Do you want to lock in a more stable rate or reduce your monthly mortgage payments? A very initial step is to understand today’s 30-year refinance rates. Because of its consistent payments and potential for long-term savings, the 30-year fixed-rate refinancing is one of the most popular choices for homeowners.
We’ll go over the most recent 30-year refinancing rates, the variables that affect them, and how to get the best deal in this guide. Being aware of current rates may help you make better financial decisions, regardless of whether you’re refinancing to reduce costs, shorten your loan term, or access home equity.
What Are Today’s 30-Year Refinance Rates?
As of today, the average 30-year fixed refinance rate in the United States is around 6.97 percent, according to Bankrate. This is a slight increase compared to last week. Forbes Advisor also reports a similar average, hovering near 6.91 percent. These numbers reflect what many lenders are currently offering, though your exact rate can vary based on your credit score, loan amount, home equity, and location.
Refinance rates are usually just a bit higher than purchase mortgage rates. So if you locked in a higher rate over the past year, now might be a good time to consider refinancing, especially if your financial profile has improved.
A few ways to boost your chances of getting a better refinance rate include improving your credit score, shopping around with multiple lenders, and ensuring your home appraisal reflects any recent upgrades or rising neighborhood values.
To sum it up, while today’s 30-year refinance rates are close to seven percent, they are still significantly lower than last year’s peak. If you are considering refinancing, it may be worth acting soon before rates rise again.
Why Refinance With a 30-Year Mortgage?
Refinancing with a 30-year mortgage is a popular option for many homeowners, and for good reason. It offers long-term stability, lower monthly payments, and the opportunity to reset your finances, especially if interest rates have dropped since you took out your original loan. For homeowners looking to reduce financial pressure, a 30-year refinance can provide welcome breathing room.
One of the biggest advantages of refinancing into a 30-year mortgage is the lower monthly payment. By spreading your loan out over a longer period, you can significantly reduce what you owe each month, freeing up cash for savings, investments, or everyday expenses. This is particularly helpful if your income has changed or you are managing other debts.
A 30-year refinance also gives you fixed-rate predictability. Unlike adjustable-rate mortgages, your monthly payment stays the same, which helps you plan ahead with confidence. Many homeowners use this opportunity to switch from variable to fixed rates for greater financial peace of mind.
Moreover, refinancing into a 30-year mortgage can let you tap into your home’s equity for cash-out purposes. Whether you want to fund a home renovation, cover education costs, or pay down higher-interest debt, this move can help you access money at a lower interest rate than most personal loans or credit cards.
It is also a smart strategy if you plan to stay in your home long term. The consistent, manageable payments make budgeting easier while still building equity over time.
Latest Trends in 30-Year Fixed Refinance Rates
As of today, 30-year fixed refinance rates are generally ranging between six point eight five and just above seven percent. While that’s lower than the peak levels seen in late 2023, it’s still higher than the historically low rates many homeowners enjoyed during the pandemic. Recent data shows a slight dip in the average rate, suggesting that the market may be stabilizing after several months of fluctuations.
Economists point to a mix of factors keeping rates elevated, including inflation concerns, cautious moves by the Federal Reserve, and global economic uncertainty. Although rates have eased a bit, most experts believe they will stay in this range unless there is a major economic shift or a clear signal from the Fed.
For homeowners, the current trend presents a mixed opportunity. If your existing mortgage has a significantly higher rate, refinancing into a 30-year fixed loan today could reduce your monthly payments and provide long-term financial predictability. Additionally, those looking to tap into their home equity may still find refinancing to be a practical solution, despite the higher rates.
The major takeaway is this: 30-year refinance rates are stable but not dramatically falling. If you’re considering a refinance, now may be a good time to compare offers and lock in a rate, especially if you’re aiming to improve cash flow or switch from an adjustable-rate mortgage.
Weekly National Mortgage Interest Rate Trends
Mortgage and Refinance Rate Overview
Here’s a look at current average refinance rates across popular loan types:
Today’s 30-Year Refinance Rate – June 12, 2025
As of Thursday, June 12, the national average for a 30-year fixed refinance rate has risen to 7.02%, marking an increase of 11 basis points from last week. In comparison, the average 30-year fixed mortgage rate now sits at 6.91%, up just 1 basis point over the past seven days.
How To Compare 30-Year Fixed Refinance Rates
Lenders across the country share their mortgage interest rates with our national survey each weekday. This allows us to provide you with an up-to-date look at average rates for a wide range of home loan products. The table below features the latest average interest rates and APRs for 30-year fixed refinance and purchase loans. Rates reflect a borrower profile with a 740 FICO score, a single-family property, and no discounts from existing relationships or autopay programs.
These figures are updated daily to help you make the most informed choice when comparing home loan offers.
Why Comparing Refinance Rates Matters
Every lender prices loans a bit differently, so even a small difference in rate or closing costs can lead to big savings over time. According to research by Freddie Mac, getting just one additional rate quote can save borrowers around $1,500 over the life of the loan. Shopping for five quotes could save you an average of $3,000. This becomes even more important during periods of rate volatility, when spreads between lender offers tend to widen.
So if you’re planning to refinance, it’s worth your time to get multiple quotes before locking in a rate.
Today’s Refinance Rate Snapshot
How To Refinance Into A 30-Year Loan
Refinancing into a 30-year loan can be a smart move if you’re looking to reduce your monthly payments, access home equity, or secure a more stable interest rate. But to get the most out of your refinance, it’s important to understand the process, compare your options, and know what lenders are looking for.
Start With a Clear Goal
Before starting, define your reason for refinancing. Even if it’s lowering your rate, tapping into equity for home improvements, or restructuring debt, your goal will help you choose the right loan and terms.
Review Your Credit Score
Your credit score has a big impact on your refinance rate. The best offers usually go to borrowers with scores of 740 and above. If needed, take time to improve your credit before applying to secure a lower rate.
Get Multiple Rate Quotes
Don’t stop at one lender. Comparing quotes from at least three can reveal big differences in rates and fees. Shopping around can save you thousands over the life of your loan.
Look Beyond the Rate
Interest rates are only part of the picture. Be sure to review closing costs, lender fees, and discount points. A lower rate isn’t always the best deal if the upfront costs are too high.
Should You Refinance Into A 30-Year Mortgage?
It may not seem like the perfect moment to refinance if you’re considering it. Early in 2025, mortgage rates rose above 7% due to a strong economy and ongoing inflation. For many homeowners, this has made it more difficult to obtain appealing refinance offers.
However, there’s still cautious optimism among some experts. In mid-May, the Mortgage Bankers Association forecasted that mortgage rates could ease to around 6.6 percent by the spring, giving borrowers a potential opportunity to lock in a better deal.
For many homeowners, the primary motivation to refinance a 30-year mortgage is to secure a lower interest rate. Doing so can help reduce monthly mortgage payments and decrease the total interest paid over time. Others consider a cash-out refinance to access home equity, often to fund renovations, consolidate high-interest credit card debt, or cover unexpected expenses.
Before moving forward, it’s essential to clarify your refinancing goals. Are you aiming to lower your payments or pay off your mortgage faster? It’s also worth noting that refinancing usually makes the most financial sense if you plan to stay in your home for several more years. That’s because it often takes time to recover the upfront costs associated with refinancing.
Pros Of A 30-Year Fixed Refinance Mortgage
The primary pros are outlined below to help you to decide if this loan term fits with your financial objectives.
Lower monthly payments: Stretching your loan over 30 years typically results in smaller monthly payments compared to shorter loan terms. This can make it easier to manage your monthly budget.
More room in your monthly budget: If you need financial breathing room for other goals like tackling student debt, investing, or covering everyday expenses—a 30-year refinance can free up cash each month.
Wide availability from lenders: Since the 30-year fixed mortgage is the most commonly offered loan type, you’ll have access to plenty of lenders and refinancing options. This can increase your chances of finding competitive terms.
Cons Of A 30-Year Fixed Refinance Mortgage
The major cons are listed below to help you to decide if this loan term fits with your financial objectives.
Higher total interest over time: While lower payments can be helpful, they come at a cost. With a longer term, you’ll end up paying more in interest over the life of the loan than you would with a shorter-term option.
Slightly higher mortgage rates: Because lenders take on more long-term risk, interest rates on 30-year loans are usually higher than those on 15-year mortgages.
Slower equity growth: Paying down the principal happens more gradually with a 30-year loan. That means it takes longer to build home equity and for your interest payments to shrink noticeably.
Top Lenders Offering Competitive 30-Year Refinance Rates
Locking in a 30-year refinance rate might be a good choice if you’re considering refinancing your mortgage to benefit from reduced monthly payments, particularly if you desire long-term financial stability. For 30-year mortgage refinances, a number of lenders are providing attractive rates in 2025; it’s worthwhile to evaluate their offers in light of factors including interest rates, fees, loan conditions, and customer satisfaction.
Here are some of the top lenders offering competitive 30-year refinance rates right now:
- Rocket Mortgage
Rocket Mortgage continues to be a popular choice due to its streamlined online process, solid customer service, and competitive refinance rates. Their digital platform allows you to get custom rate quotes quickly and track the entire process with ease. - Better Mortgage
Better Mortgage offers a no-commission, all-digital refinance experience. They typically charge lower fees than traditional lenders, and their 30-year refinance rates are often among the lowest, especially for borrowers with strong credit profiles. - Chase Bank
As one of the largest national banks, Chase offers reliable refinance options with personalized service. They often provide rate discounts for existing customers and competitive 30-year refinance terms that are well-suited for long-term homeowners. - Bank of America
Bank of America offers a range of mortgage refinance options and provides helpful tools to estimate your new monthly payment. They also offer relationship discounts for qualifying customers, which can bring your 30-year rate down even further. - PNC Bank
PNC Bank is a strong contender for borrowers who want both digital convenience and in-person support. Their refinance options come with flexible terms and their 30-year refinance rates are generally competitive, especially if you meet certain credit and income criteria. - SoFi
If you’re looking for a fully online lender with member benefits, SoFi might be a good fit. Their 30-year refinance rates are competitive, and they’re known for offering extra perks like unemployment protection and financial planning services. - LoanDepot
LoanDepot offers both fixed and adjustable refinance loans with fast application processing. Their lifetime guarantee ensures you won’t pay lender fees for future refinances, making them a strong pick for homeowners looking at long-term savings.
30-Year Refinance vs. 15-Year: Which Is Right for You?
Choosing between a 30-year refinance and a 15-year refinance comes down to your financial goals, monthly budget, and long-term plans. Both loan terms have their advantages, and understanding how each works can help you make a smarter refinancing decision.
30-Year Refinance: Lower Payments, Longer Term
A 30-year refinance spreads your mortgage payments over three decades, making your monthly payments more affordable. This option is especially appealing if you want to free up cash flow for other priorities like saving for retirement, paying off debt, or handling everyday expenses. You’ll likely pay more interest over the life of the loan compared to a shorter term, but the lower monthly commitment can offer peace of mind and flexibility.
15-Year Refinance: Faster Payoff, Higher Monthly Payments
With a 15-year refinance, you’ll pay off your loan in half the time, which means you’ll pay significantly less interest overall. It also helps you build home equity faster. However, the monthly payments are higher because the loan term is shorter. This option works best for homeowners with strong, stable income who are focused on long-term savings and want to own their home outright sooner.
Which One Should You Choose?
A 30-year refinancing can be a better option if your primary objective is to reduce your monthly payments while maintaining financial flexibility. It’s also a good choice if you wish to lengthen the term to ease financial strain and are refinancing from a higher rate.
On the contrary, if you’re in a good financial position and can handle a higher monthly payment without stress, the 15-year refinance can save you thousands in interest and help you build wealth faster through home equity.
Common Mistakes to Avoid When Refinancing a 30-Year Loan
Refinancing a 30-year mortgage can be a great financial move, especially if you’re aiming to lower your interest rate, reduce monthly payments, or tap into home equity. But like any big financial decision, it comes with its share of pitfalls. Avoiding common refinancing mistakes can help you save money and make the most of your new loan.
Here are some of the most common mistakes homeowners make when refinancing a 30-year loan and how to steer clear of them.
- Not Shopping Around for the Best Rate
One of the biggest mistakes is settling for the first refinance offer you receive. Interest rates can vary widely between lenders, and even a small difference can cost thousands over time. Get quotes from at least three to five lenders to find the most competitive 30-year refinance rate for your situation. - Ignoring the Total Cost of the Loan
Many homeowners focus only on the new monthly payment and overlook the total interest paid over 30 years. A lower monthly payment might feel like a win, but if you’re extending your loan term significantly, you could end up paying more in the long run. - Rolling Closing Costs Into the Loan Without Thinking It Through
It’s common to roll refinancing fees into the loan amount to avoid upfront costs. While convenient, this increases the loan balance and means you’ll pay interest on those fees over time. If you can afford to pay closing costs out-of-pocket, it could save you money in the long haul. - Restarting the 30-Year Clock Without Considering Alternatives
Refinancing into a new 30-year term may reduce your monthly payment, but it also resets your loan timeline. If you’ve already paid several years on your current mortgage, you might benefit more from a 20- or 15-year option; saving on interest and paying off your home sooner. - Failing to Check Your Credit Before Applying
Your credit score plays a major role in determining your refinance rate. Applying without reviewing your credit report first can lead to surprises or missed opportunities to improve your score before locking in a rate. Take time to fix any errors and pay down debts to boost your score. - Not Locking in the Interest Rate
Mortgage rates can fluctuate daily. If you don’t lock in your rate when you get a good offer, it might go up before closing. Make sure you understand the lender’s rate lock policy and secure the best rate available at the right time. - Refinancing Without a Clear Goal
Refinancing should serve a purpose, even if it’s lowering your rate, reducing your term, or accessing equity. If you refinance without a clear strategy, you risk making a move that doesn’t actually benefit your long-term financial goals. - Overlooking Loan Fees and Terms
Not all refinance loans are created equal. Watch for prepayment penalties, high origination fees, or hidden charges that could outweigh the benefits of refinancing. Always read the fine print and ask questions if something doesn’t add up. - Assuming All Lenders Are the Same
Different lenders offer different rates, terms, and service levels. Some specialize in fast digital applications, while others may offer better customer support or lower fees. Take the time to compare and find the best overall fit, not just the lowest rate. - Refinancing Too Often
As it’s tempting to chase slightly better rates, refinancing too frequently can cost more in fees than it saves. Make sure each refinance aligns with your financial goals and offers meaningful long-term savings.
Conclusion
In today’s market, 30-year refinance rates remain a popular choice for homeowners looking to lower their monthly payments and lock in long-term financial stability. Even if you’re aiming to reduce interest costs, consolidate debt, or simply improve your cash flow, securing a competitive 30-year refinance rate can make a meaningful difference over time.
As rates continue to fluctuate, staying informed and comparing offers from top lenders is key. By understanding your financial goals and exploring personalized options, you can take full advantage of today’s refinance opportunities and set yourself up for greater savings in the years ahead.
Related: 10-Year Mortgage Rates
FAQs About 30-Year Refinance Rates
Q1. What are the 30-year refinance rates today?
Ans: As of June 2024, 30-year refinance rates average 6.5%-7%, depending on credit score and lender. Rates fluctuate daily with market conditions. For the latest rates, check lenders like Rocket Mortgage or Bank of America. Locking in a lower rate can save thousands over the loan term. Compare refinance rates to find the best deal.
Q2. Will Mortgage Rates Ever Be 3% Again?
Ans: Mortgage rates hitting 3% again is unlikely soon, as inflation and Fed policies keep rates higher. Historically, rates dipped to 3% during economic crises like COVID-19. Future drops would require a severe recession or deflation. For now, expect rates to stay 5%+. Refinancing may be wise if rates fall significantly.
Q3. How much is a $400,000 mortgage payment for 30 years?
Ans: A $400,000 mortgage at 7% for 30 years has a monthly payment of ~$2,661 (principal + interest). Taxes, insurance, and PMI increase this amount. Use a mortgage calculator to estimate payments based on current rates. Lower rates or a larger down payment reduce monthly costs.
Q4. Who Offers the Best Mortgage Rates?
Ans: Top lenders like Rocket Mortgage, Better.com, and local credit unions often offer competitive mortgage rates. Online lenders may provide lower rates due to lower overhead. Compare quotes from multiple lenders, including banks and brokers, to secure the best rate. Your credit score and down payment significantly impact the rate offered.
Q5. How much are closing costs for refinance?
Ans: Refinance closing costs typically range 2%-5% of the loan amount. For a $300,000 loan, expect $6,000-$15,000 in fees, including appraisal, title insurance, and origination charges. Some lenders offer no-closing-cost refinances but may charge a higher rate. Always compare refinance offers to minimize costs.
Q6. How much is a $400,000 mortgage payment for 30 years?
Ans: A $400,000 mortgage at 7% interest over 30 years costs ~$2,661/month (principal + interest). Including taxes and insurance, payments may exceed $3,000. Adjustable-rate mortgages (ARMs) may offer lower initial payments. Use a mortgage calculator to explore different rates and terms for accurate estimates.
Meet the expert:
Fehmida Tantray
Fehmida Tantray is a senior writer at LendingPalm, bringing over three years of experience in the finance industry. Her expertise spans across loans, credit, budgeting, and financial planning.
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