Mortgage refinance rates today: 30-year, 20-year, 15-year and jumbo rates explained

Mortgage refinance rates are changing, with 30-year, 20-year, 15-year and jumbo refinance rates showing different moves for homeowners in 2026.

The average interest rate for a 30-year fixed-rate mortgage refinance is 6.76%. The rate is almost unchanged from last week. A borrower refinancing $100,000 at this rate would pay about $649 per month in principal and interest.

Mortgage refinance rates are changing, with 30-year, 20-year, 15-year and jumbo refinance rates showing different moves for homeowners in 2026. (Pexel/Representative image) (Pexel)

This amount does not include taxes and fees. Over the full loan period, the borrower would pay around $134,525 in total interest. Forbes reported these payment estimates using its mortgage calculator.

20-year refinance rate falls to 6.58%

The average rate for a 20-year fixed mortgage refinance is 6.58%. It was 6.61% last week, meaning the rate fell by 0.03 percentage points. For a $100,000 refinance, the monthly principal and interest payment would be about $750. Taxes and fees are not included in this amount. The borrower would pay around $80,793 in total interest over the life of the loan.

15-year refinance rate is 5.85%

The average interest rate for a 15-year fixed refinance mortgage is 5.85%. This is lower than the average rates for 20-year and 30-year refinance loans. A 15-year loan allows homeowners to repay the mortgage faster.

However, shorter loans can come with higher monthly payments because the loan has to be paid off in less time. The Mortgage Research Center provided the average refinance rate figures, according to Forbes.

30-year jumbo refinance rate falls

The average rate for a 30-year fixed-rate jumbo mortgage refinance is 6.72%. It was 6.88% last week. A jumbo mortgage is a loan that is above the federal conforming loan limit. That limit is $832,750 in most places, according to the information cited by Forbes. At the current rate, a borrower would pay about $646 per month in principal and interest for every $100,000 borrowed. Taxes and fees are not included in this estimate.

15-year jumbo refinance rate stays steady

The average rate for a 15-year fixed-rate jumbo mortgage refinance is 6.13%. The rate is roughly the same as it was last week. A borrower would pay about $851 per month for every $100,000 borrowed at the current rate. Over 15 years, the borrower would pay around $53,474 in total interest.

Refinance rates can be different from home purchase rates

Mortgage lenders do not always charge the same interest rate for buying a home and refinancing an existing mortgage. For a 30-year fixed loan, refinance rates are generally 0.01% to 0.15% higher than purchase mortgage rates.

Homeowners should therefore check refinance rates separately instead of assuming they will get the same rate as a new homebuyer, according to Forbes.

Some borrowers can reduce their refinancing costs

Homeowners may be able to get a lower interest rate by paying closing costs upfront. Borrowers can also consider discount points, which can reduce the mortgage interest rate. Avoiding mortgage insurance, when possible, can also lower the overall cost.

A no-closing-cost refinance is another option, but homeowners should check the full loan terms before choosing it, according to Forbes outlined these options for borrowers looking to reduce refinancing costs.

Homeowners should compare their current loan with the new loan

Before refinancing, borrowers should look at their current interest rate. They should also check their remaining mortgage balance and loan term. These figures should then be compared with the new interest rate, new loan balance and new repayment period.

This comparison can show how the new loan could change the monthly mortgage payment. It can also help homeowners estimate whether refinancing will actually save them money. A lower interest rate does not always mean a refinance is cheaper because closing costs and other fees can reduce the savings.

Mortgage rates will shape refinancing activity in 2026

The direction of national mortgage rates is expected to have a major effect on refinancing trends in 2026. If rates fall, more homeowners could find refinancing attractive. If rates remain high, some homeowners may continue waiting for better rates. According to Forbes, national average mortgage rates will have the biggest impact on refinancing trends during 2026.

Experts expected rates to remain in the low-to-mid 6% range

Predicting mortgage rates is difficult because rates can change with economic conditions and Federal Reserve decisions. Experts expected mortgage rates to stay in the low-to-mid 6% range during the first half of 2026. Rates could fall further if the Federal Reserve continued cutting its federal funds rate. The outlook followed the Fed's rate cuts at its last three meetings of 2025.

Some homeowners may wait before refinancing

If mortgage rates remain steady, homeowners who are waiting for a lower rate may decide to hold off on refinancing. Waiting could allow them to take advantage of a lower rate if borrowing costs fall later. However, there is no guarantee that mortgage rates will decline. Homeowners should compare the possible future savings with the costs of refinancing today.

Borrowers can improve their finances before refinancing

Homeowners who are not ready to refinance can use the time to improve their credit score. They should continue making mortgage payments on time. Paying down the existing mortgage balance can also put borrowers in a stronger position. These steps may help homeowners get a better rate when they start comparing refinance offers.