30-year fixed refinance mortgage rates didn’t budge at 6.2% today, according to the Mortgage Research Center. Rates averaged 5.28% for a 15-year financed mortgage and 5.94% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
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30-Year Refinance Rates Drop 0.91%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.2%, compared to 6.26% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.23%, lower than last week’s 6.28%. 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 $613 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 $121,097.
20-Year Refinance Rates Drop 1.31%
For a 20-year fixed refinance mortgage, the average interest rate is currently 5.94%, compared to 6.02% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 5.97%. It was 6.05% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $713 per month in principal and interest – not including taxes and fees. That would equal about $71,515 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 0.04%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.28%, the same as a week ago.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.32%. It was about the same last week.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $806 per month in principal and interest—not including taxes and fees. That would equal about $45,390 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Climb 0.35%
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) jumped up week-over-week to 6.38%. A week ago, the average rate was 6.36%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $624 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Climb 0.96%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.2%, up 0.96% from last week.
At today’s rate, a borrower would pay $854 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 $54,013 in total interest.
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
Find the best Mortgage Refinance Lenders for your needs.
Refinance Interest Rate Trends for 2026
National average mortgage rates fell to the low-to-middle 6% range during the last few months of 2025, and experts expect this trend to continue going into 2026.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates may only change negligibly in the near future, those looking to refinance at a lower rate should consider monitoring the Fed’s decisions at its meetings during the first half of 2026. In the meantime, improving your credit score and paying down your loan balance will help you secure the lowest possible rate when you’re ready to explore refinancing options.
Frequently Asked Questions (FAQs)
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.
How do you find the best refinancing lender?
You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.
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.
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