Today's average rate
30-year fixed rate:APR 6.877%
-0.05%
Today
-0.42%
Over 1y
15-year fixed rate:APR 6.230%
+0.10%
Today
-0.24%
Over 1y
5-year ARM rate:APR 7.693%
-0.03%
Today
-0.35%
Over 1y

Compare Today's 30-Year Fixed Refinance Rates

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners and here's how we make money.

Why do you want a home loan?
Showing: Refinance, Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
Showing: Refinance, Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
License information

5 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
6.688% 
Interest rate
6.5% 
Mo. payment
$2,213 
Insurance $0
Total fees
$6,752 
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.
Farmers Bank of Kansas City: NMLS#613839
Great for Rate transparency
Conventional 30-year fixed
Farmers Bank of Kansas City
4.5
NerdWallet rating
APR
7.003% 
Interest rate
7% 
Mo. payment
$2,329 
Insurance $0
Total fees
$95 
About this lender
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Offers home equity loans and lines of credit.
  • Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons
  • Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
  • Home renovation loans are not available.
  • Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
Northpointe: NMLS#447490Conventional 30-year fixed
Northpointe
APR
7.125% 
Interest rate
7.125% 
Mo. payment
$2,359 
Insurance $0
Total fees
-$5 
About this lender
Visit lender's website | Call (866) 356-0885
Pros
  • A full slate of loan offerings.
  • Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.
  • Digital conveniences include a mobile app.
Cons
  • You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
  • Origination fees are on the high side, according to the latest data.
New American Funding
EXPLORE QUOTEon New American Funding
on New American Funding
New American Funding: NMLS#6606
Great for first-time home buyers | customer service
Conventional 30-year fixed
New American Funding
APR
7.538% 
Interest rate
7.49% 
Mo. payment
$2,445 
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
7.787% 
Interest rate
7.75% 
Mo. payment
$2,508 
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.


A Beginner’s Guide to Refinancing a 30-Year Mortgage
Last updated on October 22, 2024
Written by 
Abby Badach Doyle
Lead Writer
Michelle Blackford
Reviewed by 
Jeanette Margle
Edited by 
Jeanette Margle
Lead Assigning Editor
Fact Checked
Abby Badach Doyle
Written by 
Lead Writer
Michelle Blackford
Reviewed by 
Jeanette Margle
Edited by 
Jeanette Margle
Lead Assigning Editor
Fact Checked

👉 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.

Why should I compare 30-year refinance mortgage rates?

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.

What influences 30-year refinance mortgage rates?

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

Should I refinance to a new 30-year mortgage?

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.

Video preview image

Pros and cons of a 30-year mortgage refinance

Pros

  • Lower monthly payments
  • More flexibility in your cash flow

Cons

  • Higher total cost, based on interest paid over time
  • Higher interest rates, compared to shorter term loans

How to refinance a mortgage, step by step

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.


About the author: Abby Badach Doyle writes about homebuying and mortgages for NerdWallet.

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.

Check out our other mortgage and refinance tools

Lenders

Get pre-approved

Get your true budget and find a home with ease.
Calculator

Calculate your mortgage

Figure out your estimated payments the easy way.
Calculator

Should You Refinance

Calculate how much you can save by refinancing
Explore more quotes

Refinance rates by loan type

30-year-fixed refinance rates