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The rate on a 30-year fixed refinance fell today.
Refinancing rates for a 30-year, fixed-mortgage are averaging 7.31%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.41%, and for 20-year mortgages, the average is 7.15%.
Related: Compare Current Refinance Rates
Refinance Rates for January 30, 2025
*Source: Curinos
30-Year Fixed Refinance Interest Rates
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 7.31%. That’s compared to 7.33% last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $687 per month for principal and interest at the current interest rate of 7.31%, 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 $147,148. A different way of looking at interest rates is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 7.33% compared to 7.35% last week. The APR is essentially the all-in cost of the home loan.
20-Year Refinance Interest Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 7.15% compared to 7.24% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.17%. That compares to 7.27% at the same time last week.
At today’s interest rate of 7.15%, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $784 per month in principal and interest—not including taxes and fees. That would equal about $88,181 in total interest over the life of the loan.
15-Year Refinance Interest Rates
For a 15-year fixed refinance mortgage, the average interest rate is currently 6.41% compared to 6.44% at this time last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.44%. That compares to 6.47% at this time last week.
Using the current interest rate of 6.41%, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $866 per month in principal and interest—not including taxes and fees. That would equal about $55,871 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.25%. Last week, the average rate was 7.37%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.25% will pay $682 per month in principal and interest on a $100,000 loan.
15-Year Jumbo Refinance Interest Rates
A 15-year, fixed-rate jumbo mortgage refinance is 7.05%, on average, compared to the average of 6.92% last week.
At today’s interest rate of 7.05%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,761 per month in principal and interest on a $806,500 loan—the 2025 conforming loan limit determined by the Federal Housing Finance Agency. Over the life of the loan, that borrower would pay around $502,065 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 Refinancing Makes Sense
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.
Is Now a Good Time To Refinance?
Consider refinancing your mortgage when you need a more affordable monthly payment, want to stop paying annual FHA or USDA loan fees or would prefer a fixed interest rate. You may also consider a cash-out refinance to borrow from your home equity.
However, as refinance rates have increased by several percentage points from near-term lows in late 2021, it can be harder to replace your existing interest rate with a lower one, unless you refinance to a 15-year mortgage. As a result, extending your loan term is the one way to reduce your payment, but you can end up paying more total interest.
The application process is similar to buying a home. Plus, home appraisal fees and closing costs from 2% to 6% of the loan amount apply and add to your lifetime borrowing costs.
How To Get Today’s Best Refinance Rates
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 get a good mortgage rate:
- Improve your credit
- Consider a shorter loan term
- Lower your debt-to-income ratio
- Watch mortgage rates
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 financial institutions 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.
Frequently Asked Questions (FAQs)
How soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.
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?
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it’s right for you.