Mortgage Refinance Rates Today
Could refinancing save you money? Compare current refinance rates and calculate your potential savings.
Current Refinance Rates
Refinance rates are typically 0.125-0.25% higher than purchase rates. Rates shown are national averages.
Rate-and-Term Refinance
Replace your current loan with a new one at a lower rate or different term. No cash out. Lowest rates available.
Cash-Out Refinance
Borrow more than you owe and receive the difference in cash. Rates are slightly higher. Requires sufficient home equity.
FHA Streamline
Simplified refinance for existing FHA borrowers. Minimal documentation, no appraisal required, faster closing.
Refinance Payment Calculator
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How your score affects refinance rates.
Frequently Asked Questions
When should I refinance my mortgage?
Consider refinancing when current rates are at least 0.75-1% below your existing rate, you plan to stay in your home long enough to recoup closing costs (usually 2-4 years), or you want to switch from an ARM to a fixed-rate loan.
What does it cost to refinance?
Refinancing typically costs 2-5% of the loan amount in closing costs. On a $300,000 loan, expect $6,000-15,000. Some lenders offer no-closing-cost refinances with a slightly higher rate.
Can I refinance with bad credit?
FHA Streamline refinances require minimal credit checks for existing FHA borrowers. Conventional refinances generally need a credit score of at least 620, with better rates at 740+.
How long does refinancing take?
A typical refinance takes 30-45 days from application to closing. Cash-out refinances may take longer due to additional appraisal and underwriting requirements.