Today’s Mortgage Refinance Rates: November 5, 2025 – Rates Increase

The rate on a 30-year fixed refinance climbed to 6.37% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.41%, and for 20-year mortgages, the average is 6.07%.

Related: Compare Current Refinance Rates

30-Year Refinance Rates Climb 1.76%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.37%, up 1.76% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $623 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 $125,064.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.4%, higher than last week’s 6.28%. The APR is essentially the all-in cost of the home loan.

20-Year Refinance Rates Climb 1.32%

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.07%, compared to 5.99% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.11%. It was 6.03% last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $721 per month in principal and interest – not including taxes and fees. That would equal about $73,442 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates Climb 2.52%

The 15-year fixed mortgage refinance is currently averaging about 5.41%, compared to 5.28% last week.

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.45%.

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $812 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $46,617 in total interest over the 15-year life of the loan.

30-Year Jumbo Refinance Rates Climb 1.24%

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 6.78%, versus 6.7% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $651 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refi Rates Climb 3.63%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance increased to 5.99%, up 3.63% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $843 per month in principal and interest per $100,000 borrowed. They will pay about $52,040 in total interest over the life of the loan.

Are Refinance Rates and Mortgage Rates the Same?

Refinance rates are different from mortgage rates and tend to be slightly higher. The rate difference can vary by program and is something to consider as you compare the best mortgage refinance lenders.

In addition to having different refinance rates for conventional, FHA, VA and jumbo applications, cash-out refinance rates are higher as you’re borrowing from your available equity.

Rates for government-backed loan programs such as FHA and VA mortgage refinances can be lower than a conventional or jumbo refinance, as there is less risk for lenders. Still, you should compare your estimated loan’s annual percentage rate (APR), which includes all additional fees and determines the interest charges.

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 You Should Refinance Your Home

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.

How To Qualify for Today’s Best Refinance Rates

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. 

Trends in Refinance Rates for 2025

National average mortgage rates have remained in the mid-to-high 6% range throughout most of 2025, and experts expect this trend to remain for the rest of the year.

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 during the remainder of the year, those looking to refinance at a lower rate should consider waiting until rates decrease. 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.

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