $631 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 $127,900 over the life of the loan.
20-Year Refinance Rates Climb 2.09%
The average interest rate on the 20-year fixed refinance mortgage is 6.15%. Last week, the 20-year fixed-rate mortgage was at 6.02%.
The APR on a 20-year fixed is 6.18%, compared to 6.06% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $725 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $74,487 in total interest.
15-Year Mortgage Refinance Rates Climb 2.08%
The average interest rate on the 15-year fixed refinance mortgage is 5.46%. The same time last week, the 15-year fixed-rate mortgage was at 5.35%.
On a 15-year fixed refinance, the annual percentage rate is 5.5%. Last week, it was 5.39%.
At the current interest rate, you would pay $815 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $47,085 in total interest.
30-Year Jumbo Refinance Rates Climb 0.13%
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) increased week-over-week to 6.79%, unchanged from last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $652 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 0.32%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.88%, down 0.32% from last week.
At today’s rate, a borrower would pay $837 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 $51,011 in total interest.
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 You Should Refinance Your Home
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment.
Our mortgage refinance calculator could help you determine if refinancing is right for you.
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.
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 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?
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?
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.
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