Here Are Today’s Mortgage Refinance Rates: July 16, 2025 – Rates Move Up

The rate on a 30-year fixed refinance increased to 6.84% 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 6.66%.

Related: Compare Current Refinance Rates

30-Year Refinance Rates Climb 0.41%

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.84%, up 0.41% from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $654 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 $136,206.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.86%, higher than last week’s 6.84%. The APR is essentially the all-in cost of the home loan.

20-Year Refinance Rates Climb 0.06%

For a 20-year fixed refinance mortgage, the average interest rate is currently 6.66%, about the same as last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.69%, about the same as last week.

At today’s interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $755 per month in principal and interest – not including taxes and fees. That would equal about $81,689 in total interest over the life of the loan.

15-Year Mortgage Refinance Rates Climb 0.05%

The 15-year fixed mortgage refinance is currently averaging about 5.72%, unchanged from a week ago.

The APR, or annual percentage rate, on a 15-year fixed mortgage stands at 5.77%.

At the current interest rate, a borrower using a 15-year, fixed-rate mortgage refinance of $100,000 would pay $829 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $49,628 in total interest over the 15-year life of the loan.

30-Year Jumbo Refinance Rates Drop 1.12%

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) declined week-over-week to 7.04%. A week ago, the average rate was 7.12%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $668 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Refi Rates Drop 1.91%

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance declined to 6.3%, down 1.91% from last week.

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $860 per month in principal and interest per $100,000 borrowed. They will pay about $55,083 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 You Should Refinance Your Home

There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).

A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs 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.

How To Get Today’s Best Refinance Rates

Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:

• Maintain a good credit score
• Consider a shorter-term loan
• Lower your debt-to-income ratio
• Monitor mortgage rates

A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Mortgage refinance lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.

What To Know About 2025 Refinance Rate Trends

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.

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