Compare current 20-year refinance rates

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 — including 20-year mortgage refinance 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.

While a 20-year mortgage means you'll pay off your loan faster than a 30-year mortgage, it also means you'll have higher monthly payments. The lower monthly payments that come with a 30-year mortgage mean you might be able to borrow a larger amount, as well.

Even if the total you'd like to borrow would be the same for a 20-year mortgage, you might have an easier time qualifying for a longer-term loan because of the difference in monthly payments.

When stacking a 20-year mortgage against a 10- or 15-year mortgage, it will take you longer to pay off the 20-year mortgage, but the monthly payments will be more affordable. Use Bankrate's mortgage calculator to help compare payments and interest for each scenario.

Refinancing into a 20-year mortgage could make sense for you if:

• You already have a 10- or 15-year mortgage and are struggling to meet the monthly payments. Taking out a new loan with a longer repayment period could free up some cash in your budget.
• You have an adjustable-rate mortgage (ARM) nearing the end of its initial term. A 20-year fixed mortgage will give you more stability, since your rate won’t change for the lifetime of the loan.
• You can afford the new loan. It’s important to look closely at your household income and whether your mortgage plus additional housing expenses — think homeowners insurance and utilities — can fit your new payment into your current budget comfortably.

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

When considering a refinance, it’s also a good idea to explore different kinds of loans and loan terms to determine what’s best for you and your budget. Refinancing from an FHA loan to a conventional loan, for example, could mean significant savings, since FHA loans usually carry higher insurance costs. Refinancing can also make sense for borrowers who can get a low enough rate to offset their refinancing costs quickly.

If you want to pay down your mortgage but don’t want to be locked into higher monthly payments with a shorter term, consider making extra principal payments. You can do this several ways, including with biweekly payments, which can add up to sizable savings over the life of a loan.