Refinance

What could you do with an extra $3,343 a year?

That’s the average amount American homeowners overpay on their mortgage — which comes out to $279 every month. On Bankrate, 100+ mortgage lenders bid for your business in real time — so you see the rate the market actually offers, not just a single quote. You don’t have to keep overpaying.

Refinance your mortgage
Compare today's refinance rates and lock in a lower payment.
See your refinance savings
Enter your current rate and find your new monthly payment.
Cash out your equity
Turn your home equity into cash, without taking out a second loan.

87%
Homeowners overpaid on their mortgage last year — purchase and refinance combined.
$78k
What the average borrower could lose over the life of their loan by not comparing rates.
99.7%
Bankrate offers beat 99.7% of banks and credit unions

Today’s refinance rates

Bankrate’s top offers vs the national average

Refinance term	Bankrate’s top	National average
30 year fixed	5.98%	6.80%
20 year fixed	5.67%	—
15 year fixed	5.21%	6.14%

Refinance rates as of August 18, 2026

You don’t have to keep overpaying on your mortgage

Nearly 9 in 10 Americans overpay on their mortgage. Bankrate compares live offers from 100+ lenders competing for your refinance, so you see the rate the market actually offers — not just what your current lender quotes.

Find your best rate

Explore more

Audit your rate

Mortgage rates peaked in 2023.
Is yours still stuck there?

Check your overpayment likelihood and get a personalized offer — all completely free. You see your odds of overpaying and what it could be costing you, using national mortgage data and Bankrate’s own rate benchmarks.

Check if I’m overpaying

Preview of the Bankrate Rate Audit tool showing an 87% overpayment odds gauge

What to know before refinancing

Watchdog

Why no-closing-cost refinancing isn’t free

By Linda Bell

6 min read

U.S. map with houses on top of stacked coins

Data

Most homebuyers overpay for their mortgage. Here’s where it’s costing them the most

By Alex Gailey

8 min read

Featured image of Crystin Liboma and her husband.

Community

Homebuying in America: Unexpected costs drained her savings. A refinance helped her regain control

By Katie Kelton, CCC

4 min read

Watchdog

‘Buy now, refinance later,’ they said. Mortgage rates said otherwise.

By Jeff Ostrowski

6 min read

Go deeper

Bankrate Research 2026

79% of refinance borrowers still overpay on their loan

The typical refinance borrower pays $2,462 more a year than the market rate. That’s not because better rates don’t exist — it’s because most lenders only show you their own. Bankrate compares live offers from 100+ lenders competing for your loan, so you see what the market’s actually paying.

Explore the data