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The rate on a 30-year fixed refinance rose to 6.54% today, according to the Mortgage Research Center. Rates averaged 5.42% for a 15-year financed mortgage and 6.31% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
30-Year Refinance Rates Drop 0.02%
At 6.54%, the average rate on a 30-year fixed-rate mortgage refinance is the same as this time last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.56%. At this time last week, it was 6.57%. The APR represents the all-in cost of your loan.
At the current interest rate of 6.54%, homebuyers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $635 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. In total interest, you’d pay $129,062 over the life of the loan.
20-Year Refinance Rates Drop 0.02%
The average interest rate on the 20-year fixed refinance mortgage is 6.31%, about the same as last week.
The APR on a 20-year fixed is 6.35%, about the same as last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $735 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $76,810 in total interest.
15-Year Mortgage Refinance Rates Drop 0.28%
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.42%. A week ago, the 15-year fixed-rate mortgage stood at 5.43%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.46%. Last week, it was 5.48%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $813 per month in principal and interest—not including taxes and fees. That would equal about $46,712 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates Drop 0.42%
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 6.69%. Last week, the average rate was 6.72%.
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 Refi Rates Drop 0.98%
A 15-year, fixed-rate jumbo mortgage refinance is 5.89% on average, down 0.98% from last week.
At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $838 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $51,049 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
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
You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. If you’ve been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.
A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs by dividing your closing costs by the monthly savings from your new payment.
Our mortgage refinance calculator could help you determine if refinancing is right for you.
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.
Trends in Refinance Rates for 2025
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 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 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.
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.