Refinance mortgage rates

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Mortgage rate trends (APR)

NerdWallet's mortgage rate insight
4.68%
30-year fixed

The average rate on a 30-year fixed-rate mortgage rose one basis point, the rate for the 15-year fixed climbed two basis points and the rate for the 5/1 ARM fell two basis points, according to a NerdWallet survey of daily mortgage rates published Friday by national lenders. A homeowner with a rate above 5.18% might benefit from refinancing. The average rate on the 30-year fixed is nine basis points higher than a week ago. A basis point is one one-hundredth of one percent.

Mortgage rates today (APR)

Loan typeAverage
rate
Change
1 day
Change
1 year
30-year fixed4.68%
0.01%
0.0%
15-year fixed4.25%
0.02%
0.0%
5/1 ARM4.78%
0.02%
0.0%
Data source: NerdWallet Mortgage Rate Index

Refinance Mortgage Rates

NerdWallet’s comparison tool can help you find the best refinance rates for your mortgage. Enter a few details about your current home loan and we’ll scan hundreds of lenders to find the best refinance offers and provide you with personalized rate quotes within minutes, without a credit check.

What is a mortgage refinance?

A mortgage refinance is your opportunity to upgrade your home loan. You may be looking to cut your monthly payment down to size, change the length of your loan, cash out some of your home equity for a remodel or consolidate debt. A refinance allows you to switch into a new loan that could help you achieve one or more of those goals. By comparing rates and terms from multiple lenders, you can save thousands of dollars in interest over the life of the loan—perhaps pay off your mortgage sooner—or, reduce your monthly payment.

When should you refinance?

If interest rates fall significantly after you first take out your mortgage, you could lower your monthly payment by refinancing into a mortgage with a lower rate. Or, if you have equity and want to remodel, a cash-out refi could help you pay for the project. That’s just two possibilities. In the final analysis, it’s a matter of running the numbers. And it’s really pretty easy. Using a mortgage refinance calculator, you can see just how much a refinance might save you—now and in the long run.

Learn more about refinancing your mortgage: