Today’s 30-year refinance rates

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 purchase loans. The interest rate table below is updated daily to give you the most current purchase 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.

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 mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of 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 do I view personalized 30-year fixed refinance rates?

To customize the rates you see, adjust the categories at the top of the page to reflect the type of loan you’re looking for, where you live, how much you want to borrow, how much you have for a down payment and your credit score.

You can see personalized 30-year fixed refinance rates plus articles, calculators, prequalified offers and more by signing up for a free Bankrate account. It only takes a few minutes and you’ll get valuable tools and information tailored around your unique interests.

Why comparing rates is important

Mortgage rates and closing costs can vary widely from lender to lender, so it’s important that you shop around before. In a report published in 2018, mortgage giant Freddie Mac said borrowers could save an average of $1,500 over the life of the loan by getting one additional rate quote, and an average of $3,000 by seeking out five quotes.

Will 30-year refinance rates increase?

Mortgage rates hit record lows in early 2021. Economists expect mortgage rates to rise as the economy improves. However, the trajectory of mortgage rates is notoriously difficult to predict.

What you need to know about 30-year mortgage refinances

What is a 30-year fixed refinance mortgage?

A 30-year fixed-rate mortgage is the most common type of loan. It has a set rate, which keeps your principal and interest payments stable.

Refinancing with a 30-year loan lets you pay off and replace your existing loan with a new, longer-term loan and a different rate. There are several reasons to refinance into this type of loan, including reducing your monthly payment, lowering your mortgage rate or changing the type of loan you currently have.

When should you consider a 30-year refinance?

There are two common reasons to refinance: to reduce monthly mortgage payments or to save on the overall interest you pay on your house over the long term. In some cases, refinancing will accomplish both of those goals, but not always. With rates at record lows, millions of homeowners could benefit from refinancing. Here are a few things to consider when deciding if it's the right time to refinance:

• The purpose of the refinance: Extending the length of your loan will lower your monthly payments while increasing the interest you pay over the life of the loan. Shortening the length of the loan will lower the interest you pay over the life of the loan but often increases your monthly payments. It's important to know what you want to accomplish when deciding whether or not it’s time to refi.
• How long you'll be in the home: Refinancing generally only makes sense if you plan to spend several more years in your home. It can sometimes take years to break even on the cost of refinancing. If you won’t be in your home for much longer, it might not make sense to refinance.
• Your ability to qualify: Refinancing might make sense for you, but that doesn't necessarily mean you'll qualify. Lenders take into account a number of factors when considering whether to extend you a refinance offer, including the amount of equity you currently have in the home, your income and your credit score.

Of course, there are other reasons for choosing to refinance. A common reason is to tap into home equity. If you have enough equity in your home (at least 20 percent), you can use a cash-out refinance to pay for expenses such as home improvements, to get rid of credit card debt or to pay for emergencies. Opting for a 30-year cash-out refinance not only provides a chunk of cash for major expenses, but it also frees up cash.

A 30-year refinance term presents many benefits. But whether it makes sense for you to refinance into a longer or shorter term depends on your financial situation.

Refinancing into a 30-year term from a shorter term — say, a 15-year fixed-rate term — can be worthwhile if you're interested in lowering your monthly payment. It's even more favorable if you can lock in a lower interest rate and improve your financial situation in some way.

For example, let's say you have a 15-year mortgage loan of $100,000 at an interest rate of 5 percent. Your monthly principal and interest payments would be $791. If you were to refinance your loan into a 30-year mortgage at a rate of 3.5 percent, you'd lower your monthly payments by nearly $350. That calculation doesn't include expenses like property taxes, homeowner's insurance or HOA fees, or closing costs including points, but it emphasizes how refinancing into a longer term can free up monthly cash flow.

It’s important to keep in mind that refinancing into a longer term will increase the interest you pay over the life of the loan, since you're essentially starting your loan from scratch. In addition, you may have to pay lender origination fees, third-party fees for appraisal and closing costs. These expenses will increases the cost of the loan even further.

Using a refi to get a shorter term would save you from paying additional interest costs and potentially lower your interest rate. It could, however, boost the overall monthly payment of your loan.

Pros and cons of a 30-year fixed refinance loan

Pros of a 30-year refi:

• Lower monthly payments: By stretching out the loan over three decades, you get lower monthly payments compared with shorter loan terms.
• Provides more monthly cash flow: If you need money to pay down student loans or invest, the 30-year fixed gives you the most flexibility.
• Plenty of choices: The 30-year fixed is the most popular type of mortgage, so there’s no shortage of lenders and loan programs to choose from.

Cons of a 30-year refi:

• More total interest paid over the life of the loan: Those lower payments come with a downside — you’re paying a lot of interest over the term of a 30-year loan.
• Longer terms have slightly higher mortgage rates overall: Lenders are taking on more risk by extending a rate for three decades, so 30-year loans carry higher interest rates than 15-year loans.
• It takes longer to gain equity: The amortization schedule on a 30-year loan is front-loaded with interest, so it’ll be years before you start paying down principal in a significant way.

Learn more about 30-year mortgage refinancing

• Calculate your potential refinance savings
• How to refinance your mortgage
• How to get the best refinance rate
• Compare mortgage lenders

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