Today's Mortgage Refinance Rates: July 28, 2025

Forbes

4 days ago

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30-year fixed refinance mortgage rates stayed flat at 6.78% today, according to the Mortgage Research Center. Rates averaged 5.7% for a 15-year financed mortgage and 6.64% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.78%, the same as this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $650 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 $134,813.
Another way of looking at loan costs is the annual percentage rate, or APR . For a 30-year, fixed-rate mortgage, the APR is 6.81%, about the same as last week. The APR is essentially the all-in cost of the home loan.
The average interest rate on the 20-year fixed refinance mortgage is 6.64%, about the same as last week.
The APR on a 20-year fixed is 6.68%, about the same as last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today's interest rate would cost $754 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $81,533 in total interest.
The average interest rate on the 15-year fixed refinance mortgage is 5.7%, unchanged from the prior week.
On a 15-year fixed refinance, the annual percentage rate is 5.75%. It was about the same last week.
At the current interest rate, you would pay $828 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $49,474 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 6.98%, versus 7.04% last week.
At today's interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $664 per month in principal and interest on a $100,000 loan.
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 6.17%, down 2.68% from last week.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $853 per month in principal and interest per $100,000 borrowed. They will pay about $53,797 in total interest over the life of the loan.
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.
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).
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.
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.
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. Frequently Asked Questions (FAQs)
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.
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
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.