Today's Mortgage Refinance Rates: June 10, 2025

Forbes

10-06-2025

The rate on a 30-year fixed refinance increased to 6.94% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.9%. For 20-year mortgage refinances, the average rate is 6.79%.
Related: Compare Current Refinance Rates
At 6.94%, the average rate on a 30-year fixed-rate mortgage refinance is up 0.32% from a week ago.
The APR, or annual percentage rate, on a 30-year fixed is 6.97%. This time last week, it was 6.95%. The APR is the all-in cost of your loan.
At the current interest rate of 6.94%, a 30-year fixed mortgage refi would cost $661 per month in principal and interest (not accounting for taxes and fees) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan would be about $138,736.
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.79%, about the same as last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.83%, about the same as last week.
At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $763 per month in principal and interest – not including taxes and fees. That would equal about $83,573 in total interest over the life of the loan.
The average interest rate on the 15-year fixed refinance mortgage is 5.9%. Last week, the 15-year fixed-rate mortgage was at 5.84%.
On a 15-year fixed refinance, the annual percentage rate is 5.94%. Last week, it was 5.89%.
At the current interest rate, you would pay $838 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $51,350 in total interest.
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%. Last week, the rate was about the same.
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 6.53%, up 2.87% from last week.
At today's rate, a borrower would pay $873 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 $57,314 in total interest.
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
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.
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.
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:
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 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.
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.
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.
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.