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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.
6.600%
30-year fixed-rate“
On Friday, December 6, 2024, the average APR on a 30-year fixed-rate mortgage remained at 6.600%. The average APR on a 15-year fixed-rate mortgage rose 4 basis points to 5.830% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 1 basis point to 7.239%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 8 basis points lower than one week ago and 35 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Product | Interest Rate | APR |
---|---|---|
30-year fixed-rate | 6.527% | 6.600% |
20-year fixed-rate | 6.373% | 6.468% |
15-year fixed-rate | 5.707% | 5.830% |
10-year fixed-rate | 5.601% | 5.785% |
7-year ARM | 6.662% | 7.209% |
5-year ARM | 6.556% | 7.239% |
3-year ARM | 8.125% | 8.355% |
30-year fixed-rate FHA | 5.500% | 6.284% |
30-year fixed-rate VA | 5.671% | 6.045% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
👉 Did you buy a home in 2023? Refinancing might save you money — mortgage rates are down a percentage point compared to last year’s peak. See mortgage rates this week and try our refinance calculator to see how much you could save.
Mortgage lenders vary in many ways, including what interest rate they'll offer you. Comparing refinance mortgage rates can help you find the lender who will give you the best deal.
Borrowers who shop around can save significantly. Freddie Mac researchers have found that a home shopper who got two rate quotes could save up to $600 in interest per year, and a shopper comparing four or more rate quotes could save over $1,200 annually. The rate differences are often just fractions of a percentage point, but they add up over time.
You can get started above by entering basic information about the loan you're seeking. Input your ZIP code, refinance amount and approximate credit score to see sample 30-year refinance rates from mortgage lenders.
Mortgage rates fluctuate daily and are influenced by the economy, the inflation rate and the health of the job market. See NerdWallet’s mortgage interest rates forecast to get our take.
The mortgage refinance rate you'll be offered will vary from that average based on your characteristics as a borrower. These include:
The value of your home
Your home's location
Your income and debts
Your credit score
Whether a new 30-year mortgage is a good idea depends on your unique financial situation and goals. The biggest benefit? Refinancing to a new 30-year loan can lower your monthly payments. However, that comes at a cost: Since you’re making payments for a longer amount of time, you’ll pay more in interest over the life of the loan — even if you get a lower interest rate when you refinance.
If you do refinance to a 30-year loan, you can still make extra payments on the principal — for example, making higher payments every month, or switching to biweekly payments (to make the equivalent of an extra month’s payment every year). This way, you can pay off your mortgage faster while keeping some flexibility in your cash flow; when you need to, you can still choose to make the minimum payment.
As an alternative to a 30-year mortgage refinance, you can select a shorter term length. Shorter terms have lower interest rates, and you’ll also pay less in interest over the life of the loan, but your monthly payments will usually be higher. You might also choose a custom term length — for example, 24 years — to match the number of years you had left on your original mortgage.
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 goal will help you determine whether a refinance will pay off. If saving money is your goal, you want to be sure that you're not only 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 finances 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. Estimate closing costs. Just like a purchase loan, refinances do come with 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 end up paying 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.
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
Freddie Mac. When Rates Are Higher, Borrowers Who Shop Around Save More. Accessed Jul 7, 2024.