The rate on a 30-year fixed refinance rose to 6.35% today, according to the Mortgage Research Center. Rates averaged 5.36% for a 15-year financed mortgage and 6.06% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
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30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.13%
At 6.35%, the average rate on a 30-year fixed-rate mortgage refinance is the same as this time last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.37%. At this time last week, it was 6.36%. The APR represents the all-in cost of your loan.
At the current interest rate of 6.35%, a 30-year fixed mortgage refi would cost $622 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. You’d pay approximately $124,499 in total interest over the life of the loan.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.43%
The average interest rate on the 20-year fixed refinance mortgage is 6.06%. The same time last week, the 20-year fixed-rate mortgage was at 6.03%.
The APR on a 20-year fixed is 6.09%, compared to 6.07% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $720 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,206 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Climb 0.07%
The average interest rate on the 15-year fixed refinance mortgage is 5.36%, unchanged from the prior week.
On a 15-year fixed refinance, the annual percentage rate is 5.41%. It was about the same last week.
A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $810 per month in principal and interest. Over the life of the loan, you would pay $46,169 in total interest.
30-Year Jumbo Mortgage Refinance Rates Climb 0.07%
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 6.8%, unchanged from last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $652 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Drop 1.77%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.04%, down 1.77% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $846 per month in principal and interest per $100,000 borrowed. They will pay about $52,508 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
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 Refinancing Makes Sense
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.
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 to 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 mortgage refinance lenders 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
What To Know About 2025 Refinance Rate Trends
National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.
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 during the remainder of the year, those looking to refinance at a lower rate should consider waiting until rates decrease. 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.
Frequently Asked Questions (FAQs)
How much does it cost to refinance a mortgage?
Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It’s always a good idea to ask the lender what kind of closing costs they’ll charge before you decide to borrow from them.
How soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.
How quickly can you refinance a mortgage?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.
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