Today’s 30-year refinance rates
- • Mortgages
- • Mortgage refinancing
- • Homebuying
- • First-time homebuying
- • Personal finance
- • Investing
- • Homebuying
- • First-time homebuying
- • Personal finance
- • Investing
Dec. 22, 2024
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How our rates are calculated
- The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide. Compare the national average versus top offers on Bankrate to see how much you can save when shopping on Bankrate.
- Bankrate top offers represent the weekly average interest rate among top offers within our rate table for the loan type and term selected. Use our rate table to view personalized rates from our nationwide marketplace of lenders on Bankrate.
For the week of December 22nd, 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, Sunday, December 22, 2024, the national average interest rate for a 30-year fixed refinance is 6.88%, up 20 basis points from a week ago. Meanwhile, the current average interest rate for a 30-year fixed mortgage is 6.89%, rising 19 basis points compared to this time last week.Here's how it works:
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
Enter your details
Answer some questions about your homebuying or refinancing needs to help us find the right lenders for you.
Compare top rates
See competitive mortgage rates from lenders that match your criteria and compare your offers side-by-side.
Choose a lender
After selecting your top options, connect with lenders online or on the phone. Then choose a lender, finalize your details, and lock in your rate.
- • Mortgages
- • Mortgage refinancing
- • Homebuying
- • First-time homebuying
- • Personal finance
- • Investing
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
On Sunday, December 22, 2024, the national average 30-year fixed refinance APR is 7.00%. The average 30-year fixed mortgage APR is 6.98%, according to Bankrate's latest survey of the nation's largest refinance lenders.
On Sunday, December 22, 2024, the national average 30-year fixed refinance APR is 7.00%. The average 30-year fixed mortgage APR is 6.98%, 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.
Weekly national mortgage interest rate trends
Current refinance rates
30 year fixed refinance | 6.75% | |
15 year fixed refinance | 6.07% | |
10 year fixed refinance | 6.04% | |
5/1 ARM refinance | 6.14% |
Today's national 30-year refinance rate trends
For today, Sunday, December 22, 2024, the national average interest rate for a 30-year fixed refinance is 6.88%, up 20 basis points from a week ago. Meanwhile, the current average interest rate for a 30-year fixed mortgage is 6.89%, rising 19 basis points compared to this time last week.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.)
Bankrate can help you compare deals and find the best 30-year refinance rate.
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.93% | 6.98% |
30-Year Fixed-Rate VA | 6.75% | 6.79% |
30-Year Fixed-Rate FHA | 6.89% | 6.93% |
30-Year Fixed-Rate Jumbo | 6.94% | 7.00% |
Rates as of Sunday, December 22, 2024 at 6:30 AM
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 6.96% | 7.00% |
30-Year Fixed-Rate VA | 6.74% | 6.78% |
30-Year Fixed-Rate FHA | 6.88% | 7.00% |
30-Year Fixed-Rate Jumbo | 6.90% | 6.95% |
Rates as of Sunday, December 22, 2024 at 6:30 AM
-
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.
Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
How to refinance into a 30-year loan
Here are the basic steps — Bankrate’s refinancing guide offers more details.
- 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.
- 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.
- 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.
- 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.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 409701
|
4.9
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
-
Bankrate's take
Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including California, Florida and New York. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service and competitive rates.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
Nationwide availability
California, Connecticut, Florida, New Hampshire, New Jersey, New York and Tennessee
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
5.0
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
-
Bankrate's take
Homefinity is an imprint of Fairway Independent Mortgage, one of the top five mortgage lenders in the U.S. It offers many of the perks of an online lender, including up-to-the-minute rates and calculators to help you estimate your homebuying budget, refinance savings and more. If you’re looking for a lender with a fast, convenient process, Homefinity could be a good choice for you. Also, if you’re a medical professional, Homefinity can help you get financing for your unique financial situation.
Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
Nationwide availability
All U.S. states except New York
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans
Recent Customer Reviews
4.9
Should you refinance into a 30-year mortgage?
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.
Check out these pros and cons to see where you stand on refinancing to a 30-year mortgage:
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
-
A 30-year fixed-rate mortgage is the most common type of loan. It has a set rate, which keeps your principal and interest payments stable.
Refinancing with a 30-year loan lets you pay off and replace your existing loan with a new, longer-term loan and a different rate. There are several reasons to refinance into this type of loan, including reducing your monthly payment, lowering your mortgage rate or changing the type of loan you currently have.
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To determine your mortgage rate, lenders will review your credit score, payment history, savings, income, and other aspects of your financial life. Lenders want to ensure that you are not a risky borrower, and that you are unlikely to default on your loan.
These qualifying factors are within your control, but you won’t be able to control external factors that influence your mortgage rate, such as inflation. Rates have now topped 6 percent, their highest level since 2008, partly as a result of inflation. In addition, the Federal Reserve has implemented a historic series of hikes to their key benchmark borrowing rate, which have indirectly shifted mortgage rates upwards.
-
15-year refinance rates are typically lower than 30-year refinance rates. As a result, you’ll pay significantly less in interest over the life of the loan if you choose a 15-year loan. Plus you’ll repay the loan in half the time.
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.
Edited by: Laurie Dupnock, Editor, Home Lending
I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English.
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.
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