Today's Mortgage Refinance Rates: July 9, 2025

Forbes

09-07-2025

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The rate on a 30-year fixed refinance rose to 6.81% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.72%, and for 20-year mortgages, the average is 6.65%.
Related: Compare Current Refinance Rates
The current 30-year, fixed-rate mortgage refinance average rate stands at 6.81%, versus 6.64% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.84%, higher than last week's 6.67%. 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 $652 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 $135,533.
The average interest rate on the 20-year fixed refinance mortgage is 6.65%. A week ago, the 20-year fixed-rate mortgage was at 6.42%.
The APR on a 20-year fixed is 6.69%, compared to 6.45% last week.
A 20-year fixed-rate mortgage refinance of $100,000 with today's interest rate would cost $755 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $81,632 in total interest.
The average interest rate on the 15-year fixed refinance mortgage is 5.72%. The same time last week, the 15-year fixed-rate mortgage was at 5.57%.
On a 15-year fixed refinance, the annual percentage rate is 5.76%. Last week, it was 5.61%.
At the current interest rate, you would pay $829 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $49,599 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) inched up week-over-week to 7.12%, versus 6.95% last week.
At today's interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $673 per month in principal and interest on a $100,000 loan.
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.42%, up 1.84% from last week.
At today's rate, a borrower would pay $867 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 $56,295 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.
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.
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.
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.
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.