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30-year fixed refinance mortgage rates didn’t move at 6.39% today, according to the Mortgage Research Center. Rates averaged 5.4% for a 15-year financed mortgage and 6.07% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Fixed Refinance Interest Rates Drop 0.17%
The average rate for a 30-year fixed-rate mortgage refinance is 6.39%, down 0.17% from last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.42%. At this time last week, it was 6.43%. The APR represents the all-in cost of your loan.
At an interest rate of 6.39%, a 30-year fixed mortgage refi would cost $625 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 $125,536 over the life of the loan.
20-Year Refi Rates Remain Steady
The 20-year fixed mortgage refinance average rate stands at 6.07%, about the same as last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.11%, about the same as last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $73,484 in total interest over the life of the loan.
15-Year Fixed Refinance Rates Drop 0.24%
The 15-year fixed mortgage refinance is currently averaging about 5.4%, compared to 5.41% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.44%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $812 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,522 in total interest over the 15-year life of the loan.
30-Year Jumbo Refinance Interest Rates Drop 0.89%
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) inched down week-over-week to 6.7%. A week ago, the average rate was 6.76%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $645 per month in principal and interest per $100,000 borrowed.
15-Year Jumbo Refinance Rates Climb 0.73%
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.06%, up 0.73% from last week.
At today’s rate, a borrower would pay $847 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 $52,693 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.
When You Should 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.
Best Mortgage Refinance Lenders of 2025
Find the best Mortgage Refinance Lenders for your needs.
Mortgage Refinance Rate Trends for 2025
National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.
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 remainder of the year, 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 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 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.