As of November 19, 2025, mortgage refinance rates today have seen a welcome dip. Zillow reports that the national average for a 30-year fixed refinance rate has dropped by 7 basis points, settling at 6.76%. This might sound like a small change, but I’m here to tell you that even a fraction of a percent can make a significant difference in your long-term financial picture. If you’ve been on the fence about refinancing, this might just be the sign you’ve been waiting for to explore your options and potentially lock in a better deal.
Mortgage Refinance Rates Today Drop by 7 Basis Points – November 19, 2025
The 7 Basis Point Drop: More Than Just a Number
So, what exactly does a 7 basis point drop translate to in real dollars and cents? Let’s break it down. A basis point is simply one-hundredth of a percentage point. So, 7 basis points is equal to 0.07%. While this might seem tiny, when you consider the massive amount borrowed in a mortgage, it really adds up.
For example, imagine you have a $300,000 mortgage.
At 6.83% (last week’s rate): Your estimated monthly principal and interest payment would be around $1,979.
At 6.76% (today’s rate): Your estimated monthly principal and interest payment drops to about $1,956.
That’s a savings of $23 per month. Now, $23 might not seem like a fortune, but over the life of a 30-year loan, that accumulates to nearly $8,280 in savings! And if your loan balance is higher, or if you’re considering a 15-year refinance, those savings can be even more substantial. It’s these kinds of numbers that make me always keep an eye on the refinance market.
Beyond the 30-Year Fixed: Other Rates Shifting
It’s not just the 30-year fixed rate that’s making waves. Zillow also shared some insights into other popular refinance options:
The national average 15-year fixed refinance rate has remained steady at 5.75%. This is still a fantastic rate for those looking to pay off their mortgage faster and save on interest over time.
However, the 5-year Adjustable-Rate Mortgage (ARM) refinance rate has moved in the opposite direction, ticking up by 8 basis points to 7.52% from 7.44%. This is an important distinction for homeowners considering ARMs. While they often start with lower rates, the possibility of them increasing is a key factor to weigh.
Why Should You Care About Refinance Rates Today?
As someone who’s followed the housing market closely for years, I’ve seen how much fluctuating interest rates can impact homeowners. Refinancing isn’t just about chasing the lowest rate; it’s a strategic financial move. Here’s why these current mortgage refinance rates are particularly interesting for you right now:
Lowering Your Monthly Payment: This is the most obvious benefit. A lower interest rate means a smaller portion of your payment goes towards interest, freeing up cash for other financial goals like saving, investing, or even just enjoying life a little more.
Reducing Your Total Interest Paid: Over the life of your loan, even a small rate reduction can save you tens of thousands of dollars. This is a powerful way to build wealth and reduce debt.
Shortening Your Loan Term: If you want to become mortgage-free sooner, you can refinance into a shorter term (like a 15-year mortgage) and still potentially benefit from a lower rate than you originally had.
Accessing Equity with a Cash-Out Refinance: If you’ve built up equity in your home, a cash-out refinance allows you to borrow more than you owe and receive the difference in cash. This can be used for home renovations, debt consolidation, or other major expenses.
Key Factors to Consider Before You Refinance
While the falling rates are enticing, it’s crucial remember that refinancing isn’t a one-size-fits-all solution. Several personal factors will determine if it’s the right move for you. My advice is always to look at your individual situation.
Key Factors Influencing Refinance Eligibility:
Your Credit Score: Lenders use your credit score to assess your risk. A higher score generally means you’ll qualify for the best rates.
Your Income and Employment Stability: Lenders want to see that you have a consistent and reliable income source to make your mortgage payments.
Your Debt-to-Income Ratio (DTI): This compares your monthly debt payments to your gross monthly income. A lower DTI shows you have more disposable income.
Your Loan-to-Value Ratio (LTV): This is the ratio of your mortgage balance to the appraised value of your home. A lower LTV generally indicates less risk for the lender.
Your Home’s Equity: How much have you paid down your principal, and has your home appreciated in value?
The Role of Credit Scores in Refinancing:
I can’t stress this enough – your credit score is king when it comes to getting approved for a refinance and securing the best rates. Generally, you’ll need:
Excellent Credit (740+): For the absolute lowest rates.
Good Credit (670-739): You’ll likely still get competitive rates.
Fair Credit (580-669): Refinancing might be possible, but with higher rates.
Poor Credit (below 580): It might be difficult to qualify for a refinance.
If your credit score isn’t where you’d like it to be, take some time to improve it before you apply. Paying down credit card balances and ensuring you make all your payments on time can make a big difference.
Considering Different Refinance Options
The mortgage refinance rates today are just one piece of the puzzle. You also need to consider which type of refinance makes sense for your goals:
Rate-and-Term Refinance: This is the most common type. You’re essentially replacing your current mortgage with a new one that has a lower interest rate or a different term length. This is ideal if your primary goal is to lower your monthly payments or pay off your loan faster.
Cash-Out Refinance: As mentioned earlier, this allows you to tap into your home’s equity. You take out a new mortgage for more than you currently owe, and the difference is given to you in cash. My personal experience has shown this to be a great tool for funding significant life events, but it also increases your loan balance and interest paid, so it requires careful consideration.
Streamline Refinance: This is often an option for government-backed loans (like FHA or VA loans) and typically involves less paperwork and fewer requirements, making the process quicker and simpler.
Recommended Read:
30-Year Fixed Refinance Rate Trends – November 18, 2025
Best Time to Refinance Your Mortgage: Expert Insights
Should You Refinance Your Mortgage Now or Wait Until 2026?
The Impact of Interest Rate Fluctuations
Watching interest rates can feel like watching a roller coaster sometimes. How do these ups and downs affect your decision?
When Rates Drop: This is when the opportunity to save significant money arises. The 7 basis point drop we’re seeing today is a prime example. It makes refinancing more attractive.
When Rates Rise: If rates are climbing, the appeal of refinancing diminishes. You might be better off sticking with your current mortgage unless you have a compelling reason to change.
My general rule of thumb is that if you can lower your interest rate by at least 1%, it’s usually worth exploring refinancing further. However, this can vary depending on your individual situation and the costs involved.
Costs and Fees to Keep in Mind
Refinancing isn’t free. There are closing costs associated with getting a new mortgage. These can include:
Appraisal fees
Title insurance
Origination fees
Recording fees
Attorney fees
Typically, these costs can range from 2% to 6% of the loan amount. It’s essential to factor these costs into your calculations to determine your break-even point – how long it will take for your monthly savings to recoup the closing costs. If you plan to sell your home before you reach that break-even point, refinancing might not be financially beneficial. Some lenders offer “no-cost” refinances, but be aware that these costs are usually rolled into the loan balance or result in a slightly higher interest rate.
Final Thoughts on Refinancing Today
The mortgage refinance rates today on November 19, 2025, offering a 7 basis point drop for the 30-year fixed, presents a genuine opportunity for many homeowners. While it’s a welcome change, remember to do your homework. Look at your personal financial situation, understand your credit score, and compare offers from multiple lenders. Refinancing can be a powerful tool to improve your financial health, but it requires careful planning.
“Invest Smart — Build Long-Term Wealth Through Real Estate”
Norada’s team can guide you through current market dynamics and help you position your investments wisely—whether you’re looking to reduce rates, pull out equity, or expand your portfolio.
Work with us to identify proven, cash-flowing markets and diversify your portfolio while borrowing costs remain favorable.
HOT NEW TURNKEY DEALS JUST LISTED!
Speak with a seasoned Norada investment counselor today (No Obligation):
(800) 611-3060
Get Started Now
Recommended Read:
When You Refinance a Mortgage Do the 30 Years Start Over?
Should You Refinance as Mortgage Rates Reach Lowest Level in Over a Year?
NAR Predicts 6% Mortgage Rates in 2025 Will Boost Housing Market
Mortgage Rates Predictions for 2025: Expert Forecast
Half of Recent Home Buyers Got Mortgage Rates Below 5%
Mortgage Rates Need to Drop by 2% Before Buying Spree Begins
Will Mortgage Rates Ever Be 3% Again: Future Outlook
Mortgage Rates Predictions for Next 2 Years
Mortgage Rate Predictions for Next 5 Years
Mortgage Rate Predictions for 2025: Expert Forecast
The post Mortgage Rates Today, Nov 19: 30-Year Refinance Rate Drops by 7 Basis Points appeared first on Norada Real Estate Investments.