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The rate on a 30-year fixed refinance fell to 6.7% today, according to the Mortgage Research Center. Rates averaged 5.63% for a 15-year financed mortgage and 6.46% for a 20-year financed mortgage.

Related: Compare Current Refinance Rates

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30-Year Fixed-Rate Mortgage Refinance Rates

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.7%, up 0.03 point from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $645 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 $132,300.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.73%, higher than last week’s 6.7%. The APR is essentially the all-in cost of the home loan.

20-Year Fixed-Rate Mortgage Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 6.46%, about the same as last week.

The APR on a 20-year fixed is 6.5%, compared to 6.49% last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $743 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $78,316 in total interest.

15-Year Fixed-Rate Mortgage Refinance Rates

The 15-year fixed mortgage refinance is currently averaging about 5.63%, unchanged from a week ago.

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.68%.

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $824 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $48,339 in total interest over the 15-year life of the loan.

30-Year Jumbo Mortgage 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) declined week-over-week to 7.05%. 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 $669 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Mortgage Refinance Rates

A 15-year, fixed-rate jumbo mortgage refinance is 6.16% on average, up 0.02 point from last week.

At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $852 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,435 in total interest.

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

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?

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 Get Today’s Best Refinance Rates

Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing get a good mortgage rate:

• Improve your credit
• Consider a shorter loan term
• Lower your debt-to-income ratio
• Watch mortgage rates

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

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