Compare current 20-year refinance rates

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.

Top 5 Bankrate 20-year refinance lenders

• Cardinal Financial Company – Best for low-credit score borrowers
• Better.com – Best no-fee lender
• Fairway Independent Mortgage Corporation – Best overall
• AmeriSave Mortgage Corporation – Best non-bank lender
• Interfirst Mortgage Company – Best online lender

Methodology

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.

Cardinal Financial Company – Best for low-credit score borrowers

Cardinal Financial Company, who also does business as Sebonic Financial, is a mortgage lender available nationwide, with both in-person and online service. Among many refinancing options, the lender offers 20-year, FHA, VA, USDA and jumbo refinances.

Strengths: Cardinal Financial is licensed across the U.S., so borrowers everywhere can take advantage of refinancing with this lender. Its proprietary platform, Octane, allows you to keep track of all the documents needed during the refinancing process, and even e-sign within the system.

Weaknesses: You’ll need to register for Octane or otherwise contact Cardinal Financial to get rate quotes, and if you’re interested in a home equity line of credit (HELOC) or home equity loan, this lender doesn’t offer them.

Read Bankrate's full Cardinal Financial Company mortgage review

Better.com – Best no-fee lender

Better.com is a completely-digital mortgage lender available in 46 states and Washington, D.C. The lender has been named among Bankrate’s best this year, including as a best mortgage lender overall and a best lender for refinancing and cash-out refinancing.

Strengths: Better.com showcases refi rates daily on its website, including for 30-year, 20-year and 15-year fixed-rate loans. These rates include estimates of the monthly payment and points, and you can customize them based on your situation. This lender also doesn’t charge any application, origination or underwriting fees.

Weaknesses: You won’t be able to refinance into a government loan, and if you’re looking for an in-person experience, you won’t have access to any brick-and-mortar locations, since Better.com is entirely based online.

Read Bankrate's full Better.com mortgage review

Fairway Independent Mortgage Corporation – Best overall

Fairway Independent Mortgage Corporation is a major mortgage lender with 25 years in the business. The lender’s loan products include conventional and government-insured purchases and refinancing and some specialty mortgages.

Strengths: Fairway Independent Mortgage Corporation operates more than 400 branches all over the U.S. where you can find assistance refinancing your mortgage. You’ll also find many mortgage resources on the lender’s website, including calculators.

Weaknesses: This lender doesn’t display rates online.

Read Bankrate's full Fairway Independent Mortgage Corporation review

AmeriSave Mortgage Corporation – Best non-bank lender

AmeriSave Mortgage Corporation is licensed in 49 states (New York is the exception) and has financed 325,000 homes over the past 20 years.

Strengths: If you have questions regarding refinancing, you can navigate to AmeriSave’s website and within seconds be paired with a loan originator via chat, and get a custom quote “in minutes,” according to the lender.

Weaknesses: AmeriSave charges a $500 application fee, and has a “pattern” of sales practice complaints with the Better Business Bureau.

Read Bankrate's full AmeriSave Mortgage Corporation review

Interfirst Mortgage Company – Best online lender

Interfirst Mortgage Company is available in 28 states and Washington, D.C., and offers both rate-and-term and cash-out refinancing.

Strengths: With Interfirst Mortgage Company, you can find out if you qualify for a competitive refi rate in minutes after filling out a form online, and get your refinance preapproved in as little as one day if you’re eligible.

Weaknesses: The lender doesn’t offer government loans (FHA, VA or USDA), so you won’t be able to refinance those kinds of mortgages. Importantly, you also can’t view rates online, which can make it tougher to compare offers with other lenders.

Read Bankrate's full Interfirst Mortgage Company review

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 exisiting 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

Pros

• 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

Cons

• 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 homeowner’s 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 origination fees, 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 up front when you close the mortgage.

Check out Bankrate’s guide to the best mortgage refinance lenders in 2021 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

• Refinancing resources
• Mortgage refinance calculator
• Best refinance lenders
• Guide on how to refinance

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