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Current Mortgage Refinance Rates: March 18, 2025 – Rates Dip
- The current rate on a 30-year fixed refinance is 6.82%, while a 15-year mortgage refinance is at 5.73% and a 20-year mortgage refinance at 6.56%.
- For a 30-year fixed-rate mortgage refinance of $100,000, the monthly payment is $654 for principal and interest, totaling about $135,269 in interest over the loan's life.
- The average interest rate for a 20-year fixed refinance mortgage is 6.56%, with an APR of 6.61%, costing around $79,815 in total interest for a $100,000 loan.
- A 15-year fixed refinance mortgage has an average interest rate of 5.73%, with an APR of 5.78%, resulting in about $49,271 in total interest for a $100,000 loan.
- Refinancing a jumbo mortgage above the federal conforming loan limit would have rates like 7.18% for 30-year fixed and 6.13% for 15-year fixed.
- Refinancing rates are usually higher than purchase loan rates due to increased lender risk, with cash-out refinances also having higher rates.
- Consider refinancing to lower interest rates, monthly payments, pay off mortgages sooner, access equity, or eliminate PMI, but be aware of closing costs.
- The Forbes Advisor mortgage refinance calculator can help determine if the savings from a new mortgage surpass the closing costs, known as the 'break-even point.'
- Refinance to lower monthly payments, stop paying annual fees, fix rates, or opt for a cash-out refinance, but note the potential increase in total interest with longer loan terms.
- Maintain a solid credit score, manage debt, and keep an eye on fluctuating mortgage rates to secure the lowest refinance rates.
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