Today's Mortgage Refinance Rates: June 4, 2025

Forbes

3 days ago

The rate on a 30-year fixed refinance fell to 6.91% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.81%, and for 20-year mortgages, the average is 6.76%.
Related: Compare Current Refinance Rates
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.91%, compared to 6.95% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.94%, lower than last week's 6.98%. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $659 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn't include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $137,964.
The 20-year fixed mortgage refinance average rate stands at 6.76%, versus 6.81% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.8%. It was 6.85% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $761 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $83,187 in total interest over the life of the loan.
The 15-year fixed mortgage refinance is currently averaging about 5.81%, compared to 5.88% last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.85%.
At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $834 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $50,478 in total interest over the 15-year 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) declined week-over-week to 7.33%. A week ago, the average rate was 7.63%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $688 per month in principal and interest per $100,000 borrowed.
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.33%, down 0.28% from last week.
At today's rate, a borrower would pay $862 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $55,378 in total interest.
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.
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home's equity or get rid of private mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you'll be keeping your home for some time. You can determine the 'break-even point' for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you'll realize with the new mortgage.
The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it's a good time for you to refinance.
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:
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.
Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates are expected to change little 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 paying down your loan balance will help you secure the lowest possible rate when you're ready to explore refinancing options.
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.
Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It's always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.
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.