What is the 30-year refinance rate today?

As of May 2026, the 30-year fixed refinance rate is approximately 6.85%–7.30% for well-qualified borrowers (credit score 740+, 20%+ equity). Refinance rates typically run 0.10%–0.25% higher than purchase mortgage rates because refinances carry slightly higher risk for lenders. The exact rate you're offered depends on your credit score, loan-to-value ratio, debt-to-income ratio, and the lender you choose.

When does it make sense to refinance to a 30-year mortgage?

Refinancing to a 30-year mortgage makes sense when: (1) current rates are significantly lower than your existing rate — typically at least 0.75%–1% lower to overcome closing costs; (2) you need to lower your monthly payment and can accept extending the loan term; (3) you want to cash out equity and prefer spreading the new balance over 30 years; or (4) you're converting an ARM to a fixed rate for payment stability. It rarely makes sense if you're more than halfway through your existing loan.

How much does it cost to refinance a 30-year mortgage?

Refinancing closing costs typically run 2%–5% of the loan amount. On a $350,000 refinance, closing costs are approximately $7,000–$17,500. You can roll closing costs into the loan balance (a no-cost refinance), but this increases your balance and interest paid. To determine if a refi is worth it, calculate the break-even point: divide your closing costs by your monthly savings. If closing costs are $8,000 and you save $200/month, break-even is 40 months (~3.3 years).

How does credit score affect your 30-year refinance rate?

Credit score has a substantial impact on the rate you're offered. A borrower with a 760+ credit score may receive a 6.85% rate, while a borrower with a 640 score might receive 7.50%–8.00% from the same lender. On a $300,000 loan, that 0.65% rate difference equals about $131/month — or $47,000+ in additional interest over the life of a 30-year loan. Improving your credit score before refinancing can save tens of thousands of dollars.

30-Year Refinance Rates 2026 — Current Rates and How to Get the Best Deal

The 30-year fixed refinance rate as of May 2026 is approximately 6.85%–7.30% for borrowers with strong credit and at least 20% equity. Refinance rates run slightly higher than purchase rates — typically 0.10%–0.25% more — because of the different risk profile. Whether a 30-year refinance makes sense depends on how much your rate would drop, your closing costs, and how long you plan to stay in the home.

Current 30-Year Refinance Rates (May 2026)

Loan Type	Rate Range	APR Range
30-year fixed refinance	6.85%–7.30%	6.95%–7.45%
20-year fixed refinance	6.55%–7.00%	6.65%–7.15%
15-year fixed refinance	6.10%–6.55%	6.20%–6.70%
5/1 ARM refinance	6.20%–6.75%	6.90%–7.40%

Note: These are representative ranges for borrowers with credit scores of 740+ and loan-to-value ratios of 80% or below. Rates change daily.

Monthly Payment at Different Rates

$250,000 Refinance Balance

Rate	Monthly P&I	Total Interest (30 yr)
6.50%	$1,580	$318,880
6.85%	$1,638	$389,680
7.00%	$1,663	$398,680
7.25%	$1,704	$413,440
7.50%	$1,748	$429,280

$350,000 Refinance Balance

Rate	Monthly P&I	Total Interest (30 yr)
6.50%	$2,212	$446,320
6.85%	$2,293	$475,480
7.00%	$2,329	$488,440
7.25%	$2,386	$509,160
7.50%	$2,447	$531,920

How Refinance Rates Compare to Purchase Rates

Refinance rates are consistently 0.10%–0.25% higher than purchase rates. In May 2026:

30-year purchase mortgage rate: ~6.70%–7.10%
30-year refinance rate: ~6.85%–7.30%

This spread exists because refinance borrowers are statistically more likely to default during economic stress, and lenders add a small premium for that risk. Additionally, refinances often involve cash-out transactions or debt consolidation, which lenders view as higher risk.

Should You Refinance? The Break-Even Calculation

The core question: Does the monthly savings justify the closing costs?

Example: $320,000 loan, refinancing from 7.75% to 7.00%

	Current Loan	New Loan (Refi)
Balance	$320,000	$320,000
Rate	7.75%	7.00%
Monthly P&I	$2,287	$2,129
Monthly savings	—	$158/month
Estimated closing costs	—	$8,000
Break-even point	—	~51 months (4.2 years)

If you plan to stay in the home more than 4.2 years, refinancing saves money. If you plan to sell sooner, it probably doesn’t.

General rule: A 0.75%–1.00% rate reduction typically justifies refinancing costs for most borrowers with balances over $200,000.

How Your Credit Score Affects Your Rate

Fannie Mae and Freddie Mac price conforming loans using a risk-based pricing grid. Your rate adjusts based on credit score and LTV:

Credit Score	Rate Estimate (May 2026)	Monthly Payment ($300K)
760+	6.85%	$1,966
740–759	6.95%	$1,985
720–739	7.10%	$2,011
700–719	7.25%	$2,046
680–699	7.50%	$2,098
660–679	7.75%	$2,147
640–659	8.00%+	$2,201+

Takeaway: If your credit score is below 720, spending 6 months building it before refinancing can save you $50–$150/month and tens of thousands over the loan’s life.

30-Year Refi vs. 15-Year Refi — Which Is Better?

	30-Year Refi	15-Year Refi
Rate (May 2026)	~7.00%	~6.30%
Monthly payment ($300K)	$1,996	$2,583
Monthly payment difference	—	+$587/month higher
Total interest over term	~$418,000	~$164,000
Interest savings vs. 30-yr	—	~$254,000

When the 30-year refi is better: If you need a lower monthly payment, have other high-rate debt to pay off first, or want to invest the difference.

When the 15-year refi is better: If you can afford the higher payment, want to build equity faster, and plan to stay in the home long-term.

How to Get the Best 30-Year Refinance Rate

Get at least 3–5 loan estimates — rates vary by lender. Mortgage brokers can shop multiple lenders at once.
Apply within a 14–45 day window — multiple hard credit pulls within this window count as a single inquiry under FICO scoring models.
Improve your LTV — borrowers with 20%+ equity get better rates than those at 80%–90% LTV. A small cash-in refi payment can unlock a better tier.
Pay points to buy down your rate — one discount point (1% of the loan) typically reduces the rate by 0.25%. Worth considering if you’ll stay in the home long-term.
Check credit unions and community banks — they often offer rates 0.10%–0.25% below national bank averages.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy