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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.


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Refinance rates by loan term

Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.

ProductInterest rateAPR

Last updated on Jul 20, 2024. These rates are based on the assumptions shown here. Actual rates may vary.


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.

Financial education

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 read

Learn 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 read

Learn 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 read

Learn 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 read

Learn more
For educational purposes only

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

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Written by Mary Beth Eastman

Mary Beth Eastman is a freelance writer covering personal finance topics, especially mortgages and loans. Mary Beth spent more than a decade editing breaking news stories for daily newspapers before following her passion for personal finance, helping people to make smarter decisions about their money.

Edited by Reina Marszalek

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.

Reviewed by Mike Schmidt

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.

Cash-out refinance rates are influenced by many factors, both large and small. Economic considerations that can affect mortgage refinancing rates include:
  • Market conditions: Are interest rates rising in general? If so, cash-out refi rates are likely to rise as well.
  • 10-year Treasury yields: Mortgage rates tend to reflect investor yields on these Treasury notes, plus an additional spread.
  • A bank’s individual level of capital: How much a bank has available to lend will help determine how much it will charge you to borrow.
When economic factors push baseline interest rates up, cash-out refinance rates tend to go up as well. This often happens when the Federal Reserve makes changes to its target federal funds rate. As the federal funds rate rises, so do other interest rates.
Personal factors also affect the rate you can get for a cash-out refinance. Some of these include:
  • The type of property, such as single-family, multi-family, condo, or vacation home
  • Location of the property
  • Your loan-to-value ratio, or how much cash you request compared to the equity you have in the home
Lenders will also tailor the interest rate they offer you to your credit history and credit score, and whether you purchase discount points.
To score the lowest cash-out refinance rate, it pays to be strategic. Here are a few ways you can maximize your loan application to get the best cash-out refinance rates:
  • Keep the loan-to-value ratio (LTV) low: Don’t borrow more than you need. Lenders usually cap a cash-out refinance at 80% of the home’s value, meaning you need at least 20% equity remaining after the loan closes.
  • Refinance your primary home: For homeowners juggling multiple properties, you’ll often get a better rate on a refinance for your primary home than you will for a second home or vacation property.
  • Consider an adjustable-rate mortgage (ARM): These mortgages have an interest rate that will change periodically, and sometimes offer a low introductory rate that can save you money in the short term.
  • Work on improving your credit score: Making timely payments and paying down your debt can boost your score, which could help you nab a lower interest rate.
  • Pay discount points: These upfront fees let you buy a lower interest rate on your refinance.
“The most important thing to do is make sure your credit score is in good shape,” said Sarah Alvarez, vice president of mortgage banking at William Raveis Mortgage. “This will allow you to qualify for all the best programs and rate offerings,” she added.
Cash-out refinance rates change frequently — as often as every day, due to market conditions and other factors. These changes may be small, just a fraction of a percentage point, but even small changes can influence how much you pay for your mortgage over time.
That’s why it’s important to pay attention to mortgage refinance rates, even before you’re ready to refinance. When you find a lender offering an attractive rate, you can ask about “locking in” the interest rate (typically for a fee) to ensure it doesn’t rise before you can close on the new loan.
Discount points let you pay a fee upfront in exchange for a lower interest rate. Usually, one discount point is 1% of your loan amount. So, if your home is $400,000, then one discount point is $4,000. Pay the discount point, and you might be able to reduce your interest rate by a quarter of a percentage point — from 7.00% to 6.75%, for example.
If you’re interested in using discount points to reduce your interest rate, make sure you do the math to see how much you could save. Don’t forget that you may be able to deduct your discount points on your taxes, too.
When shopping for a lender for a cash-out refinance, it’s important to understand the difference between APR and interest rate. The interest rate is the percentage the lender charges you in exchange for loaning you money. The APR, or annual percentage rate, is the total annual cost of borrowing for the refinance. It includes the interest rate but also factors in discount points, fees, and any other costs.
Simply comparing interest rates won’t give you the full picture; make sure you compare APRs from one lender to another.
There are two main ways your lender will charge interest on a cash-out mortgage refinance: with a fixed rate or an adjustable rate. An adjustable-rate mortgage refinance is a new mortgage with a new interest rate, which is usually pretty low to start; at regular periods (spelled out in your mortgage agreement), the interest rate will change according to a benchmark rate.
With a fixed-rate refinance, your new mortgage has one fixed rate for the entire length of the loan. Your rate and mortgage payment stay the same until you pay off the loan.

Get your personalized refinance quote today

Checking rates won’t affect your credit score