Compare Today’s Refinance Rates

By Jeff Ostrowski, Reviewed by Greg McBride, CFA

On , the national average 30-year fixed refinance APR is 3.270%. The average 15-year fixed refinance APR is 2.650%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.

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Refinance while rates are still low

More than 11.5 million homeowners can still save money by refinancing their mortgage.

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Current mortgage refinance rates

Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what's available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.

Product Interest Rate APR
30-Year Fixed Rate 3.160% 3.270%
15-Year Fixed Rate 2.490% 2.650%
5/1 ARM 2.690% 3.980%


How to refinance your mortgage in 5 steps

Refinancing can save you thousands of dollars a year, but it does require some work on your part. Here’s a quick guide:

  1. Check your credit score
  2. Figure out how long it will take you to break even on a refi using this refinance calculator.
  3. Compare lenders with the lowest APRs. You'll want to identify lenders with the best rate and terms. Check out Bankrate’s lender reviews to help make your decision.
  4. Once you’ve identified your lender, find out what paperwork you need. The faster you gather all the required documents, the faster the lender will be able to process your loan.
  5. Don’t open new credit accounts until the new mortgage closes. Opening new accounts or running up your credit cards can derail your application.

>> For more information, read Bankrate's guide on refinancing your home loan.

Pros and cons of refinancing

Refinancing can be a smart move, but there are also downsides:


  • You can lock in a lower rate by refinancing.
  • If your home’s value has risen, you might be able to end private mortgage insurance.
  • If you need money for renovations, a cash-out refi offers cheap capital.


  • Refinancing costs money. Closing costs can total 2 percent to 5 percent of the amount of the mortgage.
  • If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period.

>> Read more about pros and cons of refinancing

Mortgage refinance FAQs

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