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30-year fixed refinance mortgage rates stayed flat at 6.57% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.49%, and for 20-year mortgages, the average is 6.33%.

Related: Compare Current Refinance Rates

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30-Year Refinance Rates Drop 0.64%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.57%, down 0.64% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $637 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 $129,846.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.6%, lower than last week’s 6.64%. The APR is essentially the all-in cost of the home loan.

20-Year Refinance Rates Drop 0.44%

The 20-year fixed mortgage refinance average rate stands at 6.33%, versus 6.36% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.37%. It was 6.4% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $736 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $77,091 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates Drop 0.38%

The 15-year fixed mortgage refinance is currently averaging about 5.49%, compared to 5.51% last week.

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.53%.

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $816 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $47,381 in total interest over the 15-year life of the loan.

30-Year Jumbo Refinance Rates Climb 0.49%

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) inched up week-over-week to 6.71%. A week ago, the average rate was 6.68%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $646 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Refi Rates Climb 0.46%

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.9%, up 0.46% from last week.

At today’s rate, a borrower would pay $838 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 $51,185 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.

When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice.

When You Should Refinance Your Home

You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.

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.

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. Mortgage refinance 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.

Mortgage Refinance Rate Trends for 2025

National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.

Although forecasting mortgage interest rates is challenging, economic indicators like inflation and unemployment rates can provide insights into the direction of the housing market. For example, if inflation slows and national unemployment levels remain stable or rise, the Federal Reserve may cut the federal funds rate, which could lead to lower mortgage rates. On the other hand, if inflation stays high and unemployment decreases, rates are likely to remain steady.

Since mortgage rates are expected to experience minimal movement in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. In the meantime, improving your credit score and making on-time payments will allow you to secure the best possible rate when you begin shopping for refinance offers.

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