The rate on a 30-year fixed refinance decreased to today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is . On a 20-year mortgage refinance, the average rate is .

Compare Current Refinance Rates

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.65%, down 1.95% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $642 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $131,632.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.67%, lower than last week’s 6.8%. The APR is essentially the all-in cost of the home loan.

The 20-year fixed mortgage refinance average rate stands at 6.43%, versus 6.62% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.46%. It was 6.66% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $741 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $78,387 in total interest over the life of the loan.

The average interest rate on the 15-year fixed refinance mortgage is 5.55%. The same time last week, the 15-year fixed-rate mortgage was at 5.73%.

On a 15-year fixed refinance, the annual percentage rate is 5.6%. Last week, it was 5.77%.

At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $820 per month in principal and interest per $100,000 borrowed. You would pay around $48,003 in total interest over the life of the loan.

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) fell week-over-week to 6.95%. Last week, the average rate was 7.08%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $662 per month in principal and interest per $100,000 borrowed.

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance fell to 6.32%, down 1.68% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $861 per month in principal and interest per $100,000 borrowed. They will pay about $55,270 in total interest over the life of the loan.

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.

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).

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.

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 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.