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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 Jennifer Sisson

Jenni is a personal finance editor and writer. Her favorite topics are investing, mortgages, real estate, budgeting, and entrepreneurship. She also hosts the Mama’s Money Map podcast, which helps stay-at-home moms earn more, spend less, and invest the rest. She has written articles for Business Insider, Fintech Nexus News, FinanceBuzz, The Ways to Wealth, and more.

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.

When you refinance a home, you essentially rewrite the mortgage loan with new terms and a new interest rate. Your rate remains the same throughout the life of the loan. While the most common length for a mortgage is 30 years, a 20-year fixed mortgage refinance can be a great option, depending on your situation.
Multiple factors play into 20-year fixed mortgage refinance rates, some of which you can control, and others you can’t. To determine your 20-year home interest rate, lenders look at factors like your credit score, the loan-to-value ratio of the mortgage (how much equity you have in the property), and how much debt you have overall.
These factors tell lenders how likely you are to repay your loan. To get a good idea of what kind of interest rate you’ll qualify for, you can get pre-approved with mortgage lenders.
Other influences on your interest rate that you have no control over are the federal funds rate (the interest rate at which banks lend money to each other, set by the Federal Reserve), inflation, and the state of the real estate market in your geographic area. Housing interest rates vary between lenders, so it’s imperative to compare offers from multiple mortgage lenders to get the best 20-year mortgage rates.
Twenty-year fixed mortgage refinance rates fluctuate from day to day, but you can find current 20-year mortgage interest rates on our website.
Actions you can take to get the best 20-year mortgage rates include increasing your credit score, ensuring you have a lot of equity in your home (to lower your loan-to-value ratio), and reducing your debt-to-income ratio. Increasing your income can also make you a more attractive borrower.
To get the best mortgage interest rate, make sure your finances are in order and you’re not overextended with your debts.
The main benefit of a 20-year fixed mortgage rate (as opposed to a standard 30-year rate) is a lower interest rate. Most lenders see loans with shorter terms as less risky, so they reward the borrower with a better housing interest rate.
With faster repayment, borrowers with a 20-year fixed mortgage rate will also pay less interest over time. Plus, a fixed rate gives you peace of mind because even if the economy goes down or rates go up, your interest rate is locked in for the life of the loan.
On the other hand, a loan with a 20-year fixed mortgage rate will have a larger monthly payment than a 30-year loan, as you have less time to pay it off. This may give you less flexibility in your budget to save for emergencies or retirement. It could also delay you in the refinancing process since you’ll need to prepare your finances for a bigger monthly payment.
Twenty-year fixed refinance rates and 30-year fixed refinance rates have some similarities and differences. They both have set monthly payments and require specific credit scores, loan amounts, and debt-to-income ratios to qualify.
However, the interest rate and monthly payment amount will differ depending on the length of your loan term.
Shorter loan terms (like a 20-year fixed rate, in this example), tend to have larger monthly payments and a lower interest rate because you have a shorter window of time to pay back the full loan amount. This makes you less risky in the eyes of the lender, as opposed to someone taking out a longer loan.
Longer loan terms (like a 30-year fixed-rate mortgage) typically have smaller monthly payments and a higher interest rate since you have more time to pay off the loan, but that extra time translates to additional risk for the lender.
The loan term that makes the most sense for you will depend on your financial circumstances and priorities. For example, consider whether you’d rather pay off the loan faster or have more room in your budget for other financial goals.
There are many situations in which a 20-year fixed mortgage refinance makes sense. If you have an adjustable-rate mortgage (ARM) but would prefer predictable monthly payments, refinancing to a fixed-rate loan could be a wise financial move. The same could be true if you currently have a 30-year mortgage and you want to shorten the length of your mortgage to pay less interest over time.
It’s important to note that you can increase your principal payment to shorten your mortgage term to 20 years without refinancing, but this requires a lot of discipline. Experts recommend refinancing if you can shorten your term, reduce your monthly payment, switch to a fixed interest rate, or a combination of these. If your loan doesn’t meet any of those criteria, it may be best to pass on refinancing and stick with the mortgage you already have.

Get your personalized refinance quote today

Checking rates won’t affect your credit score