Here Are Today’s Mortgage Refinance Rates: October 20, 2025 – Rates Don’t Budge

30-year fixed refinance mortgage rates remained unchanged at 6.29% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.29%. On a 20-year mortgage refinance, the average rate is 6.02%.

Related: Compare Current Refinance Rates

30-Year Refinance Rates Drop 1.53%

The current 30-year, fixed-rate mortgage refinance average rate stands at 6.29%, versus 6.39% last week.

The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.32%, lower than last week’s 6.42%. 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 $619 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 $123,300.

20-Year Refinance Rates Drop 1.16%

The average interest rate on the 20-year fixed refinance mortgage is 6.02%. The same time last week, the 20-year fixed-rate mortgage was at 6.1%.

The APR on a 20-year fixed is 6.06%, compared to 6.13% last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $718 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $72,775 in total interest.

15-Year Mortgage Refinance Rates Drop 1.25%

The average interest rate on the 15-year fixed refinance mortgage is 5.29%. A week ago, the 15-year fixed-rate mortgage was at 5.36%.

On a 15-year fixed refinance, the annual percentage rate is 5.34%. Last week, it was 5.41%.

A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $806 per month in principal and interest. Over the life of the loan, you would pay $45,551 in total interest.

30-Year Jumbo Refinance Rates Drop 0.79%

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) fell week-over-week to 6.67%, versus 6.72% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $643 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refi Rates Climb 0.16%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance rose to 5.79%, about the same as last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $832 per month in principal and interest per $100,000 borrowed. They will pay about $50,082 in total interest over the life of the loan.

Are Refinance Rates and Mortgage Rates the Same?

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.

When Refinancing Makes Sense

Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of private mortgage insurance (PMI).

But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.

The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.

How To Qualify for Today’s Best Refinance Rates 

Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing to get a good mortgage rate:

• Improve your credit
• Consider a shorter loan term
• Lower your debt-to-income ratio
• Watch mortgage rates

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other mortgage refinance lenders are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

Refinance Rate Trends for 2025

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 mid-to-high 6% range through the rest of 2025, with a chance that they fall further in 2026 if the Federal Reserve continues to cut its federal funds rate.

Since experts anticipate rates remaining steady through the end of the year, homeowners waiting to refinance at a lower rate may want to hold off a while longer 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.

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