The current average mortgage refinance interest rate is approximately 3.89% for 15 year fixed rate plans. The average 30 year fixed plan has a higher interest rate of 4.62%. Looking at recent economic trends, these rates are the lowest they have been in years, as a result of high market competition stemming from recent economic depression. Government policies targeting the mortgage industry as well as relief funds have also had an effect on the matter. To conclude, if you are considering mortgage refinance, it is best to do it now while interest rates remain at their current lows.