The rate on a 30-year fixed refinance rose today.
The current 30-year, fixed-rate mortgage refinance rate is averaging 7.17%, according to Bankrate, while 15-year, fixed-rate refinance mortgages average of 6.30%. For 20-year mortgage refinances, the average rate is 7.01%. For a 5/1 adjustable-rate mortgage, the average rate is 5.61%.
Related: Compare Current Refinance Rates
Refinance Rates for March 20, 2023

Loan term
Rate
Change
Rate Yesterday

30-Year Mortgage Refinance Rate
7.17%
+0.09%
7.08%

20-Year Fixed Rate
7.01%
-0.09%
7.10%

15-Year Fixed Rate
6.30%
-0.08%
6.38%

30-Year Jumbo Mortgage Refinance Rate
7.19%
+0.05%
7.14%

15-Year Jumbo Mortgage Refinance Rate
6.32%
-0.10%
6.42%

5/1 ARM Refinance Rate
5.61%
-0.01%
5.62%

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30-Year Fixed Refinance Interest Rates
The current 30-year, fixed-rate mortgage refinance is averaging 7.17%, 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 7.18%, 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 7.17%, borrowers with a 30-year, fixed-rate mortgage of $300,000 will pay $2,030 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 $430,899.
20-Year Fixed-Rate Mortgage Refinance Rates
The 20-year fixed mortgage refinance is currently averaging about 7.01%. That’s compared to the average of 6.98% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 7.03% compared to 7.00% at this time last week.
At the current interest rate of 7.01%, a 20-year, fixed-rate mortgage refinance of $300,000 would pay $2,328 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $258,648 in total interest over the life of the loan.
15-Year Refinance Rates
The 15-year fixed mortgage refinance is currently averaging about 6.30%. That’s compared to the average of 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 6.33% versus 6.37% at this time last week.
At the current interest rate of 6.30%, a borrower using a 15-year, fixed-rate mortgage refinance of $300,000 would pay $2,580 per month in principal and interest. That doesn’t include taxes and fees. That borrower would pay roughly $164,481 in total interest over the 15-year life of the loan.
30-Year Jumbo Mortgage Refinance Rates
The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance is 7.19%. Last week, the average rate was 7.22%. The 52-week low is 4.56%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.19% will pay $5,086 per month in principal and interest on a $750,000 loan.
15-Year Jumbo Mortgage Refinance Rates
A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.32%, compared to an average of 6.35% last week and the 52-week low of 3.84%.
At today’s rate of 6.32%, a borrower would pay $6,459 per month in principal and interest per $750,000 for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $412,678 in total interest.
5/1 Adjustable-Rate Mortgage Refinance Rates
The average interest rate for a 5/1 ARM is currently 5.61%. 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 6.25% compared to 6.39% 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 You Should Refinance Your Home
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.
A home loan refinance may make sense particularly if you plan to remain in your home for a while. Even if you score a lower interest rate, you need to take the loan costs into consideration. Calculate the break-even point where your savings from a lower interest rate exceed your closing costs 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.
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.

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 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.

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.