Today’s 30-Year Mortgage Refinance Rates

National Average Mortgage Rates

Rates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of Use

U.S. News Expert Insights

“Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it’s been since July. It appears that the Fed’s rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might come next year.

“Although mortgage rates seem to have peaked, prospective homebuyers should still temper their expectations. The rate on a 30-year fixed mortgage isn’t likely to return to record-low territory anytime soon, if ever again: Most forecasters believe that rates will stay above 6% throughout 2024. As long as the economy keeps humming along at a steady pace, rates will stay elevated. But considering that rates were nearly 8% just over a month ago, it’s evident that housing affordability is on the right track.”

– Erika Giovanetti, U.S. News Loans Expert

Average Mortgage Rates, Daily

Product	Interest Rate	APR
30 Year Fixed	6.486%	6.564%
15 Year Fixed	5.535%	5.666%
10 Year Fixed	5.624%	5.82%
5 Year ARM	6.948%	7.862%
3 Year ARM	6.125%	7.204%
Jumbo	6.449%	6.517%
VA	5.533%	5.907%
FHA	5.617%	6.421%

Updated: 12/15/2023

How to Compare Fixed Refinance Rates

When comparing 30-year fixed refinance rates, the slightest difference can have a big impact over the life of the loan. “If your goal is to reduce your monthly payments as much as possible, you will want a loan with the lowest interest rate for the longest term,” says Shelby McDaniels, national director of business development at Chase Home Lending.

When shopping for a refinance loan, start by getting a few quotes to find the lowest cost to you. But don’t only look at the interest rate. The annual percentage rate incorporates any fees into your total cost and is a better way to do an apples-to-apples comparison.

How to Refinance Into a 30-Year Mortgage

The most common refinance loan is a 30-year fixed mortgage refinance. By going this route, you’ll pay off your current mortgage and start over with the new home loan, ideally putting yourself in a better financial situation. Refinancing your mortgage is a similar process to purchasing a home:

Choose a lender. After comparing quotes, go with the lender that provides the best rate and that you feel most comfortable working with.
Fill out a lender’s refinance application. You might complete the application online, over the phone or in person, depending on availability. You’ll share your personal contact information, details about your current mortgage, and answer questions about your current income. You may be asked to upload or share documents like bank statements, pay stubs, tax returns and other financial documents, and the lender will also check your credit score.
Get a home appraisal. Once approved, most lenders will require a home appraisal to determine the home’s current value. The amount of equity you have is important in a refinance because, if you don’t have enough, you may not qualify.
Provide additional documents. During the underwriting process, you may be asked to share additional documents or answer questions about any recent changes in employment or income.
Close the loan. You’ll receive the documents in advance to review before the closing date. Once signed, your current mortgage payoff will begin to process and your new loan will be issued. If you’re doing a cash-out refinance, you’ll receive your lump sum payment within a few days of closing.

Pros and Cons of Refinancing

Pros

You may be able to lower your monthly payment if you qualify for a lower rate.
You have the flexibility to pay extra when you can afford it, or just pay the minimum.
You could move into a more favorable type of loan.

Cons

Interest rates for 30-year refinances are typically higher compared to shorter-term loans.
You’re restarting the clock on a long-term loan.
The closing costs are significant.

Refinancing may be good for:

People who have a high interest rate who’ve made recent credit improvements.
Those who plan to stay in the home for a long time.
Someone who has an adjustable-rate mortgage and wants to convert to a fixed rate.
People with an FHA loan who want to stop paying mortgage insurance premiums.
Divorcing couples or joint owners who want to move the loan into one person’s name.

Refinancing may not be good for:

People who might move within the next few years.
Those who only have a few years left on their current mortgage.
People close to retirement.
Those with poor credit.
People who are already paying a lower interest rate than what’s currently available.

Other Considerations Before You Refinance

The first thing to examine is how long you plan to stay in the home, says Erik Katz, president and founder of Rustic Country Real Estate. “The statistic is that people move around every seven years,” he says. “You’re barely paying down any principal in those first few years and the banks make a killing.”

At the very least, you want to be sure you stay long enough to recoup the closing costs. Your loan officer can help you figure out how long that will take.

Next, think about where you are in your current mortgage timeline. “Homeowners may reconsider a refinance if there is limited time left on their existing mortgage term,” says McDaniels. If you need to lower your monthly payment, there may be better avenues of relief, such as forbearance or asking for a temporary rate adjustment. 

Do you need to draw cash from your equity? If you’re going to pull equity for a second home or some other important expense, a refinance could be a good move for you, says Katz. “But do not treat your house like a credit card,” he warns.

30-Year Mortgage Refinance Rates FAQs

Refinancing a mortgage means you take out a new home loan to pay off your existing mortgage. The process is similar to purchasing a home, but would ideally have some benefit such as helping you save money on your monthly mortgage bill.

Mortgage interest rate ranges are based on a variety of economic factors, and every lender’s formula varies. Common influences include the price of mortgage-backed securities, the Federal Reserve’s benchmark rate, inflation, competitors’ rates and other outside economic factors. From there, lenders will consider a borrower’s creditworthiness to determine whether they qualify for the lower or higher end of a rate range.

The main differences between a 15- and 30-year mortgage are the length of the loan term and the interest rate. Shorter terms typically offer lower rates, but your monthly payments will be higher. If you’re on the fence about which type of loan is better for you, here’s a tip: “You can effectively turn your 30-year into a 15-year mortgage by making bi-monthly payments,” says McDaniels, “but you won’t be locked into the terms of a shorter-term mortgage in case you hit a rough patch.”

A fixed-rate mortgage has the same interest rate for the entire life of the loan, offering stability and a fixed monthly payment. With an adjustable-rate mortgage, or ARM, you’ll get a short period of fixed interest at the beginning of the term, and then the rate will fluctuate for the remainder of the loan. You may get a competitive rate in the beginning of an ARM, but there is more risk involved since payment amounts can change drastically.