Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
The rate on a 30-year fixed refinance climbed to 6.6% today, according to the Mortgage Research Center. Rates averaged 5.52% for a 15-year financed mortgage and 6.35% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 2.58%
At 6.6%, the average rate on a 30-year fixed-rate mortgage refinance is down 2.58% from a week ago.
On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.63%, lower than last week’s 6.8%. APR, or annual percentage rate, includes a loan’s interest rate and a loan’s finance charges. It’s the all-in cost of your loan.
At an interest rate of 6.6%, a 30-year fixed mortgage refi would cost $639 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. In total interest, you’d pay $130,560 over the life of the loan.
20-Year Refinance Rates Drop 3.89%
The 20-year fixed mortgage refinance average rate stands at 6.35%, versus 6.61% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.39%. It was 6.65% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $737 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $77,401 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 2.83%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.52%. A week ago, the 15-year fixed-rate mortgage stood at 5.69%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.57%. Last week, it was 5.73%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $818 per month in principal and interest—not including taxes and fees. That would equal about $47,735 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 0.92%
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) fell week-over-week to 6.91%. Last week, the average rate was 6.98%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $659 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Drop 4.16%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.86%, down 4.16% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $836 per month in principal and interest per $100,000 borrowed. They will pay about $50,749 in total interest over the life of the loan.
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
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 Get 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.
Trends in Refinance Rates for 2025
National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall.
While predicting mortgage interest rates is challenging, experts expect them to remain in the middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year.
If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement.
Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer.
Frequently Asked Questions (FAQs)
How do you find the best refinancing lender?
Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.
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?
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.
