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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As a Credible authority on mortgages, Chris Jennings covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.
Today’s Featured Rates
General Information and Rate Disclosures:
The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 22, 2023 and assumes a customer with a 740 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below:
IP state without license - Assumed location
New York - New Jersey
Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances.
All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located.
The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees.
Last updated on Sep 22, 2023. These rates are based on the assumptions shown here. Actual rates may vary.
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Today’s refinance rates
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.
Last updated on Sep 22, 2023. These rates are based on the assumptions shown here. Actual rates may vary.
Mortgage Rate Types Offered on Credible
Type of loan
A conventional mortgage isn’t insured by government programs; it’s underwritten by Fannie Mae and Freddie Mac. This also means a higher down payment is expected up front.
A loan that exceeds Fannie Mae and Freddie Mac’s conforming loan limit is called a non-conforming or “jumbo mortgage.” Jumbo loans have higher loan amounts than conventional loans.
This loan is insured by the Federal Housing Administration (FHA) and has less-strict underwriting requirements than most other mortgages — like a lower down payment and lower credit score.
The Department of Veterans Affairs (VA) backs these loans which are for veterans, service members, and some military spouses. Some VA borrowers qualify for a 0% down payment.
CALCULATORS & TOOLS
Total finance charges may be higher over the life of the loan • We arrange loans with third party providers.
What to know when refinancing a home
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.Learn more
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.Learn more
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.Learn more
How to get the best mortgage refinance rates
You really have to do your research if you want to get the best mortgage refinance rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.Learn more
The best time to refinance your mortgage really depends on your own unique circumstances, but generally it’s best to do so when you can get a lower rate than you currently have.
You may be able to get a better mortgage rate if you've improved your credit score since the last time you financed your home. If you can afford the monthly payments, switching from a 30-year to a 15-year mortgage might also get you a better rate.
You'll also be in a better position to tap into your home’s equity if your home's value has increased or you've paid down a good chunk of your existing home loan. Refinancing can also provide an opportunity to stop paying monthly FHA mortgage insurance premiums.
The most effective way to find the best mortgage refinancing rates is to compare rates from multiple lenders. Most homebuyers apply to only one lender, even though seeking out just one additional quote can save you an average of $1,435 on a $250,000 mortgage.
Tips for finding the best mortgage refinancing rates:
Get rates from multiple lenders. Credible uses a soft credit check that lets you request prequalified mortgage refinancing rates from multiple lenders without affecting your credit score. Other sites might do a hard credit pull when checking your rates. If you “rate shop” during a 45-day window, there's usually little impact on your credit score as multiple hard credit pulls are considered to be one hard credit pull for purposes of credit report.
Don't rely on generic rate tables. Comparison sites publish marketed rates or rely on self-reported credit scores to generate “personalized rates” that can be off the mark. Credible is much more than a comparison site and is integrated with lenders and credit bureaus so you can get actual, prequalified refinancing rates in minutes.
Pay close attention to refinancing costs and fees. Fees and other costs frequently amount to 2% to 6% of your mortgage. If your goal is to save money by lowering your interest rate, consider how long it will take you to recoup any closing costs or other charges.
You can use Credible to get prequalified for a mortgage refinance without affecting your credit score. Just fill out some basic information about yourself and your home, then within three minutes you can compare rates from multiple lenders.
We even streamline every question you need to answer and automate document uploading to make the whole process quick and easy for you.
Although you can refinance each type of mortgage, there are three types of mortgage refinancing loans:
Cash-out refinance: Cash-out refinancing lets you take money out of your home equity by refinancing your current mortgage for an amount that is greater than the existing loan plus the closing costs of your refinance. This allows you to get cash back in a lump sum to use for any purpose.
Limited cash-out refinance: Limited cash-out refinancing lets you refinance your current mortgage by taking out a loan that is only slightly more than your existing loan plus the closing costs of your refinance. The extra amount can’t be more than 2% of the new loan or $2,000 (whichever is lower).
No cash-out refinance: Also called a “rate-and-term refinance,” a no cash-out refinancing loan doesn’t give you any extra cash at all, just the normal amount.
When comparing mortgage refinancing lenders, you should consider their rates, fees, and loan terms. When refinancing, you might want to secure a lower interest rate — so it’s a good idea to look for the lender that offers the best rate for your situation.
If you want to lower your monthly payment by refinancing into a loan with a longer term instead, keep in mind that you might end up paying your loan off over a longer period of time. This will cause you to pay more in interest over the life of the loan making it more expensive.
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