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The rate on a 30-year fixed refinance climbed to 6.5% today, according to the Mortgage Research Center. Rates averaged 5.47% for a 15-year financed mortgage and 6.18% for a 20-year financed mortgage.

Related: Compare Current Refinance Rates

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30-Year Fixed-Rate Mortgage Refinance Rates Climb 2.02%

The average rate for a 30-year fixed-rate mortgage refinance is 6.5%, up 2.02% from last week.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.53%, higher than last week’s 6.4%. 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.

According to the Forbes Advisor mortgage calculator, homebuyers 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 today’s interest rate of 6.5%. You’d pay approximately $128,255 in total interest over the life of the loan.

20-Year Fixed-Rate Mortgage Refinance Rates Climb 1.95%

The average interest rate on the 20-year fixed refinance mortgage is 6.18%. The same time last week, the 20-year fixed-rate mortgage was at 6.07%.

The APR on a 20-year fixed is 6.22%, compared to 6.1% last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $727 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $75,031 in total interest.

15-Year Fixed-Rate Mortgage Refinance Rates Climb 1.24%

The average interest rate on the 15-year fixed refinance mortgage is 5.47%. The same time last week, the 15-year fixed-rate mortgage was at 5.4%.

On a 15-year fixed refinance, the annual percentage rate is 5.51%. Last week, it was 5.44%.

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 $47,171 in total interest.

30-Year Jumbo Mortgage Refinance Rates Drop 0.22%

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) dropped week-over-week to 6.76%. A week ago, the average rate was 6.78%.

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 Mortgage Refinance Rates Drop 0.46%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.89%, down 0.46% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $838 per month in principal and interest per $100,000 borrowed. They will pay about $51,088 in total interest over the life of the loan.

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 Refinancing Makes Sense

There are lots of good reasons to refinance your mortgage, but for most homeowners, it comes down to lowering the interest rate, reducing monthly payments or paying off the loan more quickly. Refinancing can also allow you to tap some of your home’s equity or eliminate private mortgage insurance (PMI).

It’s important to keep in mind that refinancing carries costs, and for that reason makes more sense if you plan to stay in your home for some time. It can be helpful to calculate the “break-even point” for a potential refinance – to see how long it will take for savings from the new mortgage to outweigh closing costs. Try to find out what those fees will be and divide them by the monthly savings from the new mortgage.

Check out our mortgage refinance calculator to help you decide if this is a good time 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.

Mortgage Refinance 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.

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