Compare current 20-year refinance rates

Written by Zach Wichter

On , the national average 20-year fixed refinance APR is 5.750%. The average 20-year fixed mortgage APR is 5.820%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.

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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 5.800% 5.810%
20-Year Fixed 5.740% 5.750%
15-Year Fixed 5.050% 5.080%
10-Year Fixed 5.050% 5.080%

Top 5 Bankrate 20-year refinance lenders

  • Cardinal Financial Company
  • Fairway Independent Mortgage Corporation
  • AmeriSave Mortgage Corporation
  • Interfirst Mortgage Company


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

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

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

Pros and cons of a 20-year fixed-rate refinance


  • Paid off faster than a traditional 30-year mortgage
  • Generally have a lower interest rate than longer-term loans
  • Less interest paid over the life of the loan than a 30-year mortgage
  • More affordable than shorter-term loans like 10- or 15-year mortgages


  • Higher monthly payments than a 30-year mortgage
  • More interest paid over the life of the loan than a shorter mortgage

Things to consider before a 20-year refinance

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 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 cost of 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: 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 thinking about 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 into a conventional fixed-rate loan from an FHA loan could result in sizable cost savings since these government-insured loans usually have costly insurance premiums.

Other loans such as a VA or ARM (adjustable rate mortgage) don’t usually have these same insurance costs, but refinancing can still make sense for borrowers who can get a low enough rate to quickly offset their refinancing costs.

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 account for your overall financial health. Depending on your situation, 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 as part of your current loan terms) if you want to pay off your mortgage early. You should also work on improving your credit and consider holding off on refinancing until you do.

Take a look at how much you could save, keeping in mind that there are costs to refinance including closing costs and an appraisal. Your current lender may also charge you a fee or penalty for paying off your loan early. Explore what interest rate you might qualify for on your new mortgage, factor in the additional expenses 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.

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. Use the table above to get a sense of what rates you might qualify for, 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 that rely on you to purchase discount points. Each point is equal to 1 percent of the loan amount, which you'll pay upfront when you close the mortgage.

Check out Bankrate’s guide to the best mortgage refinance lenders in 2022 to help guide your search as well.

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 refinancing

Written by: Zach Wichter, mortgage reporter for Bankrate

Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Read more from Zach Wichter

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