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We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.


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Your refinance rate depends on your credit score and other details. So once you check today’s rates, get a personalized refinance quote just for you.

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Refinance rates by loan term

Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.

ProductInterest rateAPR

Last updated on Jul 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.


Mortgage refinance calculators

Use our mortgage refinance calculators to determine if you can save money on interest, pay off your loan sooner, or turn your home’s equity into cash.

Financial education

Need more info about refinancing a mortgage?

How to refinance your mortgage step-by-step

Refinancing your mortgage can help you get a lower interest rate or lower monthly payment, depending on your goals.

7 min read

Learn more

When does it make sense to refinance your mortgage?

If you can shave at least 0.75% off your interest rate and plan to stay in your home for the long haul, consider refinancing your mortgage.

6 min read

Learn more

How to get the best mortgage refinance rates

To score a great refinance rate on your mortgage, work on building your credit score, get multiple quotes, and consider shortening the term.

6 min read

Learn more

The true cost of refinancing your home mortgage

Refinancing isn’t free — you’ll have to pay closing costs — but there are ways you can pay less for your new loan.

5 min read

Learn more
For educational purposes only

The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.

Mortgage Refinance FAQs

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Written by Amy Fontinelle

Amy Fontinelle has been a personal finance writer since 2006. Her work has been published by Forbes Advisor, Capital One, MassMutual, Prudential, Reader’s Digest, The Motley Fool, Investopedia, International Business Times, Business Insider, Bankrate, and other outlets.

Edited by Reina Marszalek

Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.

Reviewed by Mike Schmidt

Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.

A 15-year fixed-rate mortgage refinance is a new home loan with 180 identical monthly principal and interest payments that replace your existing home loan.
Your existing loan could be the same type of loan or it could be a different type. For example, you could go from a 5/1 adjustable-rate mortgage (ARM) with a 15-year term — where the interest rate is fixed for the first five years and then adjustable once a year for the remaining 10 years — to a 15-year fixed-rate mortgage.
Mortgage rates for both purchases and refinances are based on many factors, some of which you have a say in and some of which you don’t. These are the factors you may be able to influence:
  • Property details such as the type of home (single-family, condo, etc.), how it’s being used (primary residence vs. investment property, for example), and what its value is
  • Loan-to-value ratio (LTV)
  • Type of loan
  • Lender (each one has its own rates, so you should comparison shop)
  • Credit score
  • Debt-to-income ratio (DTI)
Property location also affects your rate, but if you’re refinancing, you’re not changing your location.
The following economic factors also affect mortgage rates but are out of your control:
  • The Federal Reserve’s federal funds rate
  • Global economic and political circumstances
  • 10-year U.S. Treasury yields
  • Mortgage-backed security yields
  • Unemployment rates
Mortgage rates are always changing, and average rates can be misleading. Getting a personalized mortgage refinance rate based on your location, home equity, credit profile, income, and assets is the best way to learn what you can expect to pay.
Freddie Mac’s rates are national averages based on home purchases for conventional conforming loans, however, so don’t rely on them too heavily when evaluating the rates lenders quote you. Comparing offers for your specific situation from competing lenders will give you a better sense of what you can expect to pay and whether an offer is fair.
You’ll typically be able to get a lower rate with the following strategies:
  • Make a larger down payment: By putting down more money, you decrease the amount of money you must borrow for your mortgage. This shows the lender that you’re less of a risk (since you’re borrowing less money), and the lender may reward you with a lower interest rate.
  • Increase your income: Asking for a raise, earning a promotion, changing jobs, or adding another source of consistent income could lower your debt-to-income ratio and help you get a better rate.
  • Pay down debt: Even if your income stays the same, reducing your debt could also make you a stronger mortgage candidate.
  • Increase your credit score: If you don’t have excellent credit, you’re unlikely to get a lender’s best mortgage rate. Lowering your credit utilization ratio and making sure you never miss a payment by 30 days or more can go a long way toward raising your score.
  • Get estimates from several lenders: The easiest way to get the best 15-year mortgage refinance rate is to shop around with the best mortgage lenders. Apply for the same loan on the same day with multiple lenders so that each loan estimate will be based on the same market conditions. This way, you’ll be able to see which lender can offer you the best terms based on your financial profile.
Tip: Don’t just get a pre-approval; submit a complete application to get accurate pricing and a firm offer.
A 15-year fixed-rate mortgage may be right for you if its benefits outweigh the drawbacks, given your specific circumstances.
  • Lower interest rate: Compared to a 30-year loan, a 15-year loan will usually have a lower rate since you’ll repay the lender in half the time.
  • Faster equity accumulation: You’ll pay more toward your principal each month on a 15-year loan than you will on a 30-year loan, which means you could own your home free and clear in half the time.
  • Less interest overall: Along with getting a lower rate, you’re only borrowing money for 15 years. Your total interest payments will be less than they’d be with a 30-year mortgage.
  • Consistent monthly payments: A fixed interest rate means your monthly principal and interest obligations will never change for the life of the loan, whereas an ARM’s monthly payments would change every six or 12 months after the initial fixed-rate period.
  • Higher monthly payment: Paying back principal over 15 years instead of 30 means you’ll need to pay twice as much principal each month. Even with a lower interest rate, the monthly payment on a 15-year mortgage will be higher compared to a 30-year mortgage.
  • More challenging to qualify: Your finances will need to be stronger to qualify for the larger monthly payment that comes with a 15-year loan.
  • Less breathing room: You can always make extra principal payments to pay down a 30-year loan faster, but you can’t make smaller payments on a 15-year loan if money gets tight.
Most of the time, 15-year mortgage rates are lower than 30-year mortgage rates. Sometimes, they are nearly identical. In general, you can expect your rate to be about 0.5 percentage points to one percentage point lower if you get a 15-year mortgage. In other words, if 30-year rates are 7%, then 15-year rates might be 6.5% or 6%.
A 15-year fixed-rate refinance could be a good choice in the following circumstances:
  • Interest rates have decreased: It usually doesn’t make sense to refinance if your new loan will have a higher rate, no matter what the term is.
  • Your income has increased or your expenses have decreased: If you have significantly more monthly cash flow than you did when you took out your existing 30-year mortgage, you may be able to comfortably afford the higher payments on a 15-year loan.
  • You don’t have other debts: If refinancing would mean shortening your loan term and paying off your home faster, you want to make sure putting extra money toward your mortgage would be the best way to improve your financial situation. If your mortgage rate is 7% and your credit card rate is 20%, paying off your credit card debt could be the smartest choice right now.
  • You’re maxing out your retirement savings: Again, if you want to trade a 30-year mortgage for a 15-year mortgage, you want to make sure the extra money you’ll be spending on your mortgage each month is the best use of that money. If you aren’t maxing out your retirement savings, you could be missing out on years of compound, tax-advantaged returns, potentially at a higher rate than your mortgage rate.

Get your personalized refinance quote today

Checking rates won’t affect your credit score