Compare Current Refinance Rates for July 2020

We want to help you make more informed decisions. Some links on our site — clearly marked — will take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Advertised & Editorial Rates: This table includes two types of listings: ads that we may be paid for (“advertiser listing”); and listings that we research and publish to provide a more holistic view of market rates (“editorial listings”). Here’s how to tell the difference: if you see a clickable button, such as a green “Next” button, that is an advertiser listing, and if you do not see a clickable button, it’s an editorial listing. For more information, see our Advertising Disclosure

Accuracy of Advertised Terms: Each advertiser is responsible for the accuracy and availability of its ad offer details. However, we attempt to verify those details through our quality control program. For more information, see our Quality Control Program.

Editorial Content: We include editorial content below the rate table to educate consumers about financial products and services. Some of that content may also contain ads, including links to advertisers’ sites, and we may be paid on those ads or links. For more information, see How We Make Money.

Current Mortgage and Refinance Rates

ProductInterest RateAPR
30-Year Fixed Rate%%
30-Year FHA Rate%%
30-Year VA Rate%%
30-Year Fixed Jumbo Rate%%
20-Year Fixed Rate%%
15-Year Fixed Rate%%
15-Year Fixed Jumbo Rate%%
5/1 ARM Rate%%
5/1 ARM Jumbo Rate%%
7/1 ARM Rate%%
7/1 ARM Jumbo Rate%%
10/1 ARM Rate%%
ProductInterest RateAPR
30-Year Fixed Rate%%
30-Year FHA Rate%%
30-Year VA Rate%%
30-Year Fixed Jumbo Rate%%
20-Year Fixed Rate%%
15-Year Fixed Rate%%
15-Year Fixed Jumbo Rate%%
5/1 ARM Rate%%
5/1 ARM Jumbo Rate%%
7/1 ARM Rate%%
7/1 ARM Jumbo Rate%%
10/1 ARM Rate%%

Current Refinance Rates

LoanInterest RateAPR
30-Year Fixed Rate3.33%3.49%
30-Year FHA Rate3.03%3.67%
30-Year VA Rate3.25%3.49%
30-Year Fixed Jumbo Rate3.35%3.38%
20-Year Fixed Rate3.29%3.48%
15-Year Fixed Rate2.82%3.01%
15-Year Fixed Jumbo Rate2.86%2.90%
5/1 ARM Rate3.17%3.84%
5/1 ARM Jumbo Rate3.07%3.59%
7/1 ARM Rate3.28%3.79%
7/1 ARM Jumbo Rate3.31%3.71%
10/1 ARM Rate3.57%3.90%

These refinance rate averages are based on weekday mortgage rate information provided by national lenders to Bankrate.com. These marketplace average rates for a variety of refinance loan types were last updated on June 30, 2020. It is possible rates have changed since this was last updated.

What is a Mortgage Refinance?

A mortgage refinance involves taking out a new loan to pay off your current mortgage. 

Refinancing your mortgage can help you in a number of ways. The biggest is the potential to save money by lowering your monthly mortgage payment, locking in a lower interest rate, adjusting the length of your loan, or getting rid of private mortgage insurance. You also might want to refinance to cash out some of your home equity and pay for home renovations or other expenses.

The process is similar to taking out an original home mortgage, so you should prepare in the same way. Before you apply, research your best options and organize all the financial documents you’ll need. You’ll want to shop around for the best refinance rates and loan terms.

When Should You Refinance?

Whether or not you should refinance your existing home depends a lot on current refinance rates and how they compare to your existing mortgage. When you refinance, you can expect to pay 3%-6% of the new loan amount upfront in closing costs (or, that figure can be added directly to your new loan). With that in mind, crunch the numbers to ensure you’ll be saving over the life of the loan. If you aren’t planning on staying in your current home for the long term, then you may not have enough time to recoup the costs.

Refinancing is an opportunity to lower your monthly payment and create some room in your monthly budget. The best way to do this is by scoring a significantly lower interest rate. You could also create short-term savings by choosing a new loan with a longer term, such as trading a 15-year mortgage for a 30-year mortgage. In that case, the tradeoff is that you’ll end up paying more interest over the life of the loan. So you’ll have to balance your priorities.

Finding the Best Refinance Rate

Shop around to find the best mortgage refinance rates—and know your personal financial situation will impact your rates. If you have a high credit score, you can qualify for the best refinance rates. The best way to improve your credit is to take a long-term approach by paying down debt and paying your bills on time.

You may also be able to get better refinances rates on shorter loans. So taking out a 10- or 15-year mortgage will save you on interest over the life of the loan compared to a 30-year refinance, though you’ll have higher monthly payments.

Types of Refinancing

Most refinancing falls under the “rate and term” category. With this type of refinance, you’re replacing your existing loan with one that has a more favorable interest rate or loan terms. 

A “cash-out” refinance is used to turn your home’s value into cash. For example, if you had a $50,000 mortgage and your home is worth $100,000, you could refinance for $80,000 and pocket the extra $30,000. This could give you an opportunity to make improvements that increase the value of your home, assuming you’re financially secure enough to take on the increased debt.

Another type of refinance is a “cash-in” refinance, where you can pay down your loan as part of the refinance to get a smaller monthly payment. Increasing your equity, or decreasing your principal balance relative to the value of your house, could also help you drop private mortgage insurance payments.