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Compare Refinance Rates for December 2019

Use our national survey of lenders to find the right refinance rate for you.

How to find the right refinance rate

1. Compare rates

We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.

2. Get a quote

When you find a few lenders you like, click to get a personalized rate quote based on your home refinance.

3. Apply

Once you choose a bank or lender, you'll apply for a mortgage directly with them. Then, you'll be on your way to your new home.

Current Home Refinance Rates Comparison

Bankrate brings together a comprehensive national survey of refinance lenders to help you find the most competitive interest rate. The interest rate table below is updated daily, Monday through Friday, to give you the most current rates when refinancing a home loan.

On December 5, 2019, according to Bankrate’s latest survey of the nation’s largest refinance lenders, the benchmark 30-year fixed refinance rate is 3.70 percent with an APR of 3.82 percent. The average 15-year fixed refinance rate is 3.13 percent with an APR of 3.33 percent. The 5/1 adjustable-rate refinance (ARM) rate is 3.87 percent with an APR of 7.03 percent.

Today's Mortgage Interest Rates for Refinance

Product Interest Rate APR
30-Year Fixed Rate 3.70% 3.82%
20-Year Fixed Rate 3.61% 3.78%
15-Year Fixed Rate 3.13% 3.33%
5/1 ARM Rate 3.87% 7.03%
5/1 ARM Jumbo Rate 3.94% 7.08%
7/1 ARM Rate 3.80% 6.24%
7/1 ARM Jumbo Rate 3.89% 6.29%
10/1 ARM Rate 3.96% 5.75%
30-Year VA Rate 3.29% 3.35%
30-Year FHA Rate 3.27% 3.33%
30-Year Fixed Jumbo Rate 4.07% 4.20%
15-Year Fixed Jumbo Rate 3.87% 4.09%

Rates as of December 5th, 2019 at 6:30 AM

What is a mortgage refinance?

A mortgage refinance allows borrowers to pay off and replace an existing mortgage with a new loan and refinance rate. The reasons for refinancing, also known as a “refi,” vary: It can be used to lower your mortgage rate, reduce monthly payments or even switch your loan type. Some homeowners take out cash from their equity built up in the house during this process, known as a cash-out refi.

Are mortgage refinance rates different than mortgage purchase rates?

Yes, the rates can be different. Mortgage refinance rates are usually slightly higher than mortgage purchase rates, says Martin Choy, operations manager at Westwood Mortgage in Seattle. One reason for this is that refinancers are more likely to abandon their application when rates fall during the processing of the loan, imposing higher costs on the lenders.

Another reason that refinance rates might be slightly higher is that lenders are trying to manage their volume during refinance booms, says Rick Bechtel, head of U.S. residential lending at TD Bank.

“When speaking with a lender, borrowers should be clear that they are in the market for a refinance. An interest rate quoted on a lender's website is likely the rate for a home purchase, not a refinance,” Bechtel says.

When should you refinance?

You should consider refinancing in these cases:

When refinancing may not make sense:

How to refinance

Refinancing a mortgage is much like applying for one. To start, you should shop around for lenders with the lowest fees and best rates. Lenders might ask for a home appraisal. You’ll also have to go through a credit check and verify employment history. To get the best refinance rate possible, make sure your credit score is strong. Borrowers with a FICO score of 740 and above are going to get the best rate, says Beck.

“For people with high balances, try to pay down your credit cards to one-third of the limit. This will pump up your score pretty fast,” Beck says.

A step by step guide to refinancing

  1. Crunch the numbers: Does it make financial sense to refinance? How long will it take to recoup closing costs? Are there better options?
  2. Check your credit report: Your credit score has the biggest influence on the rate you’ll qualify for, so make sure there are no errors on your report. Similarly, pay down debt, if needed, to boost your score.
  3. Comparison shop lenders: Ask for various lenders’ rate sheets so you can see about how much you’ll spend with each lender.
  4. Lock in your rate: A mortgage rate lock means that the lender agrees to honor the current rate (even if rates rise) throughout the closing process.
  5. Close on the mortgage refinance: This is the final step in the process. But, make sure your credit has not taken a hit during the time you applied and closing as it can affect your loan. Throughout the process, don’t open new lines of credit and be sure to make on-time payments on all your bills.

What documents do I need for a refinance?

When you apply for a mortgage (a new purchase or a refinance), lenders need some documentation about your finances to make their decision. You’ll likely need to provide:

In some cases, you may also have to sign an IRS Form 4506-T, which allows the lender to get a transcript of your tax return from the IRS.

Finding the best rates

Finding the best rate starts with doing research on your own. You can quickly compare rates using Bankrate’s refinance rate table, which brings together many lenders to give you a snapshot of who’s offering the best rate.

Our rate tables are updated continuously, so you can be sure these are the most current rates.

The interest rate table above is updated daily, Monday through Friday, to give you the most current rates when refinancing a home loan.

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