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Mortgage refinance rates remained unchanged at 6.72% today, according to the Mortgage Research Center. Rates averaged 5.64% for a 15-year financed mortgage and 6.45% 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 6.72%, up 0.07 point from this time last week.

On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.75%, higher than last week’s 6.68%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.

At today’s interest rate of 6.72%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $646 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan would be around $132,682.

20-Year Refinance Rates

The 20-year fixed mortgage refinance average rate stands at 6.45%, versus 6.44% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.49%. It was 6.48% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $743 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $78,218 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates

The 15-year fixed mortgage refinance is currently averaging about 5.64%, compared to 5.63% last week.

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.7%.

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $825 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $48,425 in total interest over the 15-year 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) increased week-over-week to 7.1%, versus 7.08% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $672 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 rose weekly to 6.16%, up 0.02 point from 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 $53,445 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 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.

Is Now a Good Time To Refinance?

Now may be a good time to refinance if you can reduce your monthly payment by getting a better interest rate or adjusting your repayment period.

While refinance rates are at multi-year highs, you may qualify for a competitive rate if your credit has improved since getting your existing mortgage or by switching to a shorter loan term, such as a 15-year mortgage. Refinancing from a government-backed loan to a conventional loan with at least 20% equity helps you waive private mortgage insurance, FHA mortgage insurance premiums or the USDA guarantee fees.

There are multiple mortgage refinance options to consider and some that let you tap your home equity.

Consider avoiding refinancing if you can’t get a better rate or reduce your monthly payment. Additionally, you will need to pay closing costs and the application process can be lengthy. These hindrances may exceed the potential benefits of refinancing.

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)