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Mortgage refinance rates didn’t move at 6.65% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.63%. On a 20-year mortgage refinance, the average rate is 6.44%.

Related: Compare Current Refinance Rates

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30-Year Refinance Rates

At 6.65%, the average rate on a 30-year fixed-rate mortgage refinance is down 0.22 point from last week.

The APR, or annual percentage rate, on a 30-year fixed is 6.68%. This time last week, it was 6.9%. The APR is 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 $642 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 6.65%. The total interest paid over the life of the loan would be around $131,131.

20-Year Refinance Rates

The 20-year fixed mortgage refinance average rate stands at 6.44%, versus 6.72% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.48%. It was 6.76% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $742 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $78,020 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 5.63%. A week ago, the 15-year fixed-rate mortgage stood at 5.9%.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.68%. Last week, it was 5.95%.

Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $824 per month in principal and interest – not including taxes and fees. That would equal about $48,300 in total interest over the life of the loan

30-Year Jumbo Refinance Rates

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) declined week-over-week to 7.08%, versus 7.18% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $670 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refi Rates

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell weekly to 6.14%, down 0.22 point from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $851 per month in principal and interest per $100,000 borrowed. They will pay about $53,269 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.

Know When To Refinance Your Home

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.

Is Now a Good Time To Refinance?

Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.

However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.

The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.

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 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

Frequently Asked Questions (FAQs)