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Mortgage refinance rates remained unchanged at 6.83% today, according to the Mortgage Research Center. Rates averaged 5.71% for a 15-year financed mortgage and 6.56% for a 20-year financed mortgage.

Related: Compare Current Refinance Rates

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30-Year Refinance Rates

The average rate for a 30-year fixed-rate mortgage refinance is 6.83%, up 0.11 point from this time last week.

The 30-year fixed mortgage refi APR (annual percentage rate) is 6.86%. At this time last week, it was 6.75%. The APR represents the all-in cost of your loan.

At an interest rate of 6.83%, a 30-year fixed mortgage refi would cost $654 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay approximately $135,413 in total interest over the life of the loan.

20-Year Refinance Rates

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.56%, compared to 6.45% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.61%. It was 6.49% last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $749 per month in principal and interest – not including taxes and fees. That would equal about $79,815 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates

For a 15-year fixed refinance mortgage, the average interest rate is currently 5.71%. A week ago, the 15-year fixed-rate mortgage stood at 5.64%.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.76%. Last week, it was 5.7%.

Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $828 per month in principal and interest—not including taxes and fees. That would equal about $49,117 in total interest over the life of the loan.

30-Year Jumbo Refinance Rates

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) rose week-over-week to 7.18%. A week ago, the average rate was 7.1%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $677 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell weekly to 6.15%, about the same as last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $852 per month in principal and interest per $100,000 borrowed. They will pay about $53,347 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 You Should 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.

Is Now a Good Time To Refinance?

Refinancing your mortgage can be worth it for multiple reasons:

• Lowering monthly payments. You might be able to reduce your monthly payment by extending your repayment period or qualifying for a better interest rate.
• Reducing your interest rate. Switching from a 30-year mortgage to a shorter term, like 15 or 20 years, can help you get a better interest rate and pay less interest overall.
• Ending annual service fees. FHA and USDA loans can charge annual fees for the life of the loan. If you have at least 20% equity, converting to a conventional mortgage refinance lets you avoid mortgage insurance premiums and guarantee fees.
• Switching to a fixed interest rate. You may also refinance an adjustable-rate mortgage into a fixed interest rate to avoid future rate hikes that increase your monthly payment and total borrowing costs.
• Borrowing your home equity. A cash-out refinance allows you to tap your home equity to consolidate high-interest debt and pay for personal expenses. The mortgage refinance interest rate can be lower than unsecured personal loans.

Lenders offer multiple mortgage refinance options to help you quickly compare your potential rate and monthly payment. Refinancing can also provide more repayment flexibility.

Now isn’t a good time to refinance if you cannot get a smaller monthly payment or the closing costs offset the potential benefits of having a new rate and term.

How To Get Today’s Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:

• Maintain a good credit score
• Consider a shorter-term loan
• Lower your debt-to-income ratio
• Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates

Frequently Asked Questions (FAQs)