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30-year fixed refinance mortgage rates remained unchanged at 6.28% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.37%. For 20-year mortgage refinances, the average rate is 6.04%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.61%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.28%, compared to 6.25% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.31%, higher than last week’s 6.27%. 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 Climb 0.50%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.04%, compared to 6.01% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.07%. It was 6.04% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $719 per month in principal and interest – not including taxes and fees. That would equal about $72,956 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Climb 0.98%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.37%. Last week, the 15-year fixed-rate mortgage stood at 5.32%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.41%. Last week, it was 5.35%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $810 per month in principal and interest—not including taxes and fees. That would equal about $46,188 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 0.60%
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) rose week-over-week to 6.4%. 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 $626 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 1.42%
A 15-year, fixed-rate jumbo mortgage refinance is 6.21% on average, up 1.42% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $855 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $54,169 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.
Know When To Refinance Your Home
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 Qualify for Today’s Best Refinance Rates
Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:
- Polish up your credit score
- Lower your debt-to-income ratio
- Keep an eye on mortgage rates
- Consider a shorter loan
Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.
Best Mortgage Refinance Lenders
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance Rate Trends for 2026
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 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?
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 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.
