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Written by Jeff Ostrowski Jeff Ostrowski
Edited by Suzanne De Vita Suzanne De Vita
Reviewed by Greg McBride, CFA Greg McBride, CFA
Edited by Suzanne De Vita Suzanne De Vita
Reviewed by Greg McBride, CFA Greg McBride, CFA
On Monday, March 18, 2024, the national average 30-year fixed refinance APR is 6.92%. The average 15-year fixed refinance APR is 6.50%, according to Bankrate's... latest survey of the nation's largest refinance lenders.
On this page
- National mortgage interest rate trends
- Mortgage refinance industry insights
- How to refinance your mortgage
- How to get the best refinance rate
- Compare mortgage lenders side by side
- Pros and cons of refinancing
- Mortgage refinance FAQ
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- National mortgage interest rate trends
- Mortgage refinance industry insights
- How to refinance your mortgage
- How to get the best refinance rate
- Compare mortgage lenders side by side
- Pros and cons of refinancing
- Mortgage refinance FAQ
Weekly national mortgage interest rate trends
Current refinance rates
| 30 year fixed refinance | 7.00% | |
| 15 year fixed refinance | 6.57% | |
| 10 year fixed refinance | 6.41% | |
| 5/1 ARM refinance | 6.32% |
Mortgage refinance news
Refinancing isn’t as popular now as it was during the run of record-low interest rates in 2020 and 2021, but more homeowners might opt to if rates retreat this year. Many economists expect 30-year mortgage rates to decline in 2024, possibly ending the year below 6 percent. If that happens, homeowners with rates above 7 percent should consider refinancing.
For now, some homeowners are refinancing anyway, mostly via cash-out refinances, which replaces your existing mortgage with a new, bigger loan including the balance of the first plus a portion of your home’s equity as cash.
How will mortgage refinance rates change in the short term? See Bankrate’s expert rate trend predictions.
Today’s mortgage and refinance interest rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.88% | 6.92% |
| 20-Year Fixed Rate | 6.71% | 6.77% |
| 15-Year Fixed Rate | 6.41% | 6.49% |
| 10-Year Fixed Rate | 6.26% | 6.34% |
| 5-1 ARM | 6.38% | 7.78% |
| 10-1 ARM | 6.94% | 7.86% |
| 30-Year Fixed Rate FHA | 6.75% | 6.80% |
| 30-Year Fixed Rate VA | 6.90% | 6.95% |
| 30-Year Fixed Rate Jumbo | 6.98% | 7.03% |
Rates as of Monday, March 18, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.87% | 6.92% |
| 20-Year Fixed Rate | 6.73% | 6.78% |
| 15-Year Fixed Rate | 6.42% | 6.50% |
| 10-Year Fixed Rate | 6.30% | 6.38% |
| 5-1 ARM | 6.25% | 7.68% |
| 10-1 ARM | 6.96% | 7.86% |
| 30-Year Fixed Rate FHA | 6.76% | 6.81% |
| 30-Year Fixed Rate VA | 7.52% | 7.55% |
| 30-Year Fixed Rate Jumbo | 6.91% | 6.96% |
Rates as of Monday, March 18, 2024 at 6:30 AM
How to refinance your mortgage
- 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.
- Choose a refinance type: Many borrowers opt for a rate-and-term refinance, which changes the interest rate, term or both on their original loan. This isn’t the only way to refinance a mortgage, however.
- Calculate the breakeven timeline: A refi usually comes with upfront costs at the closing, just like an initial mortgage. Bankrate's refinance breakeven calculator can help you figure out when you’ll start realizing savings.
- 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.
- 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 such as savings.
- Prepare for closing: While your new loan is processing, don't open new credit accounts or make other large purchases. Doing so can derail your application.
Learn more: What is mortgage refinancing and how does it work?
How to get the best refinance rate
If you compare loan offers from a few mortgage lenders, you’ll have a better chance of landing a competitive rate. Here's how:
- 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. Lenders determine your interest rate based on your credit score, debt-to-income (DTI) ratio and other factors.
- 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.
Learn more: How to get the best refinance rate
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: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1061reviews
Read full lender review
Pros and cons of refinancing
Pros of mortgage refinance
- You can lock in a lower rate, which can reduce your monthly payments and total interest paid.
- If your home’s value has increased, you might be able to stop paying for private mortgage insurance (PMI0.
- 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 of mortgage refinance
- Refinance closing costs can equal 2 percent to 5 percent of the amount of the mortgage.
- If you refinance from a 30-year loan to another 30-year loan, you’ll extend your repayment period.
Learn more: When should you refinance your mortgage?
Mortgage refinance FAQ
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 Bankrate.com. 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
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