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Compare Today’s Refinance Rates
On Friday, July 29, 2022, the national average 30-year fixed refinance APR is 5.390%. The average 15-year fixed refinance APR is 4.700%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
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Our weekly rates vs. the national average
Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what's available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.
While rates on 30-year fixed mortgage refis averaged over 5 percent as of early June, it’s still possible to find lower rates using our rate tables, which are lower than the national average. You can still find lower 15-year refinance rates, as well.
Another tactic is to pay points upfront, which reduces your interest rate. This can be more advantageous financially the longer you plan to stay in the home.
If you can get an adequately lower rate, refinancing can save you thousands of dollars a year, but it does require some work on your part. Here’s a quick guide:
1. Check your credit score
A better credit score will help you secure a better rate and make your refinance even more cost-effective. If you’re not happy with your credit score or the rates you’re being quoted, work on boosting your credit first, then try to refinance again once you’ve improved it. Typically, mortgage lenders want to see a credit score of 620 or better for a refinance, but there are some refinance options if you have poor credit, including streamline programs.
2. Figure out how long it will take you to break even
One of the most important factors in refinancing is figuring out your break-even timeline. A refi usually comes with upfront costs at the closing, just like an initial mortgage, and those can be thousands of dollars or more. If you’re not planning to stay in your current home for more than a few years, the savings you get from a lower rate might not outweigh those costs before you move. Bankrate’s refinance calculator can help you figure out this timeline.
3. Compare the best refinance lenders
It’s just as important to shop around when you refinance as it is when you’re applying for your purchase mortgage. If you’re refinancing to save money, you want to make sure you’re getting the best possible deal. Check out Bankrate’s lender reviews to help make your decision.
Read more: Best mortgage refinance lenders
4. Get your paperwork in order
Once you’ve identified your lender, find out what paperwork you need in order to complete a refinance application. Your lender will want to review tax returns, pay stubs, W-2s and other proof of income, as well as documentation about any assets such as savings.
5. Be patient
Refinancing isn’t quite as hard as shopping for a house, but it still takes some time. While your loan is processing, don’t open new credit accounts or make other large purchases until the new mortgage closes. Doing so can derail your application.
Read more: Guide to refinancing your mortgage
Shopping around for quotes from multiple lenders is key for every mortgage applicant. When you shop, consider not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Some institutions may have lower closing costs and fees than others, or your current bank or credit union may extend you a special offer. Don’t be afraid to walk away from your current lender when you refinance. If you can find a better deal elsewhere, go for it. Look at quotes from online and traditional banks. Consider using a mortgage broker, who will be able to provide rates from wholesale lenders.
Read more: How to get the best refinance rate
Refinancing can be a smart move, whether it helps you secure a lower rate or tap your home equity to fund a home renovation or other project through a cash-out deal.
- You can lock in a lower rate by refinancing, which should make your monthly payments lower and give you some money back in your budget.
- If your home’s value has risen, you might be able to stop paying private mortgage insurance (PMI), which will also lower your monthly expenses. PMI should end automatically once you get to at least 20 percent equity owned free and clear, but it’s usually a good time to consider a refinance once that happens, too.
- If you need money for renovations, a cash-out refi offers relatively cheap capital. It can make your monthly payments more expensive, but home improvements boost your equity value even more.
- Refinancing costs money. Closing costs can total 2 percent to 5 percent of the amount of the mortgage, which is why it’s so important to make sure you’ll recoup those costs before you move.
- If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period. A new loan restarts the repayment clock.
Read more: Pros and cons of refinancing
You should refinance if doing so will help you to save money, build equity or pay off your mortgage faster. For example, if interest rates have dropped since you closed your mortgage, you could do a rate-and-term refinance to obtain a lower rate. In addition to a lower rate, you could save by eliminating PMI, or tap your home’s equity via a cash-out refinance.
Written by: Jeff Ostrowski, Senior Mortgage Reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Reviewed by: Greg McBride, Chief Financial Analyst for Bankrate
Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
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