Current Mortgage Refinance Rates: October 24, 2025 – Rates Climb

The rate on a 30-year fixed refinance climbed to 6.3% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.26%. For 20-year mortgage refinances, the average rate is 6.05%.

Related: Compare Current Refinance Rates

30-Year Fixed Refinance Interest Rates Drop 0.60%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.3%, down 0.60% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $619 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 $123,394.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.32%, lower than last week’s 6.36%. The APR is essentially the all-in cost of the home loan.

20-Year Refi Rates Climb 0.05%

The average interest rate on the 20-year fixed refinance mortgage is 6.05%, about the same as last week.

The APR on a 20-year fixed is 6.09%, about the same as last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $719 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $73,150 in total interest.

15-Year Fixed Refinance Rates Drop 1.13%

For a 15-year fixed refinance mortgage, the average interest rate is currently 5.26%. The same time last week, the 15-year fixed-rate mortgage stood at 5.32%.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.3%. Last week, it was 5.37%.

Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $804 per month in principal and interest—not including taxes and fees. That would equal about $45,210 in total interest over the life of the loan.

30-Year Jumbo Refinance Interest Rates Drop 0.81%

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 6.62%, versus 6.67% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $640 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refinance Rates Drop 0.72%

A 15-year, fixed-rate jumbo mortgage refinance is 5.75% on average, down 0.72% from last week.

At today’s interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $831 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $49,753 in total interest.

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.

Know When To Refinance Your Home

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 Get 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 Interest Rate Trends 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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