Today’s 30-year refinance rates

Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA

Jan. 23, 2025

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Top offers on Bankrate vs. national average interest rates
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Top offers on Bankrate: 6.47%
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National average:  7.13%

For the week of January 19th, top offers on Bankrate are X% lower than the national average. On a $340,000 30-year loan, this translates to $XXX in annual savings.

Today's national 30-year refinance rate trends

For today, Thursday, January 23, 2025, the national average 30-year fixed refinance interest rate is 7.12%, falling 3 basis points over the last week. Meanwhile, the current average interest rate for a 30-year fixed mortgage is 7.05%, decreasing 8 basis points since the same time last week.

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Written by
Jeff Ostrowski
Edited by
Suzanne De Vita
Reviewed by
Greg McBride, CFA

On Thursday, January 23, 2025, the national average 30-year fixed refinance APR is 7.17%. The average 30-year fixed mortgage APR is 7.10%, according to Bankrate's latest survey of the nation's largest refinance lenders.

On Thursday, January 23, 2025, the national average 30-year fixed refinance APR is 7.17%. The average 30-year fixed mortgage APR is 7.10%, according to Bankrate's latest survey of the nation's largest refinance lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

How to compare 30-year fixed refinance rates

Lenders nationwide provide weekday mortgage interest rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average interest 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.

Mortgage rates and closing costs can vary widely from lender to lender, so shopping around might save you money. 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, according to Freddie Mac research. (Freddie Mac also found that the reward for shopping around had increased during the rate volatility of 2022.)

Mortgage rates and closing costs can vary widely from lender to lender, so shopping around might save you money.

Product Interest Rate APR
30-Year Fixed Rate 7.12% 7.17%
30-Year Fixed-Rate VA 7.60% 7.63%
30-Year Fixed-Rate FHA 7.42% 7.17%
30-Year Fixed-Rate Jumbo 7.08% 7.13%

Rates as of Thursday, January 23, 2025 at 6:30 AM

Learn more: Historical mortgage rates

How to refinance into a 30-year loan

  1. Make a plan. Do you want to lower your rate? Pull out equity for home improvements? There should be a good reason why you’re refinancing — whether it’s to reduce your monthly payment, shorten the term of your loan or pull out equity for home repairs or debt repayment.
  2. Check your credit score. You’ll need to qualify for a refinance just as you needed to get approval for your original home loan. The higher your credit score, the better refinance rates lenders will offer you. The best 30-year refinance deals go to borrowers with credit scores of 740 or higher. Spending a few months boosting your credit score can go a long way to help you secure a better rate.
  3. Shop around. Use Bankrate to compare offers on 30-year refinances and find the best deal for you. You can save thousands if you get quotes from at least three lenders. 
  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.
Learn more: Guide to refinancing: What it is and how it works

Should you refinance into a 30-year mortgage? 

Finding a tempting refinancing offer could be a challenge right now. Mortgage rates surged above 7 percent early in 2025, a move that reflects stubborn inflation and a strong economy.

Still, some housing economists hold out hope that rates could dip. For instance, National Association of Realtors Chief Economist Lawrence Yun predicted in mid-January that rates could retreat to 6.5 percent by spring.

The most common reason to refinance a 30-year mortgage is to reduce your interest rate. By reducing your rate, you’ll lower your monthly mortgage payment as well as the total interest you pay over the loan term. Another popular reason to refinance is to 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. 

When considering refinancing, you need to understand your goals. Are you trying to lower your payment or pay your loan off sooner? You also need to know that 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.

Pros of a 30-year fixed refinance mortgage

  • Lower monthly payments: By extending the loan over three decades, you can expect lower monthly payments than with shorter loan terms.
  • Provides more monthly cash flow: If you need money to pay down student loans or invest, the 30-year fixed loan 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 fixed refinance mortgage

  • 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 a 30-year loan term compared to a 15-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 to a 15-year loan or another 30-year loan?

Glenn Brunker

President, Ally Home

"People typically refinance to lower their interest rate or extract cash from the equity in their home. With nearly 90 percent of U.S. homeowners locked in at a mortgage rate below 6 percent, refinancing is likely not applicable. Generally, if you have the opportunity to afford a higher monthly payment, refinancing to a 15-year loan is more advantageous and will reduce the number of payments made and overall interest."

Andrew Dehan

Writer, Home lending

"Generally, if you can refinance to a 15-year loan at a lower rate and not significantly increase your monthly payment, I’d say go for it. However, if the payment’s going up enough that it restricts your cash flow, you may want to consider a 30-year loan. Financial flexibility is incredibly valuable, even if it means you don’t pay off your mortgage as soon as you’d like."

30-year refinance FAQ

Additional resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

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, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 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

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