30-year fixed refinance mortgage rates stayed flat at today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is , and for 20-year mortgages, the average is .

Compare Current Refinance Rates

At 6.91%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.30% from a week ago.

The APR, or annual percentage rate, on a 30-year fixed is 6.94%. This time last week, it was 6.92%. The APR is the all-in cost of your loan.

According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $100,000 will pay $659 per month in principal and interest (not accounting for taxes and fees) at today’s interest rate of 6.91%. The total interest paid over the life of the loan would be approximately $138,060.

The average interest rate on the 20-year fixed refinance mortgage is 6.76%. The same time last week, the 20-year fixed-rate mortgage was at 6.71%.

The APR on a 20-year fixed is 6.8%, compared to 6.75% last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $761 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $83,187 in total interest.

The average interest rate on the 15-year fixed refinance mortgage is 5.86%. The same time last week, the 15-year fixed-rate mortgage was at 5.79%.

The annual percentage rate on a 15-year fixed is 5.9%. Last week, it was 5.84%.

At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $836 per month in principal and interest per $100,000 borrowed. You would pay around $50,933 in total interest over the life of the loan.

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) increased week-over-week to 7.59%, versus 7.26% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $706 per month in principal and interest on a $100,000 loan.

A 15-year, fixed-rate jumbo mortgage refinance is 6.48% on average, about the same as last week.

At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $870 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $56,780 in total interest.

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.

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.

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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.

Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing to get a good mortgage rate:

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other mortgage refinance lenders are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

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.