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Compare today’s refinance rates

Written by
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Updated on Jul 03, 2025
On Thursday, July 03, 2025, the national average 30-year fixed refinance APR is 6.89%. The average 15-year fixed refinance APR is 6.13%, according to Bankrate's latest survey of the nation's largest refinance lenders.

Showing results for: Rate-and-term refinance offers for Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.
The listings that appear on this page are from companies from which this website receives compensation.

LenderRate
APR
Mo. payment
as of July 3, 2025
Visit Sage Home Loans site

NMLS #3304 | State Lic: RM.850026.000

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4.8

30 year fixed refinance

Points: 1.875

Upfront costs: $6,444

5.620%

5.847%

$1,519

Visit Optimum First Mortgage site

NMLS #240415 | State Lic: RM.804405.000

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5.0

30 year fixed refinance

Points: 1.435

Upfront costs: $5,783

5.743%

5.948%

$1,539

Visit Third Federal Savings and Loan site

NMLS #449401

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4.4

30 year fixed refinance

Points: 2

Upfront costs: $6,675

5.740%

5.977%

$1,539

Visit AmeriSave Mortgage Corporation site

NMLS #1168

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4.1
  • Refinance, Cash out, HELOCs, Home Equity Loans, 2nd Mortgages
  • Low Rates: Fast, Customized Quote & Pre-Qualification
  • Over $100 Billion Funded. 22 Years in Business
Next
Visit AimLoan.com site

NMLS #2890 | State Lic: RM.850089.000

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4.2

30 year fixed refinance

Points: 1.832

Upfront costs: $5,831

5.875%

6.083%

$1,562

Visit loanDepot  site

NMLS #174457

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3.7

30 year fixed refinance

Points: 1.558

Upfront costs: $5,808

6.375%

6.589%

$1,647

Visit Mutual of Omaha Mortgage site

NMLS # 1025894

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4.6

30 year fixed refinance

Points: 1.518

Upfront costs: $6,246

6.375%

6.605%

$1,647

Visit Rocket Mortgage site

NMLS #3030

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4.8
  • Discover multiple refinance options
  • Turn home equity you've earned into cash
  • Get personalized solutions for your goals
Phone icon(855) 661-4023Next
Visit Optimum First Mortgage site

NMLS #240415 | State Lic: RM.804405.000

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5.0

5/6 ARM refinance

Points: 0.926

Upfront costs: $4,440

5.368%

6.348%

$1,477

Visit Third Federal Savings and Loan site

NMLS #449401

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4.4

5/1 ARM refinance

Points: 1

Upfront costs: $4,035

5.850%

5.956%

$1,557

Market Survey Rates

The rates below are intended for educational purposes. The lenders listed are not active participants in Bankrate’s mortgage marketplace.

The First National Bank of Pandora

30 year fixed refinance

Points: 0

6.375%

6.413%

$1,647

Current mortgage refinance news - July 2, 2025

The average rate on 30-year mortgages as of July 2 fell to 6.72 percent, Bankrate’s weekly survey of lenders shows.

While mortgage rates are well above their pandemic lows, they remain below their peak of 8 percent in late 2023. Refinancing might make sense for homeowners who have locked in home equity gains and want to pay off credit card debt or invest in renovations.

As rates remain elevated, refinancing has fallen out of favor. Homeowners instead are turning to home equity lines of credit and home equity loans. However, in the event of a recession or other economic shock, mortgage rates could fall enough to make refinancing attractive for some borrowers.

Today’s refinance rates

Product Interest Rate APR
30-Year Fixed Rate 6.82% 6.89%
20-Year Fixed Rate 6.49% 6.58%
15-Year Fixed Rate 6.05% 6.13%
10-Year Fixed Rate 6.01% 6.08%
30-Year Fixed Rate FHA 6.97% 7.03%
30-Year Fixed Rate VA 7.50% 7.57%
30-Year Fixed Rate Jumbo 6.73% 6.76%

Rates as of Thursday, July 03, 2025 at 6:30 AM

How to get the best refinance rate

Let's first cover what influences your mortgage refinance rate. There are many variables that determine your quote, including:

With these factors in mind, here's how to compare refinance offers and increase your odds of getting the best possible rate:

  • Nail down your goals. This will help you decide what term – 30 years, 15 years or something else – is best for you. If your aim is to more quickly pay down your loan, for instance, a shorter term might make more sense.
  • Shop around. Get rate quotes from at least three mortgage lenders, ideally on the same day so you have an accurate basis for comparison.
  • Compare the interest rate and APR. The interest rate and annual percentage rate (APR) reflect the cost of the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.
  • Consider the lender’s ratings and your experience. Aside from the numbers, evaluate lenders for convenience and responsiveness. Take a look at what other borrowers have had to say about the lender, too.

How to refinance your mortgage

The process of refinancing your mortgage is similar to the first time you applied for one to buy a home. The key difference: You won’t have to pay nearly as much in closing costs. Here’s an overview of the steps:

  1. Check your credit score: Refinances typically require a credit score of at least 620, but a better credit score will help you secure a better rate and make your refi even more cost-effective. You can check your credit reports at AnnualCreditReport.com.
  2. Choose a refinance type: Many borrowers opt for a rate-and-term refinance, which changes the interest rate, term or both. This isn’t the only way to refinance a mortgage, however.
  3. Calculate the breakeven timeline: A refi usually comes with upfront costs at the closing, just like a home purchase mortgage. Our refinance breakeven calculator can help you figure out when you’ll start realizing savings.
  4. Estimate your equity: If you want to refinance to a bigger mortgage and take cash out of your home as the difference, it's important to know how much available equity you have. Here's how to calculate your home equity.
  5. Compare refinance rates: Explore refinance offers from at least three mortgage lenders and keep an eye on rates while you comparison-shop. This can help you decide when to lock in a rate.
  6. Organize your paperwork: Among the requirements, your lender will want to review tax returns, pay stubs and other proof of income, as well as documentation about any assets or debt.
  7. Apply: Once you know which lenders you're interested in and have your documents ready, complete an application to learn your specific refinance rate and terms.

Should you refinance your mortgage?

Whether you should refinance your mortgage right now depends on a few factors:

  • Can you get a significantly lower rate? Refinancing to a lower rate will help you lower your monthly payment and save money over the loan term.
  • Do you need to change from a variable rate to a fixed rate? If you have an adjustable-rate mortgage (ARM) that’s resetting soon, refinancing to a fixed rate would provide a more predictable payment for your budget.
  • Do you want to change your term? Many people also adjust the length of their mortgage when they refinance. Typically this means shortening the term from 30 years to 15 years to pay off the mortgage faster or lengthening the term up to 30 years to reduce the monthly payments.
  • Do you want to tap equity? Many people perform a cash-out refinance to turn their home equity into cash by borrowing against it. This cash can then be used to make home renovations, pay college tuition or cover other major expenses.

Once you know the answers to those questions, review the pros and cons:

Pros

  • Checkmark Icon

    You can lock in a lower rate, which can reduce your monthly payments and total interest paid.

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    You can change the length of your loan term and rate type.

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    If your home’s value has increased, you might be able to stop paying for private mortgage insurance (PMI).

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    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 tend to boost your home’s value.

Cons

  • Refinance closing costs can equal 2 percent to 5 percent of the amount of the mortgage. For example, on a $350,000 loan, expect to pay between $7,000 and $17,500 for closing costs. As such, it can take several years to realize the savings of a refinance.

  • If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period.

Mortgage refinance FAQ

Meet our Bankrate experts

Written by: Jeff Ostrowski, Writer and Housing Market Analyst

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Managing Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 13 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita

Reviewed by: Greg McBride, CFA, Chief Financial Analyst, Bankrate

Greg McBride is a CFA charterholder with more than a quarter-century of experience in personal finance, including consumer lending prior to coming to Bankrate. Through Bankrate.com's Money Makeover series, he helped consumers plan for retirement, manage debt and develop appropriate investment allocations. He is an accomplished public speaker, has served as a Wall Street Journal Expert Panelist and served on boards in the credit counseling industry for more than a decade and the funding board of the Rose Foundation’s Consumer Financial Education Fund.

Read more from Greg McBride