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The rate on a 30-year fixed refinance increased to 6.71% 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 6.46%.

Related:Compare Current Refinance Rates

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30-Year Fixed Refinance Interest Rates

The current 30-year, fixed-rate mortgage refinance average rate stands at 6.71%, versus 6.84% last week.

The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.74%, lower than last week’s 6.87%. The APR is the all-in cost of a home loan the interest rate including any fees or extra costs.

At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $646 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $132,419.

20-Year Refi Rates

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.46%, compared to 6.63% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.5%. It was 6.67% last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $743 per month in principal and interest – not including taxes and fees. That would equal about $78,316 in total interest over the life of the loan.

15-Year Fixed Refinance Rates

The 15-year fixed mortgage refinance is currently averaging about 5.63%, compared to 5.8% last week.

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 $48,281 in total interest over the 15-year life of the loan.

30-Year Jumbo Refinance Interest 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) inched down week-over-week to 7.08%, versus 7.21% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $671 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refinance Rates

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.08%, down 0.15 point from last week.

At today’s rate, a borrower would pay $848 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 $52,683 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

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

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)