Today's Mortgage Refinance Rates: June 27, 2025

Forbes

a day ago

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The rate on a 30-year fixed refinance dropped to 6.68% today, according to the Mortgage Research Center. Rates averaged 5.6% for a 15-year financed mortgage and 6.46% for a 20-year financed mortgage.
Related: Compare Current Refinance Rates
At 6.68%, the average rate on a 30-year fixed-rate mortgage refinance is down 2.51% from this time last week.
The 30-year fixed mortgage refi APR (annual percentage rate) is 6.71%. At this time last week, it was 6.88%. The APR represents the all-in cost of your loan.
At the current interest rate of 6.68%, borrowers with a 30-year fixed-rate refinance mortgage of $100,000 will pay $644 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. The total interest paid over the life of the loan would be approximately $132,443.
The 20-year fixed mortgage refinance average rate stands at 6.46%, versus 6.66% last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.5%. It was 6.69% last week.
At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $743 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $78,895 in total interest over the life of the loan.
For a 15-year fixed refinance mortgage, the average interest rate is currently 5.6%. Last week, the 15-year fixed-rate mortgage stood at 5.76%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.64%. Last week, it was 5.8%.
Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $822 per month in principal and interest—not including taxes and fees. That would equal about $48,435 in total interest over the life of the loan.
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) declined week-over-week to 7%, versus 7.11% last week.
At today's interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $666 per month in principal and interest on a $100,000 loan.
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.3%, down 2.45% from last week.
At today's rate, a borrower would pay $860 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $55,073 in total interest.
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.
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.
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.
Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025.
If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable.
Since mortgage rates are expected to change little 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 paying down your loan balance will help you secure the lowest possible rate when you're ready to explore refinancing options. 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.