{"id":389,"date":"2025-10-20T09:58:26","date_gmt":"2025-10-20T09:58:26","guid":{"rendered":"http:\/\/www.capitalskips.com\/?p=389"},"modified":"2025-10-20T12:07:32","modified_gmt":"2025-10-20T12:07:32","slug":"here-are-todays-mortgage-refinance-rates-october-20-2025-rates-dont-budge","status":"publish","type":"post","link":"http:\/\/www.capitalskips.com\/index.php\/2025\/10\/20\/here-are-todays-mortgage-refinance-rates-october-20-2025-rates-dont-budge\/","title":{"rendered":"Here Are Today\u2019s Mortgage Refinance Rates: October 20, 2025 \u2013 Rates Don\u2019t Budge"},"content":{"rendered":"

30-year fixed refinance mortgage rates remained unchanged at 6.29%<\/strong> today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.29%<\/strong>. On a 20-year mortgage refinance, the average rate is 6.02%<\/strong>.<\/p>\n

Related:<\/strong> Compare Current Refinance Rates<\/a><\/span><\/p>\n

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30-Year Refinance Rates Drop 1.53%<\/h2>\n

The current 30-year, fixed-rate mortgage refinance average rate stands at 6.29%, versus 6.39% last week.<\/p>\n

The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.32%, lower than last week’s 6.42%. The APR<\/a><\/span> is the all-in cost of a home loan\u2014the interest rate including any fees or extra costs.<\/p>\n

At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $619 per month for principal and interest, according to the Forbes Advisor mortgage calculator<\/a><\/span>. That doesn’t include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $123,300.<\/p>\n

20-Year Refinance Rates Drop 1.16%<\/h2>\n

The average interest rate on the 20-year fixed refinance mortgage is 6.02%. The same time last week, the 20-year fixed-rate mortgage was at 6.1%.<\/p>\n

The APR on a 20-year fixed is 6.06%, compared to 6.13% last week.<\/p>\n

A 20-year fixed-rate mortgage refinance of $100,000 with today’s interest rate would cost $718 per month in principal and interest. Taxes and fees are not included. Over the life of the loan, you would pay around $72,775 in total interest.<\/p>\n

15-Year Mortgage Refinance Rates Drop 1.25%<\/h2>\n

The average interest rate on the 15-year fixed refinance mortgage is 5.29%. A week ago, the 15-year fixed-rate mortgage was at 5.36%.<\/p>\n

On a 15-year fixed refinance, the annual percentage rate is 5.34%. Last week, it was 5.41%.<\/p>\n

A 15-year fixed-rate mortgage refinance of $100,000 at today’s interest rate would cost $806 per month in principal and interest. Over the life of the loan, you would pay $45,551 in total interest.<\/p>\n

30-Year Jumbo Refinance Rates Drop 0.79%<\/h2>\n

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) fell week-over-week to 6.67%, versus 6.72% last week.<\/p>\n

At today’s interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $643 per month in principal and interest on a $100,000 loan.<\/p>\n

15-Year Jumbo Refi Rates Climb 0.16%<\/h2>\n

The average interest rate on the 15-year fixed-rate jumbo mortgage refinance rose to 5.79%, about the same as last week.<\/p>\n

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate will pay $832 per month in principal and interest per $100,000 borrowed. They will pay about $50,082 in total interest over the life of the loan.<\/p>\n

Are Refinance Rates and Mortgage Rates the Same?<\/h2>\n

No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates<\/a><\/span> are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity.<\/p>\n

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.<\/p>\n

When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms.<\/p>\n

When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice.<\/p>\n

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When Refinancing Makes Sense<\/h2>\n

Refinancing your mortgage<\/a><\/span> 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<\/a><\/span> (PMI).<\/p>\n

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.<\/p>\n

The Forbes Advisor mortgage refinance calculator<\/a><\/span> can help you run the numbers to see if it’s a good time for you to refinance.<\/p>\n

How To Qualify for Today’s Best Refinance Rates <\/h2>\n

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\u2019s what you should be doing to get a good mortgage rate:<\/p>\n