Mortgage refinance rates today, April 20, 2020 | Rates move lower

4 min read
Daily Refinance blog

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Several key mortgage refinance rates slid lower today.

Average rates nationwide for 30-year fixed and 15-year fixed refinances both slid down. The average rate on 10-year fixed refis, meanwhile, also declined.

Rates for refinancing change daily, but they remain low by historical standards. If you’re in the market to refinance, it may be a great time to lock in a rate.

Compare refinancing rates in your area now.

30-year fixed refinance

The average 30-year fixed-refinance rate is 3.65 percent, down 8 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 4.10 percent.

At the current average rate, you’ll pay $457.46 per month in principal and interest for every $100,000 you borrow. That’s lower by $4.52 than it would have been last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed refinance

The average for a 15-year refi is currently running at 3.16 percent, down 14 basis points from a week ago.

Monthly payments on a 15-year fixed refinance at that rate will cost around $694 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out thousands of dollars ahead over the life of the loan in total interest paid and build equity much faster.

10-year fixed refinance

The average rate for a 10-year fixed-refinance loan is 3.30 percent, down 3 basis points from a week ago.

Monthly payments on a 10-year fixed-rate refi at 3.30 percent would cost $980.91 per month for every $100,000 you borrow. That’s a lot more than the monthly payment on even a 15-year refinance, but in return you’ll pay even less in interest than you would with a 15-year term.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:

Average mortgage refinance rates
Product Rate Last week Change
30-year fixed refi 3.65% 3.73% -0.08
15-year fixed refi 3.16% 3.30% -0.14
10-year fixed refi 3.30% 3.33% -0.03

Rates as of April 17, 2020.

Want to see where rates are right now? See refinance rates for a variety of loan options here.

Learn more about specific loan type rates
Loan term Purchase Rates Refinance Rates
The chart above links out to loan-specific pagesto help you learn more about rates by mortgage type.
30-Year Loan 30 Year Fixed Mortgage Rates 30-Year Mortgage Refinance Rates
20-Year Loan 20-Year Mortgage Interest Rates 20-Year Refinance Rates
15-Year Loan Today’s 15-Year Mortgage Rates 15-Year Mortgage Refinance Rates
10-Year Loan 10-Year Mortgage Interest Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates Current FHA Loan Refinance Rates
VA Loan VA Mortgage Interest Rates VA Refinance Loan Rates
ARM Loan Adjustable Rate Mortgage Rates ARM Refinance Interest Rates
Jumbo Loan Current Jumbo Mortgage Rates Jumbo Refi Interest Rates

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”