30-year fixed refinance mortgage rates remained unchanged at 6.35% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.28%. On a 20-year mortgage refinance, the average rate is 6.06%.
Related: Compare Current Refinance Rates
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30-Year Refinance Rates Climb 0.84%
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.35%, up 0.84% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $622 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 $124,523.
Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.37%, higher than last week’s 6.32%. The APR is essentially the all-in cost of the home loan.
20-Year Refinance Rates Climb 0.63%
The 20-year fixed mortgage refinance average rate stands at 6.06%, versus 6.02% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.1%. It was 6.06% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $720 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,303 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 0.26%
The average interest rate on the 15-year fixed refinance mortgage is 5.28%. The same time last week, the 15-year fixed-rate mortgage was at 5.29%.
On a 15-year fixed refinance, the annual percentage rate is 5.32%. Last week, it was 5.34%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $805 per month in principal and interest per $100,000 borrowed. You would pay around $45,390 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 0.02%
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) inched down week-over-week to 6.67%. Last week, the rate was about the same.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $643 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 0.05%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.78%, about the same as 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 $50,033 in total interest.
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 Get 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Trends in Refinance Rates 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 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.
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 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.
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