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Compare today’s refinance rates

On Friday, July 12, 2024, the national average 30-year fixed refinance APR is 6.99%. The average 15-year fixed refinance APR is 6.54%, according to Bankrate's ... latest survey of the nation's largest refinance lenders.

Current mortgage refinance news

The amount of refinances hit a 23-year low in Q4 of 2023, according to ICE Mortgage Technology. From Q4 of 2023 through Q1 of 2024 there was a 34 percent increase in refinance originations.

With growing home equity levels, some homeowners are refinancing anyway, mostly via cash-out refinances. This type of refinance replaces your existing mortgage with a new, bigger loan that includes the original loan balance plus a portion of your home’s equity as cash.

Many economists expect 30-year mortgage rates to decline in 2024 and into 2025. At this point, the Federal Reserve has forecasted one to two rate cuts before the end of 2024. But for that to happen, inflation would need to come in line with their 2 percent target range.

How will mortgage refinance rates change in the short term? See Bankrate’s expert rate trend predictions.

Product Interest Rate APR
30-Year Fixed Rate 6.94% 6.99%
20-Year Fixed Rate 6.65% 6.71%
15-Year Fixed Rate 6.46% 6.54%
10-Year Fixed Rate 6.37% 6.46%
5-1 ARM 6.47% 7.66%
10-1 ARM 7.16% 7.70%
30-Year Fixed Rate FHA 6.73% 6.77%
30-Year Fixed Rate VA 6.79% 6.84%
30-Year Fixed Rate Jumbo 7.00% 7.05%

Rates as of Friday, July 12, 2024 at 6:30 AM



How to refinance your mortgage

The process of refinancing your mortgage is similar to the first time you applied for one to buy a home. The key difference: You won’t have to pay nearly as much in closing costs. Here’s an overview of the steps:

    1. Check your credit score: Refinances typically require a credit score of at least 620, but a better credit score will help you secure a better rate and make your refi even more cost-effective. You can check your credit reports at
    2. Choose a refinance type: Many borrowers opt for a rate-and-term refinance, which changes the interest rate, term or both on their original loan. This isn’t the only way to refinance a mortgage, however.
    3. Calculate the breakeven timeline: A refi usually comes with upfront costs at the closing, just like an initial mortgage. Bankrate's refinance breakeven calculator can help you figure out when you’ll start realizing savings.
    4. Compare refinance rates: Explore refinance offers from at least three mortgage lenders and keep an eye on rates while you comparison-shop — this can help you decide when to lock in a rate.
    5. Organize your paperwork: Among the requirements, your lender will want to review tax returns, pay stubs and other proof of income, as well as documentation about any assets such as savings.

Should I go back to my original lender to refinance?

Writer, Home lending

"When refinancing, see what your current lender offers, but don't feel beholden to them. The best way to get a good offer is to shop around and compare rates and fees from at least three different lenders."

Chief financial analyst, Personal Finance

"Don't limit yourself just to the original lender. Cast a wider net and apply with up to three lenders on the same day so you can evaluate who is offering the best deal. But by all means, include your original lender in your comparison shopping as it may be able to streamline the process and save you some money. You won't know if it's actually saving you money unless you can compare that to another lender's offer."

Senior writer, Home Lending

"If you're thinking about refinancing your mortgage, don't feel obligated to stick with your original lender. While it already has your information, making the process smoother and faster, and might offer perks to keep your business, it’s in your best interest to shop around. Check out at least three lenders and compare their rates and terms. Shopping around can help you snag the best deal and save you money in the long run."

How to get the best refinance rate

If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:

  • Nail down your goals. This will help you decide what term – 30 years, 15 years or something else – is best for you. If your aim is to more quickly pay down your loan, for instance, a shorter term might make more sense.
  • Shop around. Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors.
  • Compare the interest rate and APR. The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points
  • Consider the lender’s ratings and your experience. Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have had to say about the lender, too.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Bankrate Score

Recent Customer Reviews

Rating: 4.94 stars out of 5



Pros and cons of refinancing


  • You can lock in a lower rate, which can reduce your monthly payments and total interest paid.
  • If your home’s value has increased, you might be able to stop paying for private mortgage insurance (PMI0.
  • If you need money for renovations, a cash-out refi offers relatively cheap capital. It can make your monthly payments more expensive, but home improvements tend to boost your home’s value.


  • Refinance closing costs can equal 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.

Should you refinance your mortgage?

Whether you should refinance your mortgage right now depends on a few factors:

  • Can you get a significantly lower rate? Refinancing to a lower rate will help you lower your monthly payment and save money over the loan term. 
  • Do you want to change your term? Many people also adjust the length of their mortgage when they refinance. Typically this means shortening the term from 30 years to 15 years to pay off the mortgage faster or lengthening the term up to 30 years to reduce the monthly payments.
  • Do you want to tap equity? Many people perform a cash-out refinance to turn their home equity into cash by borrowing against it. This cash can then be used to make home renovations, pay college tuition or cover other major expenses.

Mortgage refinance FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride