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Today’s 30-year refinance rates

Sep. 22, 2023

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Today’s 30-year refinance rates

On Friday, September 22, 2023, the national average 30-year fixed refinance APR is 7.88%. The average 30-year fixed mortgage APR is 7.76%, according to Bankrate's latest survey of the nation's largest refinance lenders.

On Friday, September 22, 2023, the national average 30-year fixed refinance APR is 7.88%. The average 30-year fixed mortgage APR is 7.76%, according to Bankrate's latest survey of the nation's largest refinance lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

How to compare 30-year fixed refinance rates

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 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.

Mortgage rates and closing costs can vary widely from lender to lender, so shopping around might save you money. 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, according to Freddie Mac research. (Freddie Mac also found that the reward for shopping around had increased during the rate volatility of 2022.)

Bankrate can help you compare deals and find the best 30-year refinance rate.

Product Interest Rate APR
30-Year Fixed Rate 7.86% 7.88%
30-Year Fixed-Rate VA 7.03% 7.24%
30-Year Fixed-Rate FHA 6.89% 7.88%
30-Year Fixed-Rate Jumbo 7.96% 7.98%

Rates as of Friday, September 22, 2023 at 6:30 AM

How to refinance into a 30-year loan

Here are the basic steps — Bankrate’s refinancing guide offers more details.

  1. Make a plan. Do you want to lower your rate? Pull out equity for home improvements? There should be a good reason why you’re refinancing — whether it’s to reduce your monthly payment, shorten the term of your loan or pull out equity for home repairs or debt repayment.
  2. Check your credit score. You’ll need to qualify for a refinance just as you needed to get approval for your original home loan. The higher your credit score, the better refinance rates lenders will offer you. The best 30-year refinance deals go to borrowers with credit scores of 740 or higher. Spending a few months boosting your credit score can go a long way to help you secure a better rate.
  3. Shop around. Use Bankrate to compare offers on 30-year refinances and find the best deal for you. You can save thousands if you get quotes from at least three lenders
  4. Compare deals. The interest rate isn’t the only thing to consider in a 30-year refinance. You’ll also want to weigh expenses such as closing costs and points.

Pros and cons of a 30-year fixed refinance mortgage


  • 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.


  • 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: A 30-year repayment schedule means you’re paying down the balance at a slower pace so not only will it take longer to build equity but the interest paid each month will also decline at a slow pace.

Should you refinance into a 30-year mortgage?

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. In the current high-interest rate environment, you’ll need to evaluate carefully whether a refinance is right for you. Here are a few things to consider:

  • Your goal: 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.
  • 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.

FAQs about 30-year refinance rates


Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride