Refi Rates Are Easing for Homeowners: Current Refinance Rates on Sept. 19, 2024

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Since 2022, refinancing activity has gone down in response to surging mortgage rates. But even in advance of the Federal Reserve making its first interest rate cut on Sept. 18, mortgage rates started to decline. As refinance rates keep dipping down, more homeowners, especially those with high rates on their home loans, will benefit from a refinance.

Today’s average refinance rates


Today’s average mortgage rates on Sep. 19, 2024, compared with one week ago. We use rate data collected by Bankrate as reported by lenders across the US.


Mortgage rates are at their lowest point in over a year. You can take advantage by comparing multiple offers to get the best deal on your home loan. Enter your information here to get a custom quote from one of CNET’s lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.


Mortgage refinance rates have been moderating in response to cooler inflation and labor data. Still, the majority of homeowners, who have mortgage rates well below 6%, wouldn’t benefit from a refinance at today’s rates. Experts don’t expect another refinancing boom like we saw in 2020 and 2021 when mortgage rates hit historic lows.

Where will refinance rates end up in 2024?

Experts say slowing inflation and the Federal Reserve’s interest rate cuts should help push mortgage interest rates down closer to 6% by the end of 2024.

The Fed’s first 0.5% rate cut won’t lead to an immediate drop in refinance rates, but we should see them continue to decline in the coming months.

If you’re considering a refinance, remember that you can’t time the economy: Interest rates fluctuate on an hourly, daily and weekly basis, and are influenced by an array of factors.

What does it mean to refinance?

When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you’ll tap into your equity with a new loan that’s bigger than your existing mortgage balance, allowing you to pocket the difference in cash.

Refinancing can be a great financial move if you score a low rate or can pay off your home loan in less time, but consider whether it’s the right choice for you. Reducing your interest rate by 1% or more is an incentive to refinance, allowing you to cut your monthly payment significantly.

Choosing the right refinance type and term

The rates advertised online often require specific conditions for eligibility. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 6.18%, a decrease of 12 basis points over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance, but it will take you longer to pay off and typically cost you more in interest over the long term.

15-year fixed-rate refinance

The current average interest rate for 15-year refinances is 5.47%, a decrease of 13 basis points over last week. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off your loan quicker. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run.

10-year fixed-rate refinance

For 10-year fixed refinances, the average rate is currently at 5.50%, a decrease of 9 basis points compared to one week ago. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment.

To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don’t forget to speak with multiple lenders and shop around.

Reasons you might refinance your home

Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance:

  • To get a lower interest rate: If you can secure a rate that’s at least 1% lower than the one on your current mortgage, it could make sense to refinance.
  • To switch the type of mortgage: If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage.
  • To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity.
  • To change the length of a loan term: Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run.
  • To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense.
  • To take someone off the mortgage: In case of divorce, you can apply for a new home loan in just your name and use the funds to pay off your existing mortgage.



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