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Here Are Today’s Mortgage Refinance Rates: March 28, 2025 – Rates Rise
- Today, the rate on a 30-year fixed refinance stands at 6.84%, with 15-year and 20-year fixed refinance rates averaging 5.77% and 6.63% respectively.
- The average APR for a 30-year fixed refinance mortgage is 6.87%, costing borrowers $655 per month for principal and interest on a $100,000 loan.
- For a 20-year fixed refinance mortgage at 6.63%, borrowers would pay around $753 per month, totaling $80,822 in interest over the loan life.
- A 15-year fixed refinance mortgage at 5.77% entails a monthly payment of $832, resulting in a total interest payment of $49,696.
- The average interest rate for a 30-year fixed jumbo refinance is 7.25%, requiring a monthly payment of $682 per $100,000 borrowed.
- Cash-out refinance rates are higher due to the increased loan balance, and the refinancing application process is similar to a home purchase loan.
- Refinancing can lower interest rates, reduce monthly payments, pay off the loan faster, tap home equity, or eliminate PMI, but it incurs substantial costs.
- Calculating the 'break-even point' is advisable to assess how long the new mortgage savings will surpass closing costs.
- Improving credit score, adjusting repayment period, or switching loan terms may help secure a competitive refinance rate.
- It's important to consider closing costs, application length, and potential rate reduction before opting for a refinance.
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