30 Year Refinance Rates

Refinancing your mortgage can be done for a number of reasons. It gives you access to a loan for part of the equity you’ve built in your home. It can lower your monthly payments in some cases. In other cases, refinancing may help you to save on long-term interest by refinancing at a lower interest rate. 

There are a number of different loan terms you can get when refinancing, including 30-year terms. Refinancing for a term of 30 years is an option when lowering your payments is the priority. If you need or want to refinance your current home loan to a new loan that you’ll pay back over 30 years, it’s important to find the best refinance rates and lenders to ensure future financial success.

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Current 30-year refinance rate

Product Interest Rate APR
30-Year Fixed Refinance2.980%3.180%
30-Year Jumbo Mortgage Rate2.990%3.050%
30-Year FHA Refinance Rate2.870%3.680%
30-Year VA Refinance Rate2.780%2.960%

Rates data as of 12/2/2020

8 best 30-year refinance rates of 2020

SunTrust — Best for monthly savings

Based on statistics from 2017, SunTrust Mortgage has saved clients an average of $314 per month through refinancing. SunTrust Mortgage also offers several tools and programs to assist with 30-year refinances. The company has ConfidenceNow Preapproval, which can get you preapproval for a refinancing offer quickly online without needed to visit a branch. SunTrust does not post refinancing rates online, but standard rates on a 30-year fixed purchase mortgage are 4.5360% as of March 2020.

Conventional fixed-rate refinancing is available through Navy Federal Credit Union for military members, veterans and their families. Rates start as low as 2.554% for loan-to-value ratios up to 95%. The company does not specify if the posted rates are for all loan terms between 10 years and 30 years or just the shorter terms. 

Navy Federal does present an example 30-year refinance on a $250,000 loan. The loan example has an APR of 2.973% and a monthly payment of $1,037. Rates this low on 30-year refinancing are industry-leading.

Bank of America — Best for fast prequalification

Bank of America offers 30-year fixed refinance rates that start in the low to mid 3% APR range. Exact rates depend on your home’s location, value, current loan balance and your creditworthiness. Those people looking for fast answers can apply for a no-cost, no-obligation prequalification in a matter of minutes online. Additionally, Preferred Rewards members with Bank of America can qualify for a discount of $200 to $600 on origination fees.

Chase — Best for physical and online applications

Refinancers who want the convenience of online borrowing while still being able to walk into a branch location may want to consider Chase for their 30-year refinancing needs. This lender’s 30-year fixed refinance rates start at 3.317%, assuming great credit, purchase of one point, 20% down and a single family residence. Chase does work with refinancing requests outside of these parameters. 

For exact rates, you’ll need to contact the bank online or visit one of the 4,900 branch locations.

Wells Fargo — Best for comparison tools

Servicing clients in 37 states, Wells Fargo offers competitive rates on 30-year fixed refinancing, with interest rates starting at 3.332%. People who are not sure how best to approach refinancing will enjoy the many calculators and comparison tools available on Wells Fargo’s website. The site offers a mortgage loan comparison calculator, a rate and payment calculator and the ability to get prequalified.

Better.com — Best for price matching

The 30-year mortgage refinancing rates on Better.com’s website update by the minute. Better is a direct lender, not a clearing house for lenders, and rates on 30-year refinances start around the low 4% range depending on your location, credit score and loan amount. If you want to work with Better.com but you’ve found a better rate elsewhere, you can send them the information and the company will send you $1,000.  

Loan Depot — Best for lifetime guarantee

In order to find out what the APR rates on 30-year refinancing at Loan Depot, you will have to reach out to an agent. While this may take an extra step, the perks offered by the company may make it worth your while. First, the company offers a lifetime guarantee on lender fees. If you refinance with the company once you will never pay lender fees again. Additionally, the company will reimburse you for your appraisal costs. Since the company started, it has funded over $165 billion in loans.

Rocket Mortgage — Best for customer satisfaction

Rocket Mortgage by Quicken Loans has refinancing options available if you want to take cash out of your home or are looking for a lower payment. The company can help shorten your loan term as well. However, that’s not going to be important for someone looking for a 30-year refinancing option. 

What stands out most about Rocket Mortgage is the overall customer satisfaction rate. Backed by 35 years of experience, the company has 4.0/5.0 stars on Trustpilot and 96% of past clients would recommend the company based on a Quicken Loans market research questionnaire.

Compare 8 best 30-year refinance rates of 2020

ProviderStates ServicedBranch LocationsKey Benefit
Suntrust111,147$314 average monthly savings
Navy Federal30247LTV ratios up to 95%
Bank of America504,30030-year APR starts at 3.772%
Chase504,90030-year APR starts at 3.317%
Wells Fargo377,40030-year APR starts at 3.332%
Better.com44N/ABetter price guarantee
Loan Depot50150Loan Depot lifetime guarantee
Rocket Mortgage50N/AHigh customer satisfaction ratings

What is a 30-year refinance?

When your credit profile improves, interest rates drop or your financial needs change, you may look to get new terms on your home mortgage. The main option you have is refinancing. Refinancing is when you get a second loan to pay off your first loan, and then proceed to make payments on your second loan, which becomes your primary loan. This can help you to lower monthly payments, save on interest and alter the repayment terms you’re bound by. 

A 30-year refinance is an option for refinancing in which your new loan is paid back over the course of 30 years. This refinance option will in most cases extend the life of your loan because it will restart the mortgage clock over, which could result in higher interest payments over time. Still, in a lot of situations, a 30-year refinance is a tool to help lower monthly payments for short-term relief.

30-year refinance vs. other terms

30-year refinance vs. 15-year refinance

When you refinance to a 30-year mortgage, your amortization schedule fully resets. This means that a very small percentage of your initial payments are going towards principle — as was the case with your first mortgage — with the bulk going towards interest. If you’re able to afford the payments on a 15-year refinance, it may be worth considering, as you’ll be putting much more toward principal and saving a ton on interest, assuming you get a similar rate on both options. If lower payments are your priority, you’ll want to stick with the 30-year option.

30- year refinance vs. 20-year refinance

Comparatively, APRs on 30-year refinances will be higher than that of 20-year refinances. However, because you are spreading the payments out over a longer period of time, monthly payments on 30-year refis should be lower. 

Deciding between these two options comes down to what is most important to you. If saving money in the long run is more important and you can afford higher monthly payments, a 20-year refinance may be more fitting. If the size of your monthly payments trumps concerns about the lifetime cost of the loan, you may want a 30-year refinance. 

Remember, though, that if you choose a 30-year refi, it adds an additional decade in which you’ll be making payments.

30-year refinance vs. 10-year refinance

The long-term savings you’ll earn are even more substantial when you drop down to a 10-year mortgage option from a 30-year refinance loan. However, your payments will get substantially higher because you’ll have to pay off your loan in less time. Payments on a $100,000 loan for 30 years at 5% APR would be $537 on a 30-year refinance. Drop that loan to 10 years at the same rate and payments nearly double and become $1,061. However, the total amount with interest that you’ll pay on the 30-year loan is $193,255.20, while the total you’ll pay with interest on the 10-year loan is $127,279.20.

Jason Lee

Personal Finance Contributor

Jason Lee is a seasoned copywriter with a passion for writing about banking, tech, personal growth, and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill set with the rest of the world.