Today’s 30-year refinance rates

How to compare 30-year fixed refinance rates

Mortgage rates and closing costs can vary widely from lender to lender, so shopping around can really save you money. According to Bankrate's Hidden Homeownership Tax research, 87% of all 2025 borrowers paid more than the most competitive rate they could have gotten, and the typical borrower overpaid by $3,343 a year — about $278 a month — over the life of the loan. Comparing offers before you lock in a lender is how you avoid becoming part of that number. 

Lenders nationwide provide weekday mortgage interest rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average interest rates for a wide variety of refinance loans (as well as purchase loans, for comparison).

The interest rate table below is updated daily to give you the most current rates when choosing a home loan, whether for a refinance or a home purchase. 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's rate averages.

Why choose a 30-year refinance?

The most common reason to refinance a mortgage is to reduce your interest rate, which reduces your monthly mortgage payment. If rates have dropped by around 1 percentage point since you bought your home, or if you’ve improved your credit score significantly in that time and could now be approved for a lower rate, a refi can probably save you money.

Refinancing to a lower rate can also reduce the total amount of interest paid over the life of the loan. But keep in mind that if you’re already, say, 10 years into your mortgage, and you refinance to extend it another 30 years, you’re paying interest for 10 additional years, even at a lower rate. 

Know your reason for refinancing before you start. Lowering your payment, cutting total interest and tapping equity each point toward a different loan and a different rate. Pick the goal first, then choose the loan that fits it.

How to refinance into a 30-year loan 

1. Check your credit score. The best refinance rates go to borrowers with the highest credit scores — typically 780 or higher. You can start shopping around whenever you're ready, but if your score isn't there yet, waiting a few months while you improve your score can secure you a meaningfully better rate.
2. Shop around and compare. Getting quotes from three or more lenders can save you thousands over the life of the loan — and the data backs up why this step matters. Bankrate's Hidden Homeownership Tax research found that 78.7% of refinance borrowers in 2025 paid more than the most competitive rate available to them. Because rates change constantly, check them all on the same day so your comparison is accurate. If you find a rate you like, lock it in — and compare the APR from each lender as well as the rate, since APR folds in closing costs, fees and points for a truer picture of total cost.
3. Gather your paperwork. A refinance requires the same documentation as your original mortgage: proof of income such as pay stubs, tax returns and bank statements. If you closed on your current mortgage in the past few years, you've already cleared this bar once. An underwriter has already verified that you can handle the loan you have now, so producing the same paperwork again should move faster the second time.
4. Calculate your break-even point. “Refinancing isn’t free,” cautions Andrew Dehan, former Bankrate senior writer and home lending expert. Closing costs typically run 2% to 5% of the loan amount — on a $300,000 loan, that's $6,000 to $15,000 upfront. To find your break-even point, divide your total closing costs by your monthly savings. If you're trying to lower your rate, aim to break even within two to three years. If your break-even point runs longer than that, or you plan to move before you hit it, the math likely doesn't work in your favor yet.

Pros and cons of refinancing to a 30-year loan

Alternatives to a 30-year mortgage refinance

A 30-year refinance isn't your only option. If your goal is to pay less interest and pay off your loan sooner, a 15- or 20-year term may be a better fit. Here’s how the other mortgage refinance types compare: 

• 15-year refinance: While it can raise your monthly payment, you may be offered a lower interest rate. “Switching from a 30-year loan to a 15-year mortgage is a solid idea if your goal is to pay off your home in half the time,” says Dehan. “On top of that, you’ll pay much less in interest over the remainder of the loan.”
• 20-year refinance: This option can be a good fit if you want to balance a manageable payment with long-term savings — lower payments than a 15-year refinance, and a lower rate than a 30-year mortgage. 
• Adjustable-rate mortgage (ARM): ARMs offer a lower rate for an introductory period, usually 3 to 10 years, then adjust based on market conditions — which can mean a higher rate and payment, not just a different one. If your current rate is higher than today's ARM rates, refinancing into one can lower your payment now, but only take this route if you're confident you'll sell or refinance again before the fixed period ends, not just hopeful. If that timeline isn't within your control, a fixed-rate refinance is the safer bet.
• HELOC or home equity loan: These aren't refinances, but they can make more sense than one if you're happy with your current loan and just need to tap your equity. A home equity loan is effectively a second mortgage. A home equity line of credit (HELOC) lets you tap your equity without replacing your existing loan — it works more like a credit card, giving you a revolving line of credit.

Frequently asked questions

Next steps

Before you refinance your existing home loan, check out Bankrate's mortgage refinance resources to prepare you for the process.