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Today’s 30-year refinance rates

Feb. 15, 2025

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Pros of a 30-year fixed refinance mortgage

  • Lower monthly payments: By extending the loan over three decades, you can expect lower monthly payments than with shorter loan terms.
  • Provides more monthly cash flow: If you need money to pay down student loans or invest, the 30-year fixed loan 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 fixed refinance mortgage

  • 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 a 30-year loan term compared to a 15-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.
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BANKRATE EXPERT FAQ

Should you refinance to a 15-year loan or another 30-year loan?


Glenn Brunker

President, Ally Home

"People typically refinance to lower their interest rate or extract cash from the equity in their home. With nearly 90 percent of U.S. homeowners locked in at a mortgage rate below 6 percent, refinancing is likely not applicable. Generally, if you have the opportunity to afford a higher monthly payment, refinancing to a 15-year loan is more advantageous and will reduce the number of payments made and overall interest."

Writer, Home lending

"Generally, if you can refinance to a 15-year loan at a lower rate and not significantly increase your monthly payment, I’d say go for it. However, if the payment’s going up enough that it restricts your cash flow, you may want to consider a 30-year loan. Financial flexibility is incredibly valuable, even if it means you don’t pay off your mortgage as soon as you’d like."