Mortgage refinance rates in the US are available for Wednesday, July 15, 2026. Refinance rates are national average rates and are rounded to the nearest hundredth.
Today’s mortgage rates
- The average 30-year fixed refinance rate is 6.53%.
- The average 20-year fixed refinance rate is 6.43%.
- The average 15-year fixed refinance rate is 6.00%.
- The average 5/1 adjustable-rate mortgage (ARM) refinance rate is 6.53%.
- The average 7/1 ARM refinance rate is 6.35%.
- The average 30-year VA refinance rate is 5.95%.
- The average 15-year VA refinance rate is 5.56%.
- The average 5/1 VA refinance rate is 5.63%.
Mortgage calculator for refinance
Mortgage refinance rates are often higher than mortgage purchase rates, but this is not always the case. Homeowners can use a mortgage calculator to estimate their monthly loan payments before refinancing. A mortgage calculator can show how different interest rates and loan amounts change monthly payments, according to Yahoo Finance.
The calculator also lets users compare different loan terms to see how repayment changes over time. People can also add costs like private mortgage insurance (PMI) and homeowners’ association (HOA) fees for a more accurate monthly estimate.
30-year fixed refinance loan
A 30-year fixed refinance loan usually gives borrowers lower monthly payments because the loan is repaid over a longer period. A 30-year fixed loan also offers stable monthly payments because the interest rate does not change.
Monthly payments on a fixed-rate loan may still change if property taxes or homeowners insurance costs increase. The biggest drawback of a 30-year fixed loan is that borrowers pay more interest over the life of the loan, according to Yahoo Finance.
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15-year fixed refinance loan
A 15-year fixed refinance loan usually comes with a lower interest rate than a 30-year loan. Borrowers can pay off their mortgage 15 years earlier with a 15-year loan. A shorter loan term can save borrowers a large amount of money in total interest payments. However, monthly payments on a 15-year loan are higher because the loan is repaid in less time.
What is an ARM mortgage?
An adjustable-rate mortgage (ARM) keeps the same interest rate for an initial period before the rate starts changing. For example, a 5/1 ARM keeps the same rate for the first five years and then adjusts once every year after that, according to Yahoo Finance. ARMs usually start with lower introductory rates, which can reduce monthly payments in the beginning. However, current Zillow data shows that fixed mortgage rates are actually lower than ARM rates at the moment.
Yahoo Finance advises borrowers to speak with their lender before choosing between a fixed-rate loan and an adjustable-rate mortgage. The biggest risk with an ARM is that interest rates may rise after the introductory period ends, making monthly payments more expensive. Borrowers who plan to move or sell their home before the introductory period ends may benefit from an ARM without facing future rate increases.
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