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The rate on a 30-year fixed refinance dropped to 6.28% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.34%. On a 20-year mortgage refinance, the average rate is 6.07%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 2.51%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.28%, versus 6.45% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.31%, lower than last week’s 6.47%. 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 $618 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 $122,971.
20-Year Refi Rates Drop 2.49%
The 20-year fixed mortgage refinance average rate stands at 6.07%, versus 6.22% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.1%. It was 6.25% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $720 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,261 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Drop 2.50%
The average interest rate on the 15-year fixed refinance mortgage is 5.34%. The same time last week, the 15-year fixed-rate mortgage was at 5.48%.
On a 15-year fixed refinance, the annual percentage rate is 5.38%. Last week, it was 5.52%.
At the current interest rate, you would pay $809 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $45,960 in total interest.
30-Year Jumbo Refinance Interest Rates Drop 2.29%
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) decreased week-over-week to 6.37%, versus 6.51% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $623 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Rates Drop 2.23%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 6.06%, down 2.23% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $847 per month in principal and interest per $100,000 borrowed. They will pay about $52,654 in total interest over the life of the loan.
Are Refinance Rates and Mortgage Rates the Same?
Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.
In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.
Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.
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 when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home’s equity or take out a new loan to eliminate private mortgage insurance (PMI).
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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.
Best Mortgage Refinance Lenders
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance Rate Trends for 2025
National average mortgage rates have remained in the middle-to-high 6% range for most of 2025, and experts expect this trend to continue through the rest of the year.
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 aren’t expected to change much for the remainder of 2025, those looking to refinance at a lower rate should consider waiting until the new year. 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 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 quickly can you refinance a mortgage?
You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow.
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.
