Today’s Refinance Rates: March 15, 2023—Rates Inch Up

The rate on a 30-year fixed refinance inched up today.
The average rate for refinancing a 30-year fixed mortgage is currently 7.05%, according to Bankrate. For refinancing a 15-year mortgage, the average rate is 6.37%, and for 20-year mortgages, it’s 6.97%. For 5/1 adjustable-rate mortgages, the average rate is 5.63%.
Related: Compare Current Refinance Rates
Refinance Rates for March 15, 2023

Loan term
Rate Yesterday

30-Year Mortgage Refinance Rate

20-Year Fixed Rate

15-Year Fixed Rate

30-Year Jumbo Mortgage Refinance Rate

15-Year Jumbo Mortgage Refinance Rate

5/1 ARM Refinance Rate

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30-Year Fixed-Rate Mortgage Refinance Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.05%, compared to 7.14% last week and the 52-week low of 4.54%.
The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 7.07%, compared to 7.15% 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 7.05%, borrowers with a 30-year, fixed-rate mortgage of $300,000 will pay $2,006 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 $422,157.
20-Year Refinance Rates
The average interest rate on the 20-year fixed refinance mortgage is 6.97%. This same time last week, the 20-year fixed-rate mortgage was at 7.11%.
The APR on a 20-year fixed is 7.00%. One week ago, it was 7.14%.
A 20-year fixed-rate mortgage refinance of $300,000 with today’s interest rate of 6.97% will cost $2,321 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $256,919 in total interest.
15-Year Fixed Refinance Rates
For a 15-year fixed refinance mortgage, the average interest rate is currently 6.37% compared to 6.33% at this time last week and the 52-week low of 3.80%.
The APR, or annual percentage rate, on a 15-year fixed mortgage is 6.40%. That compares to 6.37% at this time last week.
Using the current interest rate of 6.37%, a 15-year, fixed-rate mortgage refinance of $300,000 would cost $2,592 per month in principal and interest—not including taxes and fees. That would equal about $166,547 in total interest over the life of the loan.
30-Year Jumbo Refinance Rates
The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 7.14%. One week ago, the average rate was 7.26%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.56%.
Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today’s interest rate of 7.14% will pay $5,060 per month in principal and interest per $750,000.
15-Year Jumbo Refinance Rates
A 15-year, fixed-rate jumbo mortgage refinance is 6.42%, on average, compared to the average of 6.53% last week and the 52-week low of 3.84%.
At today’s interest rate of 6.42%, a borrower with a 15-year, fixed-rate jumbo refinance would pay $6,500 per month in principal and interest on a $750,000 loan. Over the life of the loan, that borrower would pay around $420,066 in total interest.
5/1 ARM Interest Rates
The average interest rate for a 5/1 ARM is currently 5.63%. That’s compared to the 52-week low of 3.11% and the average rate at this time last week of 5.70%.
VA Refinance Rates
The current average rate on a 30-year VA refinance loan is 6.56% compared to 6.61% the week prior.
The 52-week high for a 30-year VA refinance loan was 6.78% and the 52-week low was 3.85%.
When Refinancing Makes Sense
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.
How to Qualify for Today’s Best Refinance Rates
Just like when you took out your original mortgage, it pays to have a strategy for finding the lowest rate when you want to refinance. Here’s what you should be doing get a good mortgage rate:

 Improve your credit
 Consider a shorter loan term
 Lower your debt-to-income ratio
 Watch mortgage rates

There are no guarantees when it comes to borrowing, but a strong credit score is one of the best things you can do to present yourself to lenders. Banks and other financial institutions are more likely to approve you if you don’t have too much debt relative to your income. You should check in on mortgage rates, which fluctuate frequently, on a regular basis. And use calculators like ours to see if you can swing a home loan that’s shorter in duration than the popular 30-year mortgage. These loans usually have lower interest rates.

Frequently Asked Questions (FAQs)

How Quickly Can You Refinance a Mortgage?

You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors—like the type of home loan you choose. Always check with your lender before committing to borrow.

How Much Does it Cost to Refinance a Mortgage?

Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It’s always a good idea to ask the lender what kind of closing costs they’ll charge before you decide to borrow from them.

How Do You Find the Best Refinancing Lender?

You should always shop around when you’re trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you’re able to communicate well with the lender you want to choose. In a bumpy housing market, you’ll probably be in touch with the lender more often than you realize.