Current Mortgage Refinance Rates: March 31, 2025 – Rates Hold Steady

Mortgage refinance rates remained unchanged at 6.83% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.73%, and for 20-year mortgages, the average is 6.59%.

Related: Compare Current Refinance Rates

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30-Year Refinance Rates

Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.83%, up 0.2 point from last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $654 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $135,413.

Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.86%, higher than last week’s 6.66%. The APR is essentially the all-in cost of the home loan.

20-Year Refinance Rates

The average interest rate on the 20-year fixed refinance mortgage is 6.59%. A week ago, the 20-year fixed-rate mortgage was at 6.34%.

The APR on a 20-year fixed is 6.63%, compared to 6.38% last week.

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $751 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $80,155 in total interest.

15-Year Mortgage Refinance Rates

For a 15-year fixed refinance mortgage, the average interest rate is currently 5.73%. The same time last week, the 15-year fixed-rate mortgage stood at 5.62%.

The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.79%. Last week, it was 5.68%.

Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $829 per month in principal and interest—not including taxes and fees. That would equal about $49,300 in total interest over the life of the loan.

30-Year Jumbo Refinance Rates

The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) inched up week-over-week to 7.23%, versus 6.76% last week.

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $681 per month in principal and interest on a $100,000 loan.

15-Year Jumbo Refi Rates

A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.2%, down 0.54 point from last week.

At today’s rate, a borrower would pay $855 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 $53,846 in total interest.

Are Refinance Rates and Mortgage Rates the Same?

Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan.

You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help.

When Refinancing Makes Sense

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.

Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this 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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