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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 17, 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

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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.

Many factors affect current mortgage refinance rates. Some of these factors are within your control (such as your spending), while others are affected by national or global circumstances.
Mortgage companies look at your personal details to determine how risky it will be to issue you a loan. The bigger the risk, the higher the interest rate. Here are some of the factors they’ll consider:
  • Your credit report and score: Your credit report shows how well you borrow and pay back money. Lenders review your credit history to see whether you’re likely to repay your new mortgage as agreed.
  • Your income and debts: Mortgage refinance lenders want to ensure that you earn enough to afford your mortgage payments. They also want to know whether you have a lot of other debt compared to your income. If you do, it could mean a greater risk of defaulting on your mortgage.
  • The loan amount: Lenders view larger amounts as riskier, so they may charge higher interest rates.
  • Your location: Where the home is located can affect the rates you receive for a mortgage refinance. Some lenders vary their mortgage rates depending on which state or county you live in, as well as whether the home is in a rural or urban area.
Although you can control how much you borrow and how responsibly you handle debt, there are some factors that you can’t control, and these also affect current mortgage refinance rates. These factors include:
  • The current inflation rate: If inflation is on the rise, as it was throughout 2021, 2022, and much of 2023, that affects interest rates — including mortgage refinance rates. It also tends to drive up home prices, which affects how much you need to borrow to buy a home.
  • The current economic cycle stage: If the economy is in an expansion phase, such as during periods of growth, it can often be easier and cheaper to refinance. But when the economy cools down, such as during a recession, it tends to push mortgage refinance rates higher.
  • Central bank decisions: The Federal Reserve has the power to influence interest rates. If the Fed is concerned about runaway inflation, it will raise the federal funds rate, which then influences the prime rate, which is the benchmark most banks use to set mortgage refinance rates. If the Fed lowers the federal funds rate, mortgage refinance rates will fall as well.
Here are some tips to help you get the best mortgage refinance rates:
  • Compare lenders: The most important thing you can do is to shop around and compare rates from various lenders. If you can lower your mortgage refinance rate by a percentage point, or even a fraction of a point, it will save you thousands of dollars in interest over the life of the loan.
  • Work on improving your credit score: Timely payments are a big part of your credit score. By making sure every payment is on time, you can improve your credit score and qualify for lower mortgage refinance rates.
  • Reduce your debt: Paying down your credit cards and other loans will free up cash, lower your debt-to-income ratio (DTI), and show potential lenders you’re a good borrower.
  • Choose a shorter term: Mortgage refinances typically come in standard term lengths, such as 15 years or 30 years. Although your monthly payment will typically be higher with a 15-year mortgage refinance, you’ll usually pay less in interest (and pay off the home faster, too).
  • Choose a different interest type: You can choose between fixed interest rates, which stay the same for the entire mortgage term, or adjustable rates, which fluctuate. Many borrowers opt for adjustable-rate refinancing to take advantage of lower interest rates during the introductory period, especially if they know they will be selling or refinancing again soon.
  • Seek out lower fees: Don’t forget to take closing costs and fees into account, because these also affect how much it costs to refinance. A loan’s annual percentage rate (APR) includes the interest rate plus the annual cost of fees, which makes it easier to compare loans between lenders.
  • Pay discount points: Another way to lower your interest rate is by paying discount points. Discount points are a fee you pay upfront, at closing, to reduce the interest rate.
Mortgage refinancing rates change every day, and they vary from lender to lender.
“Some banks are more sensitive to market shifts and will change rates frequently, while others are more consistent in where they price out,” said Sarah Alvarez, vice president of mortgage banking at William Raveis Mortgage.
Timing matters. Mortgage refinance rates today may be lower or higher than the rates tomorrow, next week, or next month. In a rising interest rate environment, for example, you might get a mortgage refinancing quote for 7%, only for the rate to settle at 8% when it’s time to close. That’s why many borrowers choose to “lock in” their rate quotes for a set period of time, usually 30, 60, or 90 days.
When you buy mortgage discount points, you receive a reduction in your mortgage interest rate. Usually, one discount point is equal to 1% of your mortgage amount. For a $350,000 home, one discount point would be $3,500; two points would be $7,000, and half a discount point would be $1,750.
The exact amount your lender will reduce your interest rate in exchange for discount points varies, but you can typically expect the rate to come down a quarter of a percentage point. So if your lender offers you a rate of 7%, and you pay one discount point ($3,500 for the $350,000 home), then your new rate could be 6.75%.
Refinance loans fall under two main categories:
  • 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.
Each type of refinance loan falls within one or both of these categories.
The interest rate on your mortgage is the cost to borrow, usually expressed as a percentage of the principal loan amount. The annual percentage rate (APR) is the total cost of the loan. It includes not only the interest rate, but also fees, points, and other charges.
For example, suppose you had a 30-year mortgage of $300,000, with a 20% down payment, an interest rate of 6%, one discount point, and $6,000 in closing costs. Your APR would be 6.336% — slightly higher than the interest rate, because it also accounts for your other costs. You’ll get a better idea of how two mortgage options compare when you use APR instead of only the interest rate. You can find the APR for your mortgage offer in the loan estimate you receive from the lender.
When you choose a fixed rate to refinance your mortgage, you know ahead of time exactly what your interest rate and monthly payment will be for the entire loan term. With an adjustable-rate mortgage (ARM) refinance, the rate will change periodically. Lenders often offer a low introductory rate for the first period, with the agreement that the rate will rise (or fall) according to market conditions for every period after that.
Fixed-rate refinances are a good option if you want predictability with your mortgage payment and don’t mind locking in your current interest rate. Choosing an adjustable-rate mortgage refinance lets you keep your monthly payment low for now. Then you can refinance once again when interest rates drop.

Get your personalized refinance quote today

Checking rates won’t affect your credit score