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The rate on a 30-year fixed refinance increased to 6.35% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.37%, and for 20-year mortgages, the average is 6.05%.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Climb 1.20%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.35%, versus 6.27% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.37%, higher than last week’s 6.3%. 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 $622 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 $124,499.
20-Year Refinance Rates Climb 0.43%
The 20-year fixed mortgage refinance average rate stands at 6.05%, versus 6.02% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.08%. It was 6.05% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $719 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,039 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Climb 0.92%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.37%. The same time last week, the 15-year fixed-rate mortgage stood at 5.33%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.42%. Last week, it was 5.37%.
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 $46,264 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Climb 0.47%
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) jumped up week-over-week to 6.82%, versus 6.79% last week.
At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $653 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refi Rates Drop 0.67%
A 15-year, fixed-rate jumbo mortgage refinance is 6.08% on average, down 0.67% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $848 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $52,907 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 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 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 of 2025
Find the best Mortgage Refinance Lenders for your needs.
Refinance Rate Trends 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 mid-to-high 6% range through the rest of 2025, with a chance that they fall further in 2026 if the Federal Reserve continues to cut its federal funds rate.
Since experts anticipate rates remaining steady through the end of the year, homeowners waiting to refinance at a lower rate may want to hold off a while longer 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?
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 soon can you refinance a mortgage?
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
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.
