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- Home loans /
- Mortgage refinance /
- Conventional Fixed Rate Refinance
Consider a conventional loan for a fixed-rate home refinance.
Check out today’s conventional refinance rates below.
Find refinance rates by state
This table shows rates for conventional fixed-rate mortgages through U.S. Bank.
| Term | 30-year fixed |
| Rate | |
| APR Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans. | |
| Points Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. |
| Term | 20-year fixed |
| Rate | |
| APR Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans. | |
| Points Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. |
| Term | 15-year fixed |
| Rate | |
| APR Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans. | |
| Points Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. |
| Term | 10-year fixed |
| Rate | |
| APR Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans. | |
| Points Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. |
| Term | Rate | APR Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans. | Points Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. |
|---|---|---|---|
| 30-year fixed | |||
| 20-year fixed | |||
| 15-year fixed | |||
| 10-year fixed |
These rates assume you have a FICO® Score of 740+ and at least 25% equity, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage discount point in exchange for a lower interest rate. Connect with a mortgage loan officer to learn more about mortgage points. See a conforming fixed-rate estimated monthly payment and APR example.1
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What is a conventional fixed-rate refinance?
A “fixed-rate” refinance comes with an interest rate that won’t change for the life of your home loan. A “conventional” (conforming) refinance is a loan that conforms to established guidelines for the size of the loan and your financial situation. Conventional refinance loans may feature lower interest rates than jumbo refinance loans, FHA refinance loans or VA refinance loans. Terms of these conventional loans typically range from 10 to 30 years.
Monthly principal and interest payments on a conventional fixed-rate refinance remain the same for the life of the loan making it an attractive option for borrowers who plan to stay in their home for several years. The alternative to the fixed-rate refinance is the adjustable-rate mortgage (ARM) refinanceloan, which features lower monthly principal and interest payments during the first few years. While many prefer the security of a fixed-rate loan, an ARM may be a better option—especially if you know you’ll be moving within the next several years.
30-year fixed rate mortgages
The 30-year fixed-rate refinance loan has long been popular due to its fixed interest rate and lower monthly payments. However, since the interest payments are spread out over 30 years, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage.
15- and 20-year fixed-rate mortgages
With a short loan term and lower interest rate, a 15-year fixed-rate refinanceor 20-year fixed-rate refinancecan help you pay off your home faster and build equity more quickly, although your monthly payments will be higher than with a 30-year loan.
Conventional loan benefits and considerations
No interest rate surprises
With a fixed-rate mortgage or a conventional loan, the interest rate won’t change for the life of your loan, protecting you from the possibility of rising interest rates.
The lowest fixed rate
Conventional mortgages may offer a lower interest rate and Annual Percentage Rates (APR) than other types of fixed-rate loans.
Fewer hoops to jump through
Conventional mortgages may require less documentation than FHA loans or VA loans, which could speed up the overall processing time.
Cost to refinance
If you’re curious about the costs associated with refinancing, use our mortgage refinance cost calculator to get an estimate of how much it will cost.
Conventional loan requirements and qualifications
- Loan amount - The loan amount for a conforming mortgage is generally limited to$726,200 for a single-family home, though limits may be higher in regions where home prices are higher. Jumbo loans allow you to exceed the conforming loan limit to borrow for a higher-valued home.
- Borrower equity - Most conventional loans will require at least 5 percent (and optimally 20 percent or more) as a down payment. If the borrower equity is less than 20% mortgage insurance may be required, which could increase the monthly payment and the APR. For loans with lower down-payment requirements, explore government-backed mortgages like VA loans and FHA loans or speak to your mortgage loan officer about other options that may be available.
- Credit history - Conventional loans are a good choice for borrowers with very good credit, which generally means a FICO score of 740 or higher. There are also established guidelines for income and other personal financial information.
Conventional fixed-rate mortgages are a popular option, but they’re not the only one. Compare mortgage options to learn more on your own, or contact a mortgage loan officer to find out which mortgage option may be the best fit for you.
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Prequalifying helps you see how much you might be able to borrow.
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Or if you’re ready to refinance, start your application.
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Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered through U.S.Bank National Association. Deposit products are offered through U.S.Bank National Association. Member FDIC. 
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Conforming fixed-rate estimated monthly payment and APR example: A $225,000 loan amount with a 30-year term at an interest rate of 3.875% with borrower-equity of 20% and no discount points purchased would result in an estimated monthly payment of $1,058.04 with an Annual Percentage Rate (APR) of 3.946%.
Estimated monthly payment and APR calculation are based on down payment of 20% and borrower-paid finance charges of 0.862% of the base loan amount. If the borrower-equity is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Estimated monthly payment does not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.
Return to content, Footnote 1
The rates shown above are the current rates for the refinance of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your guaranteed rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.
To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.
Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.
Conforming Fixed-Rate Loans:APR calculation assumes a $464,000 loan with 25% borrower equity and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees, if applicable. If the borrower equity is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Conforming rates are for loan amounts not exceeding $726,200 ($1,089,300 in AK and HI).
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