Compare today's 30-year fixed refinance rates
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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Trends and insights
NerdWallet’s mortgage rate insight
On Wednesday, November 29th, 2023, the average APR on a 30-year fixed-rate mortgage fell 7 basis points to 7.056%. The average APR on a 15-year fixed-rate mortgage rose 1 basis point to 6.380% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 1 basis point to 8.040%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 13 basis points lower than one week ago and 57 basis points higher than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
|30-year fixed-rate FHA||6.013%||6.823%|
|30-year fixed-rate VA||6.044%||6.430%|
Why should I compare 30-year fixed mortgage refinance rates?
Mortgage lenders vary in many ways, including what interest rate they'll offer you. Comparing interest rates for your 30-year fixed-rate refinance can help you find the lender who’ll give you the best deal.
Freddie Mac researchers found that home buyers who shop around can save significantly, especially during times when interest rates are in flux. They found that in fall 2022, a home shopper who got two rate quotes could save up to $600 in interest per year. A shopper comparing four or more rate quotes could save over $1,200 annually. These rate differences are often just fractions of a percentage point, but they add up.
You can get started right on this page by entering basic info about the loan you're seeking. Input your ZIP code, refi amount and approximate credit score to see sample 30-year fixed refinance rates from mortgage lenders.
Will 30-year refinance rates drop?
Average 30-year mortgage rates fluctuate daily and are influenced by the economy, the inflation rate and the health of the job market, for example. Unpredictable events, like geopolitical turmoil, can affect all of those factors. See NerdWallet’s mortgage interest rates forecast to get our take.
The 30-year fixed refinance rate you'll be offered will vary from that average based on your characteristics as a borrower. The value of your home, your home's location, your income and debts, and your credit score are among the variables that lenders will consider when quoting you a refinance rate.
Should I refinance to a new 30-year fixed mortgage?
When you refinance, you get to decide how long you want your new mortgage to be. You could opt for a shorter term to try to pay off your mortgage more quickly.
The most common option is to start over with a new 30-year mortgage. A 30-year fixed-rate refinance gives you a new home loan that maintains its interest rate and monthly principal-and-interest payment over the 30-year loan period.
What are the pros and cons of a 30-year fixed refinance?
While the 30-year fixed-rate mortgage is the most popular type of home loan, a 30-year refinance term isn’t for everyone. Here are some benefits and drawbacks to the 30-year fixed refinance:
Lower payments. Because they’re spread out over 30 years, the monthly payments on a 30-year fixed refinance are lower than for loans with shorter terms.
Flexibility. If you want to shrink your debt faster, you can make payments larger than the monthly minimum — or make extra payments. When you don't have spare money, you can go back to making the minimum monthly payments.
Predictability. Because it's a fixed rate, the monthly principal and interest payments are the same over the life of the loan. Keep in mind that your total mortgage cost also includes taxes and insurance, which can change over time.
Higher interest rate. Because the lender is tying up its money longer, the interest rate on 30-year fixed mortgage refinance is likely going to be higher than on, say, a 15-year loan.
More interest overall. Because a 30-year refinance lasts longer than a loan with a shorter term, you make more payments and pay more interest over the life of the loan.
Slower equity growth. By essentially starting over with a new 30-year loan, you're reamortizing the amount you owe across a new 30-year term. That means more of your mortgage payments are going toward interest than principal, so you aren't accruing equity as quickly as if you continued with your original mortgage.
» MORE: Learn mortgage refinance basics
6 steps to refinance
Considering refinancing to a new 30-year fixed rate loan? Here are the basics.
1. Figure out if a refi is the right move. Knowing your end goal will help you determine whether a refinance will pay off. If saving money is your goal, you want to be sure not only that you're getting a lower interest rate but also that you'll stay in the home long enough to reach the break-even point. If you have another plan, like taking cash out to renovate your home, make sure your budget can handle larger mortgage payments.
2. Make sure your financials are solid. A track record of consistently paying your mortgage isn't enough. Make sure your credit score is in good condition and your debts are under control. If your credit score is on the low side or your debt-to-income ratio is high, you may want to work on those before applying to refinance.
3. Save up for closing costs. A refinance may be less pricey than a home purchase, since you don't make a down payment and you can skip some steps, like the home inspection. But refinances do come with refinance closing costs, which include a lender origination fee and appraisal. These generally run 2% to 6% of the amount of your refinance. Sometimes lenders will let you roll these costs into the amount you're refinancing — that's called a no-closing-cost refinance — but if you do that, you'll pay interest on a larger loan.
4. Compare mortgage refinance offers. You may want to get a quote from the lender that originated your mortgage, but you don't have to stick with the same lender. Comparing rate quotes as well as lender fees will help you get the best deal on your refi.
5. Choose a lender and lock your rate. Once you're applying for your refinance, you may also want to lock your interest rate. A rate lock holds your refi rate steady until closing. With a rate lock, even if mortgage rates go up while you wait for the lender to finish underwriting, your rate won't change.
6. Close on your refinance. There's less fanfare than with a home purchase — no one's handing over the keys — but otherwise, a refinance closing is pretty similar to a purchase closing. You'll pay the closing costs with a money transfer or cashier's check, and sign a raft of documents to start your new home loan.
Learn more about mortgage refinancing
About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.
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