Rates

30-Year Refinance Rate Today: 6.82%

Track current 30-Year Refinance Rate and find the lowest available rate for your situation.

30-Year Refinance Rate — Current Rates

6.82%
6.94%
6.79%
+0.03%
7.06%
6.11%–7.83%

Current 30-Year Refinance Rate rates are averaging 6.82% as of December 2024, according to the Freddie Mac Primary Mortgage Market Survey. Refinance rates are typically similar to purchase rates, though cash-out refinances may carry a slight premium of 0.25–0.5%.

What Moves Refinance Rates Specifically

Refinance rate pricing includes considerations that don't apply to purchase transactions, which is why refi rates can diverge from purchase rates even for an identical borrower profile.

  • Cash-out risk premium: Any refinance that extracts equity as cash carries additional risk pricing (typically 0.125-0.375% above rate-and-term refinance) because the resulting LTV is higher and the borrower's incentive structure changes
  • Appraisal waiver eligibility: Many rate-and-term refinances qualify for automated appraisal waivers (particularly with significant existing equity), which can modestly improve pricing by removing appraisal-related uncertainty for the lender
  • Streamline program eligibility: FHA and VA streamline refinances (skipping full appraisal and income verification) are priced based on reduced lender risk and cost, sometimes resulting in better rates than a full standard refinance despite less underwriting rigor

Rate Context

The 50-year average for 30-year fixed rates is approximately 7.7% (Freddie Mac data). Today's rates, while elevated compared to the 2020–2021 pandemic lows (which touched 2.65%), are near or below the long-term historical average. Buyers waiting for 3–4% rates again may wait a very long time.

Frequently Asked Questions

Cash-out refinances increase your loan-to-value ratio and reduce your equity cushion, both of which increase the lender's risk if you default. Fannie Mae and Freddie Mac apply specific loan-level price adjustments to cash-out transactions (typically adding 0.375-0.625% to the rate) to compensate for this additional risk, which lenders pass through to borrowers.

Usually, but not always. Conventional rate-and-term refinances with significant existing equity may qualify for an automated appraisal waiver through Fannie Mae's or Freddie Mac's automated underwriting systems, skipping the appraisal entirely. FHA and VA streamline refinances specifically waive the appraisal requirement by design, regardless of equity position.

Generally not on its own — a 0.25% rate reduction rarely covers typical closing costs ($4,000-$10,000) within a reasonable timeframe. The math changes if you're combining the refinance with another goal (eliminating PMI, cash-out, switching from ARM to fixed) or if the lender offers a genuinely no-cost refinance structure. Use our refinance calculator to check your specific break-even point.