We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.
Compare current refinance rates from our lenders
We arrange but do not make loans
HOW IT WORKS
Let us do the heavy lifting for you 👋
WEEKLY TRENDS AND INSIGHTS
National refinance interest rate trends
On February 26, 2024, the national average 30-year fixed refinance rate decreased NaN basis points to %. The current average 15-year fixed refinance rate decreased NaN basis points to %.
For context, the national average 30-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago. The 15-year fixed refinance rate was NaN basis points higher a week ago and NaN basis points higher a year ago.
If you're looking to purchase or refinance a home, Credible is here to help. We can help you quickly compare lenders and check prequalified rates for free, without hurting your credit score.
How we’re different
We’re not mad at other sites, just disappointed.
Transparent and unbiased
Get actual prequalified rates without impacting your credit score. You’ll know exactly what your cost breakdown is before selecting a lender.
No risk. No spam.
Checking your prequalified rates is 100% free – plus, we don’t sell your data and make sure that you never get any spam calls from any lenders.
All the help you need
Complete your refinance online with your selected lender - their loan team can help answer any question you may have.
Mortgage refinance calculators
Use our mortgage refinance calculators to determine if you can save money on interest, pay off your loan sooner, or turn your home’s equity into cash.
Need more info about refinancing a mortgage?
How to refinance your mortgage step-by-step
Refinancing your mortgage can help you get a lower interest rate or lower monthly payment, depending on your goals.
7 min readLearn more
When does it make sense to refinance your mortgage?
If you can shave at least 0.75% off your interest rate and plan to stay in your home for the long haul, consider refinancing your mortgage.
6 min readLearn more
How to get the best mortgage refinance rates
To score a great refinance rate on your mortgage, work on building your credit score, get multiple quotes, and consider shortening the term.
6 min readLearn more
The true cost of refinancing your home mortgage
Refinancing isn’t free — you’ll have to pay closing costs — but there are ways you can pay less for your new loan.
5 min readLearn more
The information in this section is provided for general education purposes only to allow you to shop for the best loan more effectively and does not necessarily reflect Credible services. For homebuyers, we will not display rates, loan options, take a mortgage application, or negotiate loan terms. We will provide advertisements of lenders you can select from based on a description of factors our lenders work with best.
Mortgage Refinance FAQs
Daria Uhlig has more than a decade of experience writing and editing for personal finance, specializing in real estate and mortgage content. Her bylines have appeared on The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
Reina Marszalek is Credible's senior mortgage editor and is an experienced multimedia content creator. She previously served as a managing editor at Policy Genius, where she covered the insurance and home verticals.
Mike Schmidt is Credible's senior manager of mortgage operations and is a licensed mortgage loan originator in 50 states. Mike has spent 18 years in the industry, working at various financial institutions. He has expertise in all mortgage products, including conventional, FHA, and VA loans.
- Loan application
- Credit report
- Survey, if the lender requires it
- Appraisal, if the lender requires it
- Loan origination
- Loan underwriting
- Mortgage points, if you’re prepaying interest
- Mortgage insurance, if you’re refinancing more than 80% of the home’s value
- Property tax and homeowners insurance escrow
- Title search and title insurance
- Recording with the county or other jurisdiction
- Credit score and credit history: Depending on the loan type, the minimum credit score to refinance could be anywhere from 500 for some FHA loan refinances to over 700 to refinance a jumbo mortgage loan.
- Debt-to-income ratio (DTI): The lender will ask you for tax returns, pay stubs, W-2 forms, and other documentation of your income. An ideal DTI is 36% or less.
- Loan-to-value ratio: Whether by appraisal or other means, the lender will determine how much your home is worth so it knows the maximum you can borrow. Acceptable conventional loan-to-value ratios are 95% for a no-cash-out refinance and 80% for a cash-out refinance.
- Conventional loan: 620
- Jumbo loan: 700
- FHA loan: 500
- VA loan: 580 to 640, depending on lender
- USDA loan: Up to 620 but credit review not always required
- Cash-out: If you have enough equity, you can borrow more than you need to pay off your existing loan and take the excess funds in cash at closing.
- Rate-and-term: You replace your current mortgage loan with a new loan that has a more favorable interest rate and/or term.
Conventional mortgage refinance loans
VA mortgage refinance loans
FHA refinance loans
USDA refinance loans
- A rate-and-term refinance can save you money on interest and/or make your payments more affordable.
- Funds from a cash-out refinance can pay for home repairs and improvements or consolidate debt, which can help you grow wealth.
- Interest you pay on your mortgage is tax deductible.
- You’ll pay closing costs — or higher rates, in the case of a loan that claims to have no closing costs.
- Depending on your closing costs, it could take years to break even on a refinance intended to reduce your interest rate.
- Cashing out equity adds to your debt.
- Extending the term of your loan can result in higher interest costs over the life of the loan.