Written by 
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
The rate on a 30-year fixed refinance rose today.
The current 30-year, fixed-rate mortgage refinance rate is averaging 7.13%, according to Curinos, while 15-year, fixed-rate refinance mortgages average of 6.21%. For 20-year mortgage refinances, the average rate is 6.98%.
Related: Compare Current Refinance Rates
Refinance Rates for December 12, 2024
*Source: Curinos
30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.13%, compared to 7.22% last week.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.15%, compared to 7.24% last week. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs.
At the current interest rate of 7.13%, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $674 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $142,660.
20-Year Refinance Interest Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.98% compared to 7.04% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.01%. That compares to 7.07% at the same time last week.
At today’s interest rate of 6.98%, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $774 per month in principal and interest—not including taxes and fees. That would equal about $85,813 in total interest over the life of the loan.
15-Year Refinance Interest Rates
For a 15-year fixed refinance mortgage, the average interest rate is currently 6.21% compared to 6.27% at this time last week.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.24%. That compares to 6.30% at this time last week.
Using the current interest rate of 6.21%, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $855 per month in principal and interest—not including taxes and fees. That would equal about $53,944 in total interest over the life of the loan.
30-Year Jumbo Refinance Interest Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 7.04%. One week ago, the average rate was 7.22%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.04% will pay $668 per month in principal and interest per $100,000.
15-Year Jumbo Refinance Interest Rates
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.88%, compared to an average of 6.91% last week.
At today’s rate of 6.88%, a borrower would pay $892 per month in principal and interest per $100,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $454,154 in total interest.
Are Refinance Rates and Mortgage Rates the Same?
No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.
The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense.
When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.
Know When To Refinance Your Home
Refinancing your mortgage can be a wise move for many reasons, most notably lowering your interest rate or your monthly payments. It can also help you pay down your mortgage sooner, access your home’s equity or get rid of private mortgage insurance (PMI).
But there are closing costs associated with refinancing, so it probably makes more sense to refinance if you know you’ll be keeping your home for some time. You can determine the “break-even point” for a potential refinance, or how long it will take for savings from a new mortgage to surpass any closing costs. Find out what those costs will be and divide them by the monthly savings you’ll realize with the new mortgage.
The Forbes Advisor mortgage refinance calculator can help you run the numbers to see if it’s a good time for you to refinance.
Is Now a Good Time To Refinance?
Refinancing your mortgage can be worth it for reasons that include:
- 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 Qualify for Today’s Best Refinance Rates
Much like when you shopped for a mortgage when purchasing your home, when you refinance here’s how you can find the lowest refinance rate:
- Maintain a good credit score
- Consider a shorter-term loan
- Lower your debt-to-income ratio
- Monitor mortgage rates
A solid credit score isn’t a guarantee that you’ll get your refinance approved or score the lowest rate, but it could make your path easier. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You also should keep an eye on mortgage rates for various loan terms. They fluctuate frequently, and loans that need to be paid off sooner tend to charge lower interest rates.
Frequently Asked Questions (FAQs)
How soon can you refinance a mortgage?
In many cases, you can refinance a mortgage as soon as six months after you start paying it down, although some lenders insist that you wait 12 months. You should ask your lender to be sure.
How much does it cost to refinance a mortgage?
It can cost as much as 2% to 6% of the full cost of the loan to refinance a mortgage. Make sure to find out the exact closing costs from your lender.
How do you find the best refinancing lender?
Our guide to the best mortgage refinance lenders is a good starting point, but make sure you compare multiple lenders and get more than one quote. It’s always a good idea to find out the closing costs lenders charge, and also to make sure you can communicate easily with your lender. Conditions in the housing market change frequently, so being able to depend on your lender is crucial.