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Fixed-Rate Refinance Loans

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Predictable monthly payments

Refinancing your home loan to a fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget: Your mortgage interest rate — and your total monthly payment of principal and interest — will stay the same for the entire term of the loan.

Refinancing to a fixed-rate mortgage is a good choice if you:

  • Think interest rates could rise in the next few years and you want to keep the current rate
  • Plan to stay in your home for many years
  • Prefer the stability of a fixed principal and interest payment that doesn't change

Today's low rates for fixed-rate refinance loans

Mortgage Rates Table

Mortgage Rates Table

 

Rate

The rate of interest on a loan, expressed as a percentage.

Annual percentage rate (APR)

The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.

Points

An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).

Estimated monthly payment

The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment.

If you have an adjustable-rate loan, your monthly payment may change annually (after the initial period) based on any increase or decrease in the London Interbank Offered Rate (LIBOR) index.

Fixed-rate mortgage

A home loan with an interest rate that remains the same for the entire term of the loan.

Adjustable-rate mortgage (ARM)

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.

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We're unable to display rates at this time. We apologize for any inconvenience. Our experienced lending specialists are ready to help you with your financing needs:

Other types of refinance loans

Adjustable-rate refinance loans (ARMs)

  • Interest rate may change periodically during the loan term

  • Your monthly payment may increase or decrease based on interest rate changes

FHA & VA refinance loans

  • Government loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs

  • More flexible qualification guidelines than conventional loans

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Refinance basics

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