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Here Are Today’s Mortgage Refinance Rates: March 14, 2025 – Rates Climb
- The rate on a 30-year fixed refinance rose to 6.81%, with rates of 5.75% for a 15-year mortgage and 6.57% for a 20-year mortgage.
- The average rate for a 30-year refinance is 6.81%, costing $653 monthly per $100,000 loan, totaling about $134,957 in interest over the loan life.
- The APR for a 30-year fixed mortgage is 6.84%, reflecting the all-in cost of the loan.
- The rate on a 20-year fixed refinance mortgage is 6.57%, costing $749 per month per $100,000 borrowed.
- For a 15-year fixed refinance at 5.75%, monthly payments would be around $831 per $100,000 loan.
- Jumbo mortgage refinance rates are higher, with a 30-year rate at 7.19% and a 15-year rate at 6.16%.
- Refinancing entails similar paperwork to a home purchase loan, with closing costs ranging from 2% to 6% of the loan amount.
- Consider refinancing to lower rates, reduce payments, pay off loans sooner, or tap into home equity for financial needs like remodeling or college expenses.
- It's essential to calculate the break-even point to ensure that savings from a lower rate offset closing costs.
- Having a strong credit score and checking mortgage rates regularly can help secure a favorable rate when refinancing.
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