Refinance Mortgage Rates: Today's Best Rates
Current refinance rates updated daily. Compare rate-and-term, cash-out, and streamline refinance options to lower your monthly payment or tap into your home equity.
Should You Refinance Your Mortgage?
Refinancing replaces your current mortgage with a new one — ideally at a lower interest rate, shorter term, or to access your home equity. With today's 30-year refi rate at 6.33% and 15-year at 5.69%, refinancing could make sense if your current rate is 0.75% or more above today's rates.
The general rule: if you can lower your rate by at least 0.5-1.0% and plan to stay in your home long enough to recoup closing costs (typically 2-4 years), refinancing is worth exploring.
Types of Refinance
Potential Savings Example
When Does Refinancing Make Sense?
- Your current rate is 0.75%+ above today's rates
- You plan to stay in the home 3+ more years
- Your credit score has improved since your original loan
- You want to switch from ARM to fixed rate
- You want to remove FHA mortgage insurance
- You want to shorten your loan term (30yr to 15yr)
- You need cash for home improvements or debt payoff
- You have 20%+ equity in your home
Refinance Closing Costs
Expect to pay 2-5% of the loan amount in closing costs ($8,000-$20,000 on a $400,000 loan). This includes appraisal ($300-600), title insurance ($500-1,500), origination fees (0.5-1%), and other lender charges. Calculate your break-even point by dividing total costs by monthly savings.
How to Get the Best Refinance Rate
Compare quotes from at least 3-5 lenders on the same day (rates change daily). Check your credit score first and dispute any errors. Consider paying points to buy down your rate if you plan to stay long-term. Lock your rate as soon as you find a competitive offer — don't wait for rates to drop further.
Refinance FAQ
Today's 30-year refinance rate is 6.33% and the 15-year refi rate is 5.69%. Actual rates depend on credit score, equity, loan amount, and lender.
Consider refinancing when you can lower your rate by at least 0.5-1.0%, when you plan to stay in the home long enough to recoup closing costs (usually 2-4 years), or when you want to switch from an ARM to a fixed rate.
Refinance closing costs typically run 2-5% of the loan amount. On a $400,000 loan, expect $8,000-$20,000. Some lenders offer no-closing-cost refinances by rolling fees into a slightly higher rate.
A cash-out refi replaces your mortgage with a larger one and gives you the difference in cash. For example, if you owe $300,000 on a home worth $500,000, you could refinance for $400,000 and receive $100,000 in cash. Rates are typically 0.125-0.25% higher than rate-and-term refis.
An FHA Streamline is a simplified refinance for existing FHA borrowers. It requires no appraisal, minimal paperwork, and no income verification. You must demonstrate a "net tangible benefit" — typically a lower rate or switching from ARM to fixed.
Yes. If your home has appreciated and you now have 20%+ equity, refinancing into a conventional loan eliminates PMI. For FHA loans, refinancing to conventional is the only way to remove mortgage insurance if you put less than 10% down originally.
A typical refinance takes 30-45 days from application to closing. Streamline refinances (FHA/VA) can close in as little as 2-3 weeks. Complex situations or cash-out refis may take 45-60 days.