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30-year fixed refinance mortgage rates didn’t budge at 6.37% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.37%, and for 20-year mortgages, the average is 6.08%.

Related: Compare Current Refinance Rates

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30-Year Refinance Rates Drop 0.87%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.37%, down 0.87% from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $624 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 $125,111.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.4%, lower than last week’s 6.46%. The APR is essentially the all-in cost of the home loan.

20-Year Refinance Rates Drop 0.72%

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.08%, compared to 6.12% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.11%. It was 6.16% last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest – not including taxes and fees. That would equal about $73,498 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates Drop 0.94%

The average interest rate on the 15-year fixed refinance mortgage is 5.37%. A week ago, the 15-year fixed-rate mortgage was at 5.42%.

On a 15-year fixed refinance, the annual percentage rate is 5.41%. Last week, it was 5.46%.

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 $46,188 in total interest.

30-Year Jumbo Refinance Rates Climb 0.49%

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 6.77%, versus 6.74% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $650 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refi Rates Climb 0.13%

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.1%, about the same as last week.

At today’s rate, a borrower would pay $849 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 $53,132 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.

When Refinancing Makes Sense

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.

Refinancing Rate Outlook for 2025

National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.

Although forecasting mortgage interest rates is challenging, economic indicators like inflation and unemployment rates can provide insights into the direction of the housing market. For example, if inflation slows and national unemployment levels remain stable or rise, the Federal Reserve may cut the federal funds rate, which could lead to lower mortgage rates. On the other hand, if inflation stays high and unemployment decreases, rates are likely to remain steady.

Since mortgage rates are expected to experience minimal movement during the remainder of the year, those looking to refinance at a lower rate should consider waiting until rates decrease. In the meantime, improving your credit score and making on-time payments will allow you to secure the best possible rate when you begin shopping for refinance offers.

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