Today's Mortgage Refinance Rates: July 25, 2025
The rate on a 30-year fixed refinance increased to 6.8% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.71%, and for 20-year mortgages, the average is 6.64%.
Related: Compare Current Refinance Rates
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.8%, up 1.05% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $652 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 $135,461.
Another way of looking at loan costs is the annual percentage rate, or APR . For a 30-year, fixed-rate mortgage, the APR is 6.83%, higher than last week's 6.76%. The APR is essentially the all-in cost of the home loan.
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.64%, compared to 6.53% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.68%. It was 6.57% last week.
At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $754 per month in principal and interest – not including taxes and fees. That would equal about $81,476 in total interest over the life of the loan.
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.71%. A week ago, the 15-year fixed-rate mortgage stood at 5.7%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.76%. Last week, it was 5.74%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $828 per month in principal and interest—not including taxes and fees. That would equal about $49,551 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) jumped up week-over-week to 6.98%. A week ago, the average rate was 6.77%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $664 per month in principal and interest per $100,000 borrowed.
A 15-year, fixed-rate jumbo mortgage refinance is 6.17% on average, down 6.52% from last week.
At today's interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $853 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,787 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.
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.
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You'll need to know the loan's closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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.
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 : Maintain a good credit score
Consider a shorter-term loan
Lower your debt-to-income ratio
Monitor mortgage rates
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.
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. 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.
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 hours ago
- Yahoo
Mortgage and refinance interest rates today, July 27, 2025: Rates are expected to stay high through 2025
Mortgage rates are decreasing, but even so, the changes are pretty small. According to Zillow, the 30-year fixed mortgage rate shifted down by four basis points, sitting at 6.68%. Meanwhile the 15-year fixed rate is down six basis points to 5.91%. Though rates are decreasing, 30-year fixed mortgage rates have only gone down 0.04%, while 15-year rates fell a mere 0.02% according to Freddie Mac data. If you are looking to buy a house, it makes the most sense to lock in a mortgage when it fits your financial situation, rather than waiting to see if on interest rates get lower in the future. Dig deeper: 2025 housing market — Is it a good time to buy a house? Current mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.68% 20-year fixed: 6.52% 15-year fixed: 5.91% 5/1 ARM: 7.26% 7/1 ARM: 7.25% 30-year VA: 6.29% 15-year VA: 5.64% 5/1 VA: 6.15% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: 8 strategies for getting the lowest mortgage rates Current mortgage refinance rates These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.79% 20-year fixed: 6.31% 15-year fixed: 5.91% 5/1 ARM: 7.37% 7/1 ARM: 7.15% 30-year VA: 6.26% 15-year VA: 6.11% 5/1 VA: 5.86% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Read more: Is now a good time to refinance your mortgage? Refinance interest rates Up Next Up Next Monthly mortgage payment calculator Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments. Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest. 30-year vs. 15-year fixed mortgage rates The average 30-year mortgage rate today is 6.68%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan. The average 15-year mortgage rate is 5.91% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals. A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you'll pay off your loan 15 years sooner, and that's 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time. Let's say you get a $300,000 mortgage. With a 30-year term and a 6.68% rate, your monthly payment toward the principal and interest would be about $1,932, and you'd pay $395,468 in interest over the life of your loan — on top of that original $300,000. If you get that same $300,000 mortgage with a 15-year term and a 5.91% rate, your monthly payment would jump to $2,846. But you'd only pay $153,061 in interest over the years. Fixed-rate vs. adjustable-rate mortgages With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though. An adjustable-rate mortgage keeps your rate the same for a predetermined period of time. Then, the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remaining 23 years of your term. Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it's possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other. Dig deeper: Fixed-rate vs. adjustable-rate mortgages How to get a low mortgage rate Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes. Waiting for rates to drop probably isn't the best method to get the lowest mortgage rate right now. If you're ready to buy, focusing on your personal finances is probably the best way to lower your rate. How to choose a mortgage lender To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score. When choosing a lender, don't just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders. Learn more: Best mortgage lenders for first-time home buyers Current mortgage rates: FAQs What is a mortgage interest rate at right now? According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.68%, and the average 15-year mortgage rate is 5.91%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas. What's a good mortgage rate right now? The average 30-year fixed mortgage rate is 6.68% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI). Are mortgage rates expected to drop? Mortgage rates aren't expected to drop drastically in the near future, though they may inch down now and then.
Forbes
2 days ago
- Forbes
Food Prices Rise Again: How To Save On Groceries And Dining Out In 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Food prices are continuing to creep up. Per the latest Consumer Price Index (CPI) report, they rose another 0.3% in June 2025 and have increased 3.0% over the past year. That slow but steady climb makes grocery runs feel much more expensive, putting Americans under pressure. Whether you plan a bulk meal plan or lean on the right credit cards, finding ways to maximize savings is crucial as prices continue to rise. Groceries and takeout both became more expensive in June. Prices for eating at home rose 0.3%, while dining out, including at restaurants and takeout, jumped 0.4%. Over the past year, grocery prices have increased by 2.4%, and eating out is 3.8% more expensive than it was this time last year. Some items saw even steeper hikes. Nonalcoholic beverages rose 1.4% in June alone, and fruits and vegetables went up 0.9%. Coffee prices are rising too—not great news for your daily dose of caffeine. As food prices rise fast, many families are making tough choices like cutting back on fresh produce, planning meals in bulk or sticking solely to home-cooked meals. When everyday items like bread, coffee and eggs get pricier month after month, it's hard not to feel the pressure on your budget. To ease some of that pressure, using credit cards that offer cash back on food purchases can help. Some of the best credit cards for groceries provide you with up to 6% cash back on purchases at supermarkets. Some cards offer higher rewards on food spending during certain months or only reward spending in specific categories, like just groceries or restaurants. It pays to shop around for the card that aligns most closely to your spending habits. Pairing credit card rewards with simple habits like meal planning and shopping sales can help you get more value out of every dollar spent on food. And on nights when cooking feels like too much and you're craving a meal out, these tips can help you save without skipping the treat: Choose credit cards that reward restaurant spending. Just like for grocery shopping, some credit cards offer extra cash back or points for dining out . These rewards can help offset the cost of the occasional meal out. Just like for grocery shopping, some . These rewards can help offset the cost of the occasional meal out. Use apps and loyalty programs. Restaurant apps, especially for fast-casual chains, often offer coupons, free items or rewards after a few visits. It's an easy way to earn discounts without changing your routine. At the time of writing, Chipotle is running a buy one, get one deal. Restaurant apps, especially for fast-casual chains, often offer coupons, free items or rewards after a few visits. It's an easy way to earn discounts without changing your routine. At the time of writing, Chipotle is running a buy one, get one deal. Check local deal platforms. Sites like Groupon or your credit card's offers section—such as Amex Offers —can help you find restaurants running discounts or offering additional cash back. If you have the American Express® Gold Card (Terms apply, see rates & fees), for example, you can get two $50 Resy dining statement credits each calendar year (enrollment required), plus 4 Membership Rewards® points per dollar at restaurants worldwide (on up to $50,000 in purchases annually; then 1 point per dollar). These built-in perks are an easy way to get more out of meals you plan to enjoy. You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer. Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Food inflation isn't spiking like it did in 2022, but it's quietly sticking around—and that can feel even more frustrating. The June CPI data confirms that grocery and dining costs continue to rise faster than overall inflation, with no clear sign of a slowdown. For households already budgeting carefully, it's another reminder that opting for the best cards that offer cash-back or rewards is one way to give your wallet a break. To view rates and fees for American Express® Gold Card please visit this page. Was this article helpful?
Forbes
2 days ago
- Forbes
2026 Open Enrollment Guide For Self-Employed Workers: New ACA Rules And HSA Changes
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. For millions of self-employed Americans, the Affordable Care Act's (ACA) open enrollment period is one of the most important financial decisions of the year. This time around, a handful of upcoming changes could affect how much you pay—and how much you save. In most states, open enrollment for 2026 health insurance starts November 1, 2025, and runs through January 15, 2026. If you're self-employed, a gig worker or run a small business, this is your window to shop around and choose a plan through or your state's marketplace. Thanks to the One Big Beautiful Bill Act, the definition of a high-deductible health plan will change in 2026. As a result, more ACA marketplace plans will qualify for health savings account (HSA) contributions—a big win if you're self-employed and trying to save on taxes while planning for medical costs. In plain terms, more people will be able to set aside pretax money for healthcare. For freelancers and solo business owners, that's a simple way to reduce taxes and build a buffer for future health expenses. There's more good news: The expanded premium tax credits from the American Rescue Plan are still in effect. That's a major benefit if your income isn't always predictable. According to the Centers for Medicare & Medicaid Services (CMS), four out of five people with ACA coverage can pay less than $10 monthly for their plan. Since freelancers don't have the cushion of employer-backed plans, knowing your cost ceiling is fixed is a relief, especially if you use health services like therapy or prescription refills often. The CMS has set the 2026 out-of-pocket cap at $10,600 for individuals, a modest increase from last year. That cap gives you a clearer upper limit on what you could owe in a worst-case medical year. Plans may even set lower limits within that federal threshold, giving you some breathing room if your income dips or healthcare expenses spike unexpectedly. For the self-employed, accurately projecting income is imperative. Your estimated income for 2026 determines how much of a subsidy you'll receive. If you underestimate it, you could owe money back at tax time. Overestimate it, and you might miss out on savings. However, the Marketplace lets you update your income throughout the year if your financial situation changes. This open enrollment period also brings ongoing improvements to plan transparency, including better tools for comparing premiums, deductibles and provider networks, making it easier to shop smart. Doing your homework is essential for freelancers and gig workers without employer-provided insurance. With so many options and no human resources department to guide you, it's necessary to compare plans carefully, look at total costs (not just premiums) and confirm your doctors and prescriptions are covered. These steps will help you avoid an unexpected and expensive bill after a routine visit. Need help finding a solid plan? Forbes Advisor's picks for the best affordable health insurance companies are a great place to start. Open enrollment is your once-a-year chance to get health coverage or switch to a better plan. And with the 2026 changes, self-employed workers have more financial tools than ever to build affordable, tax-smart coverage. With expanded HSA access, continued tax credits and improved plan comparison tools, this year's open enrollment offers a chance to rethink your healthcare setup. Review your options, estimate your income accurately and choose a plan that fits your needs. Doing so can save you money all year—and help you avoid surprise medical bills down the line.
