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Current Mortgage Refinance Rates: June 18, 2025 – Rates Drop
- The average rate on a 30-year fixed refinance dropped to 6.86% today. For 15-year and 20-year fixed refinance mortgages, the average rates are 5.8% and 6.65% respectively.
- At 6.86%, the 30-year fixed-rate mortgage refinance rate is down 0.71% from last week. The APR for a 30-year fixed refinance loan is 6.89%.
- A 30-year fixed mortgage refinance at 6.86% would cost $656 per month in principal and interest for every $100,000 borrowed.
- The average rate for a 20-year fixed mortgage refinance is 6.65% with an APR of 6.69%, costing around $755 per month for every $100,000 borrowed.
- For a 15-year fixed refinance mortgage, the average interest rate is 5.8% with an APR of 5.84%, costing $833 per month for every $100,000 borrowed.
- Rates for 30-year and 15-year fixed-rate jumbo mortgage refinances are at 7.15% and 6.41% respectively.
- Refinance rates are typically slightly higher than mortgage rates, and differences can vary by program, such as FHA and VA refinances having potentially lower rates.
- Factors like credit score, debt-to-income ratio, and loan type impact refinance eligibility and rates. Monitoring economic indicators can provide insights into the direction of mortgage rates.
- Considering closing costs and break-even points is essential when refinancing to determine if it's financially beneficial in the long run.
- Experts forecast mortgage rates to remain in the middle-to-high 6% range in the first half of 2025, suggesting minimal rate movement.
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