Current Mortgage Refinance Rates: June 26, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The rate on a 30-year fixed refinance slipped to 6.74% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.65%. On a 20-year mortgage refinance, the average rate is 6.51%.
Related: Compare Current Refinance Rates
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.74%, versus 6.85% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.76%, lower than last week's 6.88%. 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 $648 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 $133,806.
The average interest rate on the 20-year fixed refinance mortgage is 6.51%. Last week, the 20-year fixed-rate mortgage was at 6.66%.
The APR on a 20-year fixed is 6.55%, compared to 6.69% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today's interest rate would cost $746 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $79,645 in total interest.
The average interest rate on the 15-year fixed refinance mortgage is 5.65%. Last week, the 15-year fixed-rate mortgage was at 5.76%.
On a 15-year fixed refinance, the annual percentage rate is 5.7%. Last week, it was 5.8%.
A 15-year fixed-rate mortgage refinance of $100,000 at today's interest rate would cost $825 per month in principal and interest. Over the life of the loan, you would pay $48,973 in total interest.
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 7.03%, versus 7.11% last week.
At today's interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $667 per month in principal and interest on a $100,000 loan.
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.32%, down 2.20% 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 $55,230 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.
You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home's equity or take out a new loan to 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.
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.
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. Frequently Asked Questions (FAQs)
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.
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.
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.
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