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Compare today’s refinance rates

On Wednesday, February 12, 2025, the national average 30-year fixed refinance APR is 6.96%. The average 15-year fixed refinance APR is 6.29%, according to ... Bankrate's latest survey of the nation's largest refinance lenders.

Today’s refinance rates

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BANKRATE EXPERT FAQ

Is now the right time to refinance?


Senior writer, Home lending

“If you were one of the lucky ones who locked in a 3 to 4 percent rate during the pandemic, refinancing might not make much sense right now. However, if your current mortgage is higher than the prevailing interest rate, refinancing could save you money in the long run by lowering your monthly payments and the total interest paid over the life of your loan.”

Washington Bureau Chief, Senior Economic Analyst

“While mortgage rates have eased from last year's peak, it is likely that we'll see some further downward movement in future months. So, my sense is that for borrowers who have higher rates, there will be better opportunities down the road.”

Chief financial analyst, Personal Finance

“If you can shave one-half to three-quarters of a percentage point off your current rate, it pays to start looking into a refinance. You want to make sure to earn back the costs of refinancing with the monthly savings within two to three years. Also, if you have an adjustable-rate mortgage scheduled to reset in the next year, refinancing into a fixed rate may avoid a jump to an even higher rate when the original loan resets.”

Pros

  • 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 (PMI).
  • 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.

Cons

  • Refinance closing costs can equal 2 percent to 5 percent of the amount of the mortgage. As such, it can take several years to realize the savings of a refinance.
  • If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period.

Mortgage refinance FAQ