Today’s 30-year refinance rates

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Today's national 30-year refinance rate trends

For today, Friday, July 29, 2022, the current average rate for a 30-year fixed refinance is 5.55%, falling 24 basis points over the last seven days. Meanwhile, the current average 30-year fixed-mortgage rate is 5.57%, down 27 basis points over the last seven days.

Here's how it works:

Current 30-year refinance rates

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

Product Interest Rate APR
30-Year Fixed Rate 5.380% 5.390%
30-Year Fixed-Rate VA 4.700% 4.890%
30-Year Fixed-Rate FHA 4.590% 5.420%
30-Year Fixed-Rate Jumbo 5.340% 5.350%

How to refinance into a 30-year loan

Here are the basic steps — Bankrate’s refinancing guide offers more details.

  1. Make a plan. Do you want to lower your rate? Pull out equity for home improvements?
  2. Check your credit score. The best 30-year refinance deals go to borrowers with credit scores of 740 or higher.
  3. Shop around. Use Bankrate to compare offers on 30-year refinances and find the best deal for you.
  4. Compare deals. The interest rate isn’t the only thing to consider in a 30-year refinance. You’ll also want to weigh expenses such as closing costs and points.

Why compare 30-year refinance rates

Mortgage rates and closing costs can vary widely from lender to lender, and shopping around can save you thousands over the life of the loan. In a report published in 2018, mortgage giant Freddie Mac said borrowers could save an average of $1,500 over the life of the loan by getting one additional rate quote, and an average of $3,000 by seeking out five quotes. Bankrate can help you compare deals and find the best 30-year refinance rate.

Pros and cons of a 30-year fixed refinance loan

Pros of a 30-year refi:

  • Lower monthly payments: By stretching out the loan over three decades, you get lower monthly payments compared with shorter loan terms.
  • Provides more monthly cash flow: If you need money to pay down student loans or invest, the 30-year fixed gives you the most flexibility.
  • Plenty of choices: The 30-year fixed is the most popular type of mortgage, so there’s no shortage of lenders and loan programs to choose from.

Cons of a 30-year refi:

  • More total interest paid over the life of the loan: Those lower payments come with a downside — you’re paying a lot of interest over the term of a 30-year loan.
  • Longer terms have slightly higher mortgage rates overall: Lenders are taking on more risk by extending a rate for three decades, so 30-year loans carry higher interest rates than 15-year loans.
  • It takes longer to gain equity: A 30-year repayment schedule means you’re paying down the balance at a slower pace so not only will it take longer to build equity but the interest paid each month will also decline at a slow pace.

Should you refinance into a 30-year loan?

There are two common reasons to refinance: to reduce monthly mortgage payments or to save on the overall interest you pay on your house over the long term. In some cases, refinancing will accomplish both of those goals, but not always. With rates at record lows, millions of homeowners could benefit from refinancing. Here are a few things to consider when deciding if it's the right time to refinance:

  • Your goal: Extending the length of your loan will lower your monthly payments while increasing the interest you pay over the life of the loan. Shortening the length of the loan will lower the interest you pay over the life of the loan but often increases your monthly payments.
  • How long you'll be in the home: Refinancing generally only makes sense if you plan to spend several more years in your home. It can sometimes take years to break even on the cost of refinancing. If you won’t be in your home for much longer, it might not make sense to refinance.
  • Your ability to qualify: Refinancing might make sense for you, but that doesn't necessarily mean you'll qualify. Lenders take into account a number of factors when considering whether to extend you a refinance offer, including the amount of equity you currently have in the home, your income and your credit score.

Of course, there are other reasons for choosing to refinance. A common reason is to tap into home equity. If you have enough equity in your home (at least 20 percent), you can use a cash-out refinance to pay for expenses such as home improvements, to get rid of credit card debt or to pay for emergencies. Opting for a 30-year cash-out refinance not only provides a chunk of cash for major expenses, but it also frees up cash.

A 30-year refinance term presents many benefits. But whether it makes sense for you to refinance into a longer or shorter term depends on your financial situation.

Refinancing into a 30-year term from a shorter term — say, a 15-year fixed-rate term — can be worthwhile if you're interested in lowering your monthly payment. It's even more favorable if you can lock in a lower interest rate and improve your financial situation in some way.

Frequently asked questions about 30-year mortgage refinance rates

Learn more about 30-year mortgage refinancing

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.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Rates FHA Refinance Rates
30-Year FHA Loan 30-Year FHA Loan Rates 30-Year FHA Refinance Rates
VA Loan VA Mortgage Rates VA Refinance Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
5/1 ARM 5/1 ARM Rates 5/1 Refinance Rates
7/1 ARM 7/1 ARM Rates 7/1 Refinance Rates
10/1 ARM 10/1 ARM Rates 10/1 Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates
30-Year Jumbo Loan 30-Year Jumbo Loan Rates 30-Year Jumbo Refinance Rates