The rate on a 30-year fixed refinance dropped to 6.93% today, according to the Mortgage Research Center. Rates averaged 5.92% for a 15-year financed mortgage and 6.73% for a 20-year financed mortgage.

Related: Compare Current Refinance Rates

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Today’s 30-Year Fixed Refinance Interest Rates—Drop 0.10%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.93%, the same as this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $661 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 $138,615.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.96%, about the same as last week. The APR is essentially the all-in cost of the home loan.

Today’s 20-Year Refi Rates—Drop 0.21%

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.73%, compared to 6.75% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.77%. It was 6.79% last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $759 per month in principal and interest – not including taxes and fees. That would equal about $82,830 in total interest over the life of the loan.

Today’s 15-Year Fixed Refinance Rates—Drop 0.32%

The average interest rate on the 15-year fixed refinance mortgage is 5.92%. A week ago, the 15-year fixed-rate mortgage was at 5.94%.

On a 15-year fixed refinance, the annual percentage rate is 5.97%. Last week, it was 5.99%.

At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $839 per month in principal and interest per $100,000 borrowed. You would pay around $51,603 in total interest over the life of the loan.

Today’s 30-Year Jumbo Refinance Interest Rates—Drop 0.81%

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) declined week-over-week to 7.32%, versus 7.38% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $687 per month in principal and interest on a $100,000 loan.

Current 15-Year Jumbo Refinance Rates—Drop 2.97%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 6.54%, down 2.97% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $873 per month in principal and interest per $100,000 borrowed. They will pay about $57,433 in total interest over the life of the loan.

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 Refinancing Makes Sense

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

Refinancing a mortgage isn’t that different than taking out a mortgage in the first place, and it’s always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate:

• Polish up your credit score
• Lower your debt-to-income ratio
• Keep an eye on mortgage rates
• Consider a shorter loan

Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You’re also likely to look better to mortgage refinance lenders if you don’t have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates.

Trends in Refinance Rates 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.

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