Here Are Today’s Mortgage Refinance Rates: April 4, 2025 – Rates Decrease

The rate on a 30-year fixed refinance fell to 6.69% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.58%. On a 20-year mortgage refinance, the average rate is 6.39%.

Related:Compare Current Refinance Rates

30-Year Fixed Refinance Interest Rates

The current 30-year, fixed-rate mortgage refinance average rate stands at 6.69%, versus 6.84% last week.

The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.72%, lower than last week's 6.87%. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.

At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $644 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn't include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $132,014.

20-Year Refi Rates

The 20-year fixed mortgage refinance average rate stands at 6.39%, versus 6.63% last week.

The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.43%. It was 6.68% last week.

At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $739 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $77,359 in total interest over the life of the loan.

15-Year Fixed Refinance Rates

For a 15-year fixed refinance mortgage, the average interest rate is currently 5.58%. The same time last week, the 15-year fixed-rate mortgage stood at 5.77%.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.63%. Last week, it was 5.83%.

Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $821 per month in principal and interest—not including taxes and fees. That would equal about $47,859 in total interest over the life of the loan.

30-Year Jumbo Refinance Interest Rates

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) fell week-over-week to 7.07%. Last week, the average rate was 7.25%.

Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $670 per month in principal and interest per $100,000 borrowed.

15-Year Jumbo Refinance Rates

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.17%, down 0.05 point from last week.

At today's rate, a borrower would pay $853 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 $53,503 in total interest.

Are Refinance Rates and Mortgage Rates the Same?

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 You Should Refinance Your Home

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.

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.

Is Now a Good Time To Refinance?

Refinancing your mortgage can be worth it for multiple reasons:

• Lowering monthly payments. You might be able to reduce your monthly payment by extending your repayment period or qualifying for a better interest rate.
• Reducing your interest rate. Switching from a 30-year mortgage to a shorter term, like 15 or 20 years, can help you get a better interest rate and pay less interest overall.
• Ending annual service fees. FHA and USDA loans can charge annual fees for the life of the loan. If you have at least 20% equity, converting to a conventional mortgage refinance lets you avoid mortgage insurance premiums and guarantee fees.
• Switching to a fixed interest rate. You may also refinance an adjustable-rate mortgage into a fixed interest rate to avoid future rate hikes that increase your monthly payment and total borrowing costs.
• Borrowing your home equity. A cash-out refinance allows you to tap your home equity to consolidate high-interest debt and pay for personal expenses. The mortgage refinance interest rate can be lower than unsecured personal loans.

Lenders offer multiple mortgage refinance options to help you quickly compare your potential rate and monthly payment. Refinancing can also provide more repayment flexibility.

Now isn't a good time to refinance if you cannot get a smaller monthly payment or the closing costs offset the potential benefits of having a new rate and term.

How To Get 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 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.

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