We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.
CURRENT REFINANCE RATES
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WEEKLY TRENDS AND INSIGHTS
National refinance interest rate trends
On November 21, 2024, the national average 30-year fixed refinance rate decreased NaN basis points to %. The current average 15-year fixed refinance rate decreased NaN basis points to %.
For context, the national average 30-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago. The 15-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago.
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Refinance rates by loan term
Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.
| Product | Interest rate | APR | ||||
|---|---|---|---|---|---|---|
General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Nov 22, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Nov 22, 2024. These rates are based on the assumptions shown here. Actual rates may vary. | ||||||
REFINANCE TOOLS
Mortgage refinance calculators
Use our mortgage refinance calculators to determine if you can save money on interest, pay off your loan sooner, or turn your home’s equity into cash.
Financial education
Need more info about refinancing a mortgage?
How to refinance your mortgage step-by-step
Refinancing your mortgage can help you get a lower interest rate or lower monthly payment, depending on your goals.
7 min read
Learn moreWhen does it make sense to refinance your mortgage?
If you can shave at least 0.75% off your interest rate and plan to stay in your home for the long haul, consider refinancing your mortgage.
6 min read
Learn moreHow to get the best mortgage refinance rates
To score a great refinance rate on your mortgage, work on building your credit score, get multiple quotes, and consider shortening the term.
6 min read
Learn moreThe true cost of refinancing your home mortgage
Refinancing isn’t free — you’ll have to pay closing costs — but there are ways you can pay less for your new loan.
5 min read
Learn moreThe information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
Mortgage Refinance FAQs
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Mary Beth Eastman is a freelance writer covering personal finance topics, especially mortgages and loans. Mary Beth spent more than a decade editing breaking news stories for daily newspapers before following her passion for personal finance, helping people to make smarter decisions about their money.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
- Your credit report and score: Your credit report shows how well you borrow and pay back money. Lenders review your credit history to see whether you’re likely to repay your new mortgage as agreed.
- Your income and debts: Mortgage refinance lenders want to ensure that you earn enough to afford your mortgage payments. They also want to know whether you have a lot of other debt compared to your income. If you do, it could mean a greater risk of defaulting on your mortgage.
- The loan amount: Lenders view larger amounts as riskier, so they may charge higher interest rates.
- Your location: Where the home is located can affect the rates you receive for a mortgage refinance. Some lenders vary their mortgage rates depending on which state or county you live in, as well as whether the home is in a rural or urban area.
- The current inflation rate: If inflation is on the rise, as it was throughout 2021, 2022, and much of 2023, that affects interest rates — including mortgage refinance rates. It also tends to drive up home prices, which affects how much you need to borrow to buy a home.
- The current economic cycle stage: If the economy is in an expansion phase, such as during periods of growth, it can often be easier and cheaper to refinance. But when the economy cools down, such as during a recession, it tends to push mortgage refinance rates higher.
- Central bank decisions: The Federal Reserve has the power to influence interest rates. If the Fed is concerned about runaway inflation, it will raise the federal funds rate, which then influences the prime rate, which is the benchmark most banks use to set mortgage refinance rates. If the Fed lowers the federal funds rate, mortgage refinance rates will fall as well.
- Compare lenders: The most important thing you can do is to shop around and compare rates from various lenders. If you can lower your mortgage refinance rate by a percentage point, or even a fraction of a point, it will save you thousands of dollars in interest over the life of the loan.
- Work on improving your credit score: Timely payments are a big part of your credit score. By making sure every payment is on time, you can improve your credit score and qualify for lower mortgage refinance rates.
- Reduce your debt: Paying down your credit cards and other loans will free up cash, lower your debt-to-income ratio (DTI), and show potential lenders you’re a good borrower.
- Choose a shorter term: Mortgage refinances typically come in standard term lengths, such as 15 years or 30 years. Although your monthly payment will typically be higher with a 15-year mortgage refinance, you’ll usually pay less in interest (and pay off the home faster, too).
- Choose a different interest type: You can choose between fixed interest rates, which stay the same for the entire mortgage term, or adjustable rates, which fluctuate. Many borrowers opt for adjustable-rate refinancing to take advantage of lower interest rates during the introductory period, especially if they know they will be selling or refinancing again soon.
- Seek out lower fees: Don’t forget to take closing costs and fees into account, because these also affect how much it costs to refinance. A loan’s annual percentage rate (APR) includes the interest rate plus the annual cost of fees, which makes it easier to compare loans between lenders.
- Pay discount points: Another way to lower your interest rate is by paying discount points. Discount points are a fee you pay upfront, at closing, to reduce the interest rate.
- Cash-out: If you have enough equity, you can borrow more than you need to pay off your existing loan and take the excess funds in cash at closing.
- Rate-and-term: You replace your current mortgage loan with a new loan that has a more favorable interest rate and/or term.
Get your personalized refinance quote today
Checking rates won’t affect your credit score