6.941% APR 

Compare Today's 30-Year Fixed Refinance Rates

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Applied Filters: Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
Applied Filters: Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
License information5 results:
30-year fixed
Better
EXPLORE QUOTE
Better: NMLS#330511
Lowest APR
Lowest monthly payment
Great for digital convenience
Conventional 30-year fixed
Better
4.5
NerdWallet rating
APR
6.927% 
Interest rate
6.875% 
Mo. payment
$2,300 
Insurance $0
Total fees
$1,827 
About this lender
Pros
  • Offers a program allowing qualifying buyers to make cash offers.
  • Makes it easy to see customized mortgage rates.
  • Average interest rates are on the low end compared to other lenders, according to the latest federal data.
Cons
  • Doesn’t offer USDA loans.
  • VA loans are not available in every state.
  • Doesn't offer home equity loans.
NBKC: NMLS#409631
Great for first-time home buyers | digital convenience | customer service
Conventional 30-year fixed
NBKC
APR
7.153% 
Interest rate
7.125% 
Mo. payment
$2,359 
Insurance $0
Total fees
$973 
About this lender
Visit lender's website | Call (888) 871-2381
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Efficient customer service over the phone or through online chat.
Cons
  • Physical branches are limited to the Kansas City metro area.
Central Bank: NMLS#407985Conventional 30-year fixed
Central Bank
4.0
NerdWallet rating
APR
7.375% 
Interest rate
7.375% 
Mo. payment
$2,418 
Insurance $0
Total fees
$0 
About this lender
Pros
  • Among the best when it comes to online convenience.
  • Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
  • Claims to offer preapproval within 24 hours of loan application.
Cons
  • You'll have to complete a loan application to see mortgage interest rates.
  • Bank branch locations limited to the Midwest.
  • Does not offer home equity lines of credit.
New American Funding: NMLS#6606
Great for first-time home buyers | customer service
Conventional 30-year fixed
New American Funding
APR
7.673% 
Interest rate
7.625% 
Mo. payment
$2,478 
Insurance $0
Total fees
$1,629 
Pros
  • Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
  • Its home equity line of credit can be used for an owner-occupied or second home.
  • Offers a program to enable buyers to make cash offers.
Cons
  • Mortgage origination fees tend to be on the high end, according to the latest federal data.
Rocket Mortgage, LLC: NMLS#3030
Great for digital convenience | customer service
Conventional 30-year fixed
Rocket Mortgage, LLC
APR
8.288% 
Interest rate
8.25% 
Mo. payment
$2,630 
Insurance $0
Total fees
$1,250 
About this lender
Pros
  • Streamlined online process with document and asset retrieval capabilities.
  • Often ranks high in customer satisfaction surveys.
Cons
  • Getting a customized interest rate requires a credit check, which can affect your credit score.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

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.


Mortgage rate trends (APR)

Document Icon

NerdWallet’s mortgage rate insight

6.941%

30-year fixed-rate

On Sunday, May 19, 2024, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 6.941%. The average APR on a 15-year fixed-rate mortgage rose 2 basis points to 6.075% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 2 basis points to 7.765%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 19 basis points lower than one week ago and 20 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

ProductInterest RateAPR
30-year fixed-rate6.863%6.941%
20-year fixed-rate6.511%6.601%
15-year fixed-rate5.947%6.075%
10-year fixed-rate5.764%5.926%
7-year ARM6.772%7.613%
5-year ARM6.735%7.765%
3-year ARM8.125%8.355%
30-year fixed-rate FHA6.008%6.775%
30-year fixed-rate VA5.991%6.343%

Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use

Best Mortgage Refinance Lenders

Lender
NerdWallet Rating
Min. credit score
National / regional
Learn more
NBKC

NBKC: NMLS#409631

Learn more
at NBKC
at NBKC
Refinancing
Best for rate transparency

620

National

Guaranteed Rate

Guaranteed Rate: NMLS#2611

5.0
/5
Refinancing
Best for variety of refi types

620

National

Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
5.0
/5
Refinancing
Best for variety of refi types

620

National

Learn more
at Rocket Mortgage, LLC
at Rocket Mortgage, LLC
Bethpage Federal Credit Union

Bethpage Federal Credit Union: NMLS#449104

Learn more
at Bethpage Federal Credit Union
at Bethpage Federal Credit Union
5.0
/5
Refinancing
Best for digital convenience

620

National

Learn more
at Bethpage Federal Credit Union
at Bethpage Federal Credit Union
San Diego County Credit Union

San Diego County Credit Union: NMLS#580585

Read review
5.0
/5
Refinancing
Best for California borrowers

620

Regional

A Beginner’s Guide to Refinancing a 30-YR Mortgage
Holden Lewis
By
Last updated on May 17, 2024
Reviewed by
Edited by
✅ Fact checked
Michelle Blackford
Reviewed by
Alice Holbrook
Edited by
✅ Fact checked

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.

» MORE: Ways to get the best refinance rates

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:

Pros

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.

Cons

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.

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.

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.

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30-year-fixed refinance rates