Today's Mortgage Refinance Rates: June 6, 2025

Forbes

21 hours ago

The rate on a 30-year fixed refinance fell to 6.84% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.74%. For 20-year mortgage refinances, the average rate is 6.63%.
Related: Compare Current Refinance Rates
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.84%, versus 6.9% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.87%, lower than last week's 6.93%. 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 $655 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 $136,302.
The 20-year fixed mortgage refinance average rate stands at 6.63%, versus 6.77% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.67%. It was 6.81% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $753 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $81,291 in total interest over the life of the loan.
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.74%. The same time last week, the 15-year fixed-rate mortgage stood at 5.84%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.78%. Last week, it was 5.89%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $830 per month in principal and interest—not including taxes and fees. That would equal about $49,763 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) dropped week-over-week to 7.23%. Last week, the average rate was 7.61%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $681 per month in principal and interest per $100,000 borrowed.
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.38%, up 1.59% from last week.
At today's rate, a borrower would pay $864 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 $55,831 in total interest.
Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.
You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.
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:
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.
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.
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.