Compare current 20-year refinance rates

What are today's 20-year fixed refinance rates?

On , according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 20-year fixed refinance rate is 3.190% with an APR of 3.430%. The average 20-year fixed mortgage rate is 2.980% with an APR of 3.270%.

Today's 20-year refinance rates

The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 20-year refinance rates. This interest rate table is updated daily to give you the most current rates when choosing a 20-year fixed refinance loan.

Product Interest Rate APR
30-Year Fixed 3.200% 3.410%
20-Year Fixed 3.190% 3.430%
15-Year Fixed 2.640% 2.850%
10-Year Fixed 2.660% 2.860%
7/1 ARM 3.030% 3.970%
5/1 ARM 3.160% 4.090%
10/1 ARM 3.170% 3.950%
30-Year Fixed VA 3.150% 3.330%
30-Year Fixed FHA 3.340% 3.550%
30-Year Fixed Jumbo 3.260% 3.320%
15-Year Fixed Jumbo 2.660% 2.700%
7/1 ARM Jumbo 2.980% 3.930%
5/1 ARM Jumbo 2.950% 4.030%

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting information on mortgage and refinance rates from the nation’s largest lenders for more than 30 years. Top publications such as The New York Times, Wall Street Journal, CNBC and others depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

How Bankrate mortgage and refinance rates are calculated

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of refinance loans. The interest rate table below is updated daily to give you the most current refinance rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

What is a 20-year fixed-rate refinance mortgage?

As the name suggests, a 20-year fixed-rate refinance mortgage is a loan that allows you to refinance and pay off the balance of your home over the course of two decades with a stable interest rate.

Benefits of a 20-year fixed-rate refinance

Key beneifts of 20-year refinances include:

Although your monthly payments will be slightly higher, the 20-year can still have more affordable monthly payments than shorter term mortgages, (commonly 10- or 15-years.)

Should you consider a 20-year refinance mortgage?

Yes, if:

Keep in mind: you can pay off any mortgage loan at any pace you want as long as you make the minimum payment. By making extra principal payments each month (check with your lender on how this is done) you can turn a 30-year loan into a 20, or a 15 or a 10. This way if you need extra cash, you can skip the additional principal payment any month you like.

When is the right time to refinance?

The right time to refinance depends on your financial situation and whether the savings are significant enough to be worth it.

Before applying, check your credit score and whether your payment history has improved since you took out your mortgage. Depending on your creditworthiness, you might qualify for a lower interest rate, which will help you save more each month.

However, if your credit isn’t great, it can affect your ability to qualify for the best rates. In this case, consider making higher monthly payments (assuming you don’t have any prepayment penalties) if you want to pay off your mortgage early or work on improving your credit before refinancing.

Take at look at how much you could save, keeping in mind there are costs to refinance like origination fees, closing costs and an appraisal. Your current lender may also charge you a fee or penalty for paying off your loan early. Add these up, then look at what interest rate you might qualify for on your new mortgage and see if you'll come out ahead in terms of savings, and how long it will take you to recoup costs. The Bankrate Mortgage Refinance Breakeven Calculator can help you answer this question.

A cash-out refinance is a popular way for homeowners to tap into their home equity. You can use the money for almost any purpose, including home renovations or paying off credit card debt.

When should you refinance into a fixed loan from another type of loan?

Refinancing into a fixed-rate loan from an FHA loan could result in sizable cost savings since these types of loans have costly insurance premiums. For borrowers who have jumbo loans, refinancing is typically the better option because you could see even more savings.

Other loans such as a VA or ARM (adjustable rate mortgage) don’t necessarily have to worry about large payments or insurance premiums, so refinancing makes sense if borrowers are able to get a much lower rate — enough to offset any refinancing costs.

How much could a refinance save you?

A refinance can save you in interest paid over the life of the loan, but you’ll need to make sure the fees you’ll pay won’t negate the savings.

There are costs to refinance like origination fees, closing costs and an appraisal. Your current lender may also charge you a fee or penalty for paying off your loan early. Depending on the lender, you may also have to pay title search, attorney (to close on your loan) and application fees.

How do I find the best fixed refinance rate?

Finding the best refinance rates for a 20-year fixed term requires that you shop around. Once you have a sense of your credit situation, get multiple quotes from different lenders. Then compare these quotes and look at interest rates and fees to see which is the best fit. In some cases lenders will advertise low rates only to discover you’ll need to purchase discount points to get them. Each point is equal to 1 percent of the loan amount, which you'll pay up front when you close the mortgage.

You’ll probably need to complete an application with each lender you’re comparing to see all the terms and offered APR — but it’ll be worth it to get the best rate.

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates

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