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How we get paid

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.

CURRENT REFINANCE RATES

Check 30-year fixed refinance rates. Then personalize them.

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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HOW IT WORKS

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1
Get prequalified rates in 3 minutes
Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score.
2
Compare rates from multiple lenders
View the interest rate and cost breakdown of each option to choose the right one for you. Need help? Our mortgage team is not commissioned, so they're always on your side.
3
Close your loan
Once you choose an offer, finish verifying your information with your lender to close your loan.

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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 Mar 01, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

REFINANCE TOOLS

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 30-year fixed mortgage refinance replaces your existing mortgage with a new one. You’ll have 360 months to repay your new mortgage at a consistent interest rate. Your monthly principal and interest payments will be the same each month.
Mortgage refinance rates are based on many economic and personal factors. These are the personal factors you may be able to influence:
  • Property details: Type of home (single-family, condo, etc.) and use of home (primary residence, second home, investment property)
  • Loan-to-value (LTV) ratio
  • Loan type (conventional, FHA, VA, etc.)
  • Lender (each one offers different rates, and comparison shopping can help you find the best ones)
  • Credit score
  • Debt-to-income ratio (DTI)
Here are the economic factors impacting rates that you can’t influence:
  • The Federal Reserve’s federal funds rate
  • The global, political, and economic climate
  • 10-year U.S. Treasury yields
  • Mortgage-backed security yields
  • The unemployment rate
Mortgage refinance rates change daily and vary by lender. You can read news stories about average rates, but those are more useful as a broad gauge of the mortgage market. The actual rates you’ll be offered will depend on the factors listed above.
When you’re refinancing, you won’t be able to change your property type or location, which are two factors that affect mortgage rates. These factors, however, are in your control:
  • Loan-to-value (LTV) ratio: If you’ve been required to pay mortgage insurance premiums, you’ll often be able to get rid of them when you refinance, if your LTV ratio is 80% or lower — in other words, if your equity is 20% or higher.
  • Loan type: A conventional loan will often be less expensive than an FHA loan because you won’t have to pay up-front mortgage insurance or monthly mortgage insurance premiums. If you qualify for a VA loan, it may be worth applying for both conventional and VA loans to see which one offers you the best value.
  • Lender: Applying for the same loan on the same day with at least three to five lenders will allow you to accurately compare interest rates and closing costs from each one and see which lender offers the best deal to someone with your financial profile.
  • Credit score: Getting your credit score in tip-top shape by making all your payments on time and reducing your credit utilization ratio is an important part of getting a lender’s best mortgage rates. Your score is considered a reflection of your ability and willingness to repay debts.
  • Debt-to-income ratio (DTI): It can be challenging to make a significant dent in your debts or a meaningful increase in your income within a short time, but the lower your DTI, the lower your rate and the more you may qualify to borrow.
Good to know: One trick for lowering your DTI quickly is to stop using credit cards, even ones you normally pay in full each month, or to pay off the balances before your monthly statement is issued. Having a zero balance will give you a monthly debt payment of zero on those cards.
A 30-year fixed-rate mortgage may be a solid choice for you if its pros outweigh the cons. Here’s what to consider:
Benefits
  • Predict your monthly principal and interest payments. No matter how high or low rates go after you close on your loan, you’ll have certainty about your mortgage payment amount.
  • Know your total loan cost. You can multiply your monthly payment by 360 to learn your total interest and principal obligations over the life of the loan. Subtract the principal (the initial loan amount) from that total to find out how much interest you’ll end up paying over 30 years if you keep the loan for the entire term.
  • Keep your monthly payments down. Stretching out your principal payments over three decades will give you a lower monthly payment even though your interest rate might be 0.5 to 1 percentage point higher compared to a 15-year loan.
Drawbacks
  • No way to benefit from rate drops without refinancing. If you think interest rates will be substantially lower in the future, you might want to get an adjustable-rate mortgage (ARM) instead of a fixed-rate one. If rates do drop, this could give you lower monthly payments for a time without your needing to refinance.
  • Total interest will be more in the long run. With a higher rate and twice as many years of payments, you’ll pay much more in interest with a 30-year loan compared to a 15-year loan.
A 30-year fixed refinance and a 15-year fixed refinance will each give you a consistent monthly principal and interest payment. The mortgage rate on a 15-year home loan can be as much as 1 percentage point lower than the rate on a 30-year home loan, depending on market conditions. When 30-year rates are 8%, 15-year rates might be 7.5% or even 7%.
Here are a few scenarios where a 30-year fixed-rate refinance could be a good choice:
  • You want the lowest possible monthly payment. While a 15-year fixed-rate refinance would be less expensive in the long run because you’d pay less interest, it would have a higher monthly payment than a 30-year mortgage since you’d be repaying the loan principal in half the time.
  • You want the stability of an interest rate that won’t change. You could also take 30 years to pay off your home with a 5/1 adjustable-rate mortgage, but the changing rate in years six through 30 would make your monthly payments (and the total cost of your mortgage) somewhat unpredictable.
  • You don’t qualify for a shorter term. Since a shorter loan term increases your monthly payment, you’ll need a higher income and/or less debt to qualify. A 30-year mortgage can be easier to get approved for. Test the waters with a mortgage pre-approval.

Get your personalized refinance quote today

Checking rates won’t affect your credit score