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The rate on a 30-year fixed refinance fell to 6.53% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.41%, and for 20-year mortgages, the average is 6.31%.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Climb 0.14%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.53%, about the same as last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.56%, about the same as last week. 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 $634 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 $128,991.
20-Year Refi Rates Climb 0.48%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.31%, compared to 6.28% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.34%. It was 6.31% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $734 per month in principal and interest – not including taxes and fees. That would equal about $76,726 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Drop 0.46%
The average interest rate on the 15-year fixed refinance mortgage is 5.41%. Last week, the 15-year fixed-rate mortgage was at 5.43%.
On a 15-year fixed refinance, the annual percentage rate is 5.45%. Last week, it was 5.47%.
At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $812 per month in principal and interest per $100,000 borrowed. You would pay around $46,598 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates Climb 0.18%
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) jumped up week-over-week to 6.72%. A week ago, the average rate was 6.71%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $646 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Drop 0.47%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 5.9%, down 0.47% from last week.
At today’s rate, a borrower would pay $838 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 $51,146 in total interest.
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.
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
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.
What To Know About 2025 Refinance Rate Trends
National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.
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 in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. 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 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.
