Today's Mortgage Refinance Rates: July 25, 2025
The rate on a 30-year fixed refinance increased to 6.8% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.71%, and for 20-year mortgages, the average is 6.64%.
Related: Compare Current Refinance Rates
Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.8%, up 1.05% from a week ago. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $652 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 $135,461.
Another way of looking at loan costs is the annual percentage rate, or APR . For a 30-year, fixed-rate mortgage, the APR is 6.83%, higher than last week's 6.76%. The APR is essentially the all-in cost of the home loan.
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.64%, compared to 6.53% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.68%. It was 6.57% last week.
At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $754 per month in principal and interest – not including taxes and fees. That would equal about $81,476 in total interest over the life of the loan.
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.71%. A week ago, the 15-year fixed-rate mortgage stood at 5.7%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.76%. Last week, it was 5.74%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $828 per month in principal and interest—not including taxes and fees. That would equal about $49,551 in total interest over the life of the loan.
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) jumped up week-over-week to 6.98%. A week ago, the average rate was 6.77%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $664 per month in principal and interest per $100,000 borrowed.
A 15-year, fixed-rate jumbo mortgage refinance is 6.17% on average, down 6.52% from last week.
At today's interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $853 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $53,787 in total interest.
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.
You may want to refinance your home mortgage , for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You may also be able to use a refinance loan to get access to your home's equity for other financial needs, like a remodeling project or to pay for your child's college. If you've been paying private mortgage insurance (PMI), refinancing also may give you the opportunity to ditch that cost.
Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You'll need to know the loan's closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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.
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.
National average mortgage rates have remained in the middle-to-high 6% range since the final quarter of 2024, and experts expect this trend to continue throughout the first half of 2025.
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 in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. 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. Frequently Asked Questions (FAQs)
Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It's always a good idea to ask the lender what kind of closing costs they'll charge before you decide to borrow from them.
Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure.
Many lenders refinance your mortgage in about 45 to 60 days, but it depends on the type of mortgage you choose and other factors. Ask your lender what their time frame is before you borrow to make sure it's right for you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
9 minutes ago
- Forbes
Prices Are Down, But Buying A Home Is Still Out of Reach
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Yes, home prices are rising more slowly. No, that doesn't mean homes are any easier to afford. According to the S&P CoreLogic Case-Shiller Index, U.S. home prices rose 2.3% year-over-year, down from April's 2.7% gain. Month-over-month, prices ticked up just 0.4% before seasonal adjustment. But even with that 'cooling,' the National Association of Realtors (NAR) says the median existing-home price hit a record high of $435,300 in June. Existing home sales fell 2.7% month-over-month, despite a modest bump in inventory. Experts say these challenges are likely to persist through the year . Still, those willing to be flexible on location may find more budget-friendly options, especially in areas where local conditions now carry more weight than national housing trends. In other words: homes still cost more, buyers are fewer and the rising price slowdown isn't helping most Americans unless they're willing to relocate to more affordable areas. Here's the hard math: In Florida, the median income for a single earner is $65,801, according to the U.S. Census Bureau. Following the commonly recommended rule of spending no more than three times your annual income on a home, that would suggest buying a home priced around $197,400. But the actual median sales price for a single-family home in Florida was $412,000 in June, according to Florida Realtors—more than six times the median income. Even though that price is down 3.5% from a year earlier, it's still far above what many Floridians can afford without taking on significant debt. In California, a one-earner household brings in about $76,190, which should put their target home price near $228,570. Yet California's actual statewide median price for existing single‑family homes stood at $899,560 in June, according to the California Association of Realtors. That's nearly 12 times the median income—an affordability gap that even seasoned financial advisers would call unsustainable. Financial advisers may still recommend the three-times guideline, but for many Americans in 2025, the numbers no longer add up, even before accounting for interest, taxes and insurance. New York once again led all Case-Shiller cities with a 7.4% year-over-year gain in May. Chicago followed with 6.1%, and Detroit came in at 4.9%. These increases continue the trend of stronger growth in the Midwest and Northeast metro areas. On the other end of the spectrum, Tampa's home prices dropped by 2.4%—the seventh straight month of annual declines for the city. Several Western cities also showed signs of weakening; San Francisco prices slipped by 0.6%. Los Angeles increased just 1.1%, while San Diego and Phoenix posted minimal gains of 0.4% and 0.9%, respectively. Nationally, prices rose 2.3% from a year ago. But nearly all of that growth happened in the last six months. Monthly trends suggest fatigue is setting in. After seasonal adjustment, prices declined 0.3% in May. That was the third month in a row of adjusted price drops. Even in cooling markets, buyers are not seeing much relief. The problem is not just the sale price of a home. It is the mortgage rate, the cost of insurance, the property taxes and the growing gap between wages and what homes actually cost. As of mid-July, the average 30-year fixed mortgage rate sits at 6.74%, according to Freddie Mac. That's only slightly lower than this time last year, but still high enough to choke affordability. If rates were to fall to 6%, NAR's Lawrence Yun estimates 160,000 more renters could become homeowners. But until then, rising home prices and elevated borrowing costs are working in tandem to keep the market locked up. A $400,000 home with a 30-year mortgage at a 7% rate with a 20% down payment equals a monthly mortgage payment of nearly $2,130, excluding taxes and insurance. That payment alone can eat up 40% or more of a median earner's take-home pay in states like Arizona, Nevada or North Carolina. Borrowers who comparison shop often get better deals than those who don't. Lenders reserve the best rates for those with a credit score above 740. According to Experian, those with a 780 or higher get the best rates. Even a 20-point bump can cut your payment significantly. Sellers in slower markets may offer credits, rate buydowns or pay closing costs just to get deals done. FHA, VA and local agencies (like CalHFA or MassHousing) offer lower down payments, better rates, down payment assistance programs and even grants for qualified buyers. If you're open to relocating, aim for places where paychecks and home prices actually make sense. Prices aren't crashing—but they're not accelerating, either. This is a market of sharp elbows and thin margins. Here's where preparation beats timing, and compromise is king. If you're waiting for a big drop, you might miss your window. But if you're strategic about your budget, your lender, and your location, you can still get in the door. Just maybe not your dream door. Yet.
Forbes
39 minutes ago
- Forbes
Citi ThankYou Points Take Flight With American Airlines
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The world of travel rewards just opened up in a big way. Coinciding with the launch of the all-new Citi Strata Elite℠ Card, Citi ThankYou® Points can now be transferred to American Airlines AAdvantage miles at a 1:1 ratio. Citi is a Forbes Advisor partner. That's a major upgrade for select Citi cardholders, who now have access to powerhouse awards on American Airlines and its extensive network of partners. This also shifts the playing field for flexible points in general: As the exclusive transfer option to AAdvantage, this tips the scales toward Citi credit cards as a competitive player. Earn 60,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $600 in gift cards or travel rewards at Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Why American Miles Matter American Airlines AAdvantage miles are highly sought after for their global reach and fair pricing. It's not uncommon to find one-way flights in economy throughout North America for 10,000 miles or less, making free travel accessible even for someone with more modest point balances. But AAdvantage also opens doors to aspirational travel. As a member of the Oneworld alliance, customers can redeem miles for experiences such as Qatar Airways Q Suites business class, Japan Airlines' exceptional new first class or trips to destinations served by nonalliance partners like Air Tahuiti Nui. The breadth of options makes AAdvantage miles a powerful currency, and its new partnership with Citi ThankYou Points extends value to your credit card points, too. Earning Citi ThankYou Points American Airlines credit cards can be a fantastic way to access benefits during travel, but the earning rates are mostly underwhelming. Earning American miles indirectly via ThankYou Points is a strategic yet easy way to increase your earning potential from card spending. The Citi Strata Premier® Card offers strong multipliers on travel and everyday spending for a mere $95 annual fee: 10 points per dollar spent on hotels, car rentals and attractions booked on 3 points per dollar on restaurants, supermarkets, gas & EV stations, air travel and other hotel purchases 1 point per dollar on all other purchases The Citi Strata Elite℠ Card offers higher earning rates but in fewer, more niche categories: 12 points per dollar spent on hotels, car rentals, and attractions booked on 6 points per dollar spent on air travel booked on 6 points per dollar spent at restaurants, including restaurant delivery services on CitiNights℠ purchases, every Friday and Saturday from 6 PM to 6 AM ET; 3 points per dollar spent any other time 1.5 points per dollar spent on other purchases The annual fee on the Strata Elite is much higher ($595 per year), but comes with annual benefits that could be extremely valuable to American Airlines' flyers, including four Admirals Club day passes, up to $200 in Splurge Credit valid toward eligible American Airlines purchases and up to $300 in hotel credit when booking stays of two nights or more through Citi Travel. Transferring Citi ThankYou Points to American Airlines AAdvantage To transfer Citi ThankYou Points, you'll need a ThankYou card with full transfer capabilities, like the Strata Elite, Strata Premier or the Citi Prestige® Card (closed to new applicants). Requesting a transfer is a simple process: Log in to your Citi ThankYou account Navigate to the Points Transfer redemption section Select an American Airlines transfer and input your desired transfer amount (in increments of 1,000) and your AAdvantage member number Transfers may take up to five business days to process, though many are completed within seconds. Since transfer times are quick, you can wait to move points until you have a specific award you're ready to book. This allows you to retain maximum redemption flexibility. Here's the full list of Citi ThankYou Points transfer partners for premium cards: Airline Partners Hotel Partners Retail Partner Find the best travel credit card for your travel needs. This robust deepening of the Citi-AAdvantage partnership isn't news to sleep on. It's a major win for consumers who want to use their rewards toward global travel. If you've been sitting on a stash of Citi ThankYou Points, this could be your boarding call. With the ability to book anything from short hops and weekend getaways to once-in-a-lifetime luxury adventures, ThankYou Points just became a lot more versatile. Was this article helpful?
Forbes
an hour ago
- Forbes
Citi Adds Two More Layers To Its Strata Family Of Cards
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Citibank, a Forbes Advisor partner, is shaking up its credit card portfolio. Why launch one new card when two are twice as nice? The issuer is releasing both the $0-annual fee Citi Strata℠ Card and the premium Citi Strata Elite℠ Card which has a $595 annual price tag. The two new cards bookend the $95-annual-fee Citi Strata Premier® Card , which launched in May 2024 and was a refresh of the former Citi Premier Card (No longer available to new applicants). Here's the skinny on the two latest editions to the Strata family. Attributes of the Citi Strata℠ Card include: Annual fee : $0 : $0 Welcome offer: Earn 30,000 bonus points after spending $1,000 within the first 3 months of account opening. Earn 30,000 bonus points after spending $1,000 within the first 3 months of account opening. Rewards: 5 ThankYou® Points per dollar spent on hotels, car rentals and attractions booked through Citi Travel®, 3 points on supermarkets, select transit and gas and EV charging stations purchases, 3 points on an eligible self-select category of your choice, including fitness clubs, select streaming services, live entertainment, cosmetic stores or pet stores, 2 points at restaurants and 1 point on all other eligible purchases. Transfer to Citi's travel transfer partners (except American Airlines), most at a 1,000:700 ratio. Cash redemptions are worth 0.5 cents per point. Intro APR offer: 0% intro APR on balance transfers and purchases for 15 months, then a variable APR of 19.24% to 29.24% applies. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, a fee of 5% of each transfer (minimum $5) applies. 0% intro APR on balance transfers and purchases for 15 months, then a variable APR of 19.24% to 29.24% applies. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, a fee of 5% of each transfer (minimum $5) applies. Recommended credit score: Good, Excellent. This typically means a 670 FICO Score or higher. Cardholders of the Citi Rewards+ had their cards converted to the new Citi Strata℠ Card on July 20, 2025, and applications opened for new cardholders on July 27, 2025. Earn 30,000 bonus Points after spending $1,000 in the first 3 months of account opening Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Attributes of the Citi Strata Elite℠ Card include: Annual fee: $595 $595 Welcome offer: Earn 80,000 bonus points after spending $4,000 in the first 3 months of account opening. Earn 80,000 bonus points after spending $4,000 in the first 3 months of account opening. Rewards : 12 points per dollar spent on hotels, car rentals, and attractions booked on 6 points per dollar spent on air travel booked on 6 points per dollar spent at restaurants, including restaurant delivery services on CitiNights℠ purchases, every Friday and Saturday from 6 PM to 6 AM ET (3 points per dollar spent any other time) and 1.5 points per dollar spent on other purchases. Transfer to Citi's travel transfer partners, most at a 1,000:1,000 ratio. Cash redemptions are worth 0.75 cents per point. Recommended credit score: Good, Excellent. This typically means a 670 FICO Score or higher. Good, Excellent. This typically means a 670 FICO Score or higher. Other perks: Up to $300 annual hotel benefit. Each calendar year, enjoy up to $300 off a hotel stay of two nights or more when booked through . Four American Airlines Admirals Club® Citi Strata Elite passes. Every calendar year, receive four Admirals Club® Citi Strata Elite℠ Passes for access to nearly 50 Admirals Club® lounges worldwide. Points transfer. Ability to transfer Citi ThankYou® Points into American Airlines AAdvantage® miles at a 1:1 ratio as well as Citi's other hotel and airline loyalty partners. Priority Pass™ Select membership. Both the primary cardholder and authorized users can each have their own Priority Pass membership which includes up to two guests. Up to $200 Annual Splurge Credit SM . Every calendar year, earn up to $200 in statement credits on your choice of up to two of the following brands: 1stDibs, American Airlines, Best Buy®, Future Personal Training and Live Nation. Up to $200 annual Blacklane® credit. Every calendar year, enjoy up to $200 in statement credits when booking with Blacklane, a global chauffeur service. Earn up to $100 on Blacklane purchases January through June and up to $100 July through December. Up to $120 Global Entry® or TSA PreCheck® application fee credit. Receive a statement credit, up to $120 every four years, as reimbursement for the application fee for Global Entry or TSA PreCheck®. Earn 80,000 bonus Points after spending $4,000 in the first 3 months of account opening. Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Are the New Citi Strata Cards Any Good? For fans of Citi's Thank You Points travel transfer partners, which include JetBlue's TrueBlue , Wyndham Rewards and Choice Privileges , either card could potentially help you amass a stash of rewards if the rewards structure matches your spending patterns. When it comes to top no-annual-fee cards , the Citi Strata Card holds its own when it comes to generous and unlimited rewards in everyday categories. Being able to choose an eligible self-select category to earn 3X rewards and change it every quarter can be helpful when you know in advance when you have a big purchase coming up, especially when it's in categories not commonly bonused like fitness clubs, hair salons or live entertainment. Someone could easily choose fitness clubs to pay for a gym initiation fee and then change it the following quarter to live entertainment to buy tickets for the summer concert season. For the Citi Strata Elite, the standout perks are the up to 12X multiplier on hotels, car rentals and attractions booked through Citi Travel and the ability to transfer rewards at a 1:1 ratio to American Airlines Advantage . The new Strata Elite's attributes rival some of the best premium cards at this price point and the card is notably free of the coupon-book style credits popping up like mushrooms on competing cards. No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers. Was this article helpful?
