30-year fixed refinance mortgage rates stayed flat at 6.81% today, according to the Mortgage Research Center. Rates averaged 5.75% for a 15-year financed mortgage and 6.6% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
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30-Year Refinance Rates Drop 1.23%
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.81%, versus 6.89% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.84%, lower than last week’s 6.92%. 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 $653 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 $135,605.
20-Year Refinance Rates Drop 1.96%
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.6%, compared to 6.73% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.64%. It was 6.77% last week.
At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $751 per month in principal and interest – not including taxes and fees. That would equal about $80,879 in total interest over the life of the loan.
15-Year Mortgage Refinance Rates Drop 1.58%
The average interest rate on the 15-year fixed refinance mortgage is 5.75%. Last week, the 15-year fixed-rate mortgage was at 5.84%.
On a 15-year fixed refinance, the annual percentage rate is 5.79%. Last week, it was 5.89%.
A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $830 per month in principal and interest. Over the life of the loan, you would pay $49,898 in total interest.
30-Year Jumbo Refinance Rates Drop 2.32%
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) declined week-over-week to 7.06%. A week ago, the average rate was 7.23%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $670 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refi Rates Climb 0.39%
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance climbed to 6.39%, up 0.39% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $865 per month in principal and interest per $100,000 borrowed. They will pay about $55,979 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 Refinancing Makes Sense
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.
Refinance Interest 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 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?
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 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.
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.
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