Mortgage Refinance Rates Today: March 24, 2023—Rates Cool Off

The rate on a 30-year fixed refinance fell today.
Refinancing rates for 30-year, fixed-mortgage is averaging 7.00%, according to Bankrate. For 15-year fixed mortgages, the average refinance rate is 6.10%, and for 20-year mortgages, the average is 6.90%. For 5/1 ARMs, the average rate is 5.62%.
Related: Compare Current Refinance Rates
Refinance Rates for March 24, 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 Refinance Interest Rates
The average rate for the 30-year fixed-rate mortgage refinance fell to 7.00% from yesterday. One week ago, the 30-year fixed was 7.08%. Today’s rate is lower than the 52-week high of 7.44%.
The 30-year fixed mortgage refi APR (annual percentage rate) is 7.02%. At this time last week, it was 7.09%. APR is the all-in cost of your loan.
According to the Forbes Advisor mortgage calculator, borrowers with a 30-year fixed-rate mortgage refi of $300,000 will pay $1,996 per month in principal and interest (not accounting for taxes and fees) at the current interest rate of 7.00%. In total interest, you’d pay $418,527 over the life of the loan.
20-Year Refinance Rates
For a 20-year fixed refinance mortgage, the average interest rate is currently 6.90% compared to 7.10% at this time last week.
The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.92%. That compares to 7.12% at the same time last week.
At today’s interest rate of 6.90%, a 20-year, fixed-rate mortgage refinance of $300,000 would cost $2,308 per month in principal and interest—not including taxes and fees. That would equal about $253,902 in total interest over the life of the loan.
15-Year Mortgage Refinance Rate
The average interest rate on the 15-year fixed refinance mortgage fell to 6.10%. Yesterday, it was 6.16%. Last week, the 15-year fixed-rate mortgage was at 6.38%. Today’s rate is higher than the 52-week low of 4.12%.
The annual percentage rate on a 15-year fixed is 6.13%. This time last week, it was 6.41%.
At today’s interest rate of 6.10%, a 15-year fixed-rate mortgage would cost approximately $2,548 per month in principal and interest per $300,000. You would pay around $158,605 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 is 7.10%. Last week, the average rate was 7.14%. The 52-week low is 4.87%.
Borrowers with a 30-year, fixed-rate jumbo mortgage refinance with today’s interest rate of 7.10% will pay $5,040 per month in principal and interest on a $750,000 loan.
15-Year Jumbo Refi Rates
The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 6.13%. Last week, the average rate was 6.42%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.07%.
Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 6.13% will pay $6,382 per month in principal and interest per $750,000. That means that on a $750,000 loan you’d pay around $398,710 in total interest over the life of the loan.
5/1 ARM Refinance Rates
The average interest rate on a 5/1 ARM is 5.62%, higher than the 52-week low of 2.83%. Last week, the average rate was 7.08%.
Borrowers with a 5/1 ARM of $300,000 with today’s interest rate of 5.62% will pay $1,726 per month in principal and interest.
VA Refinance Rates
The current average rate on a 30-year VA refinance loan is 6.06% compared to 6.45% the week prior.
The 52-week high for a 30-year VA refinance loan was 6.78% and the 52-week low was 4.27%.
When Refinancing Makes Sense
There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home’s equity or eliminate private mortgage insurance (PMI).
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.
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 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.

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 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.