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30-year fixed refinance mortgage rates stayed flat at 6.39% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.36%. On a 20-year mortgage refinance, the average rate is 6.1%.

Related: Compare Current Refinance Rates

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30-Year Fixed-Rate Mortgage Refinance Rates Drop 0.58%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.39%, down 0.58% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $625 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $125,607.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.42%, lower than last week’s 6.46%. The APR is essentially the all-in cost of the home loan.

20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.59%

The 20-year fixed mortgage refinance average rate stands at 6.1%, versus 6.06% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.13%. It was 6.1% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $722 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,762 in total interest over the life of the loan.

15-Year Fixed-Rate Mortgage Refinance Rates Drop 0.33%

The average interest rate on the 15-year fixed refinance mortgage is 5.36%. A week ago, the 15-year fixed-rate mortgage was at 5.38%.

The annual percentage rate on a 15-year fixed is 5.41%. Last week, it was 5.42%.

A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $810 per month in principal and interest. Over the life of the loan, you would pay $46,179 in total interest.

30-Year Jumbo Mortgage Refinance Rates Drop 0.43%

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) declined week-over-week to 6.72%. A week ago, the average rate was 6.75%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $647 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Mortgage Refinance Rates Drop 1.11%

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.78%, down 1.11% from last week.

At today’s rate, a borrower would pay $832 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 $49,995 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 Refinancing Makes Sense

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).

A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs 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

Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:

• Polish up your credit score
• Lower your debt-to-income ratio
• Keep an eye on mortgage rates
• Consider a shorter loan

Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.

Refinancing Rate Outlook 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)