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The rate on a 30-year fixed refinance fell to 6.23% today, according to the Mortgage Research Center. Rates averaged 5.36% for a 15-year financed mortgage and 6.11% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed-Rate Mortgage Refinance Rates Climb 0.06 Points
At 6.23%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.06 percentage points from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.25%. This time last week, it was 6.2%. The APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, homebuyers with a 30-year fixed-rate mortgage refi of $100,000 will pay $614 per month in principal and interest (not accounting for taxes and fees) at the current interest rate of 6.23%. The total interest paid over the life of the loan would be approximately $121,752.
20-Year Fixed-Rate Mortgage Refinance Rates Climb 0.07 Points
The average interest rate on the 20-year fixed refinance mortgage is 6.11%. A week ago, the 20-year fixed-rate mortgage was at 6.04%.
The APR on a 20-year fixed is 6.15%, compared to 6.08% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $723 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,957 in total interest.
15-Year Fixed-Rate Mortgage Refinance Rates Climb 0.12 Points
The 15-year fixed mortgage refinance is currently averaging about 5.36%, compared to 5.24% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.4%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $810 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,160 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates Climb 0.04 Points
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) rose week-over-week to 6.7%, versus 6.66% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $645 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Mortgage Refinance Rates Climb 0.11 Points
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.01%, up 0.11 percentage points from last week.
At today’s rate, a borrower would pay $844 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 $52,176 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 Refinancing Makes Sense
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.
How To Qualify for 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.
What To Know About 2026 Refinance Rate Trends
National average mortgage rates hit the low-to-mid 6% range by the end of 2025, and experts expect this trend to continue through the beginning of 2026.
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 start of 2026, 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 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?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
