Current Mortgage Refinance Rates: October 6, 2025 – Rates Stay Flat

30-year fixed refinance mortgage rates didn’t move at 6.39% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.32%. For 20-year mortgage refinances, the average rate is 6.03%.

Related: Compare Current Refinance Rates

30-Year Refinance Rates Drop 1.57%

The average rate for a 30-year fixed-rate mortgage refinance is 6.39%, down 1.57% from last week. 

The APR, or annual percentage rate, on a 30-year fixed is 6.41%. This time last week, it was 6.52%. The APR is the all-in cost of your loan.

At today’s interest rate of 6.39%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $625 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. You’d pay about $125,489 in total interest over the life of the loan.

20-Year Refinance Rates Drop 1.97% 

The 20-year fixed mortgage refinance average rate stands at 6.03%, versus 6.15% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.06%. It was 6.18% last week. 

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $718 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $72,817 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates Drop 2.51% 

The average interest rate on the 15-year fixed refinance mortgage is 5.32%. Last week, the 15-year fixed-rate mortgage was at 5.46%.

The annual percentage rate on a 15-year fixed is 5.36%. Last week, it was 5.5%. 

At today’s interest rate, a 15-year fixed-rate mortgage would cost approximately $808 per month in principal and interest per $100,000 borrowed. You would pay around $45,779 in total interest over the life of the loan.

30-Year Jumbo Refinance Rates Drop 1.35% 

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) inched down week-over-week to 6.7%. A week ago, the average rate was 6.79%. 

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $645 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Refi Rates Drop 2.13%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 5.76%, down 2.13% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $831 per month in principal and interest per $100,000 borrowed. They will pay about $49,802 in total interest over the life of the loan.

Are Refinance Rates and Mortgage Rates the Same?

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.

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.

What To Know About 2025 Refinance Rate Trends

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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