Compare Refinance Mortgage Rates

Below are the average weekly mortgage rates as of November 14, 2019 based on data provided by S&P Global Market Intelligence. Our rate table shows current refinance rates nationally and is updated once per week.

Mortgage product Average rate
30-yr fixed refi 4.01%
20-yr fixed refi 3.84%
15-yr fixed refi 3.53%
Mortgage product Average rate
7/1 ARM refi 3.79%
5/1 ARM refi 3.76%
3/1 ARM refi 3.75%
Mortgage product Average rate
30-yr VA fixed 3.69%
30-yr FHA fixed 3.96%

VA and FHA rate data sourced from Ellie Mae and are updated monthly with a 2-month lag. Rates current as of September 2019.

Should I refinance my mortgage?

You should refinance your mortgage if you're able to generate a positive net benefit from doing so. When you should refinance will depend on a number of things, including current mortgage rates, how close you are to paying off your home loan, and your need for cash. We cover some of the most common reasons for refinancing below.
  • Lower your payment

    Refinancing your mortgage can help you lower your monthly payments, either by reducing your interest rate or extending your loan term. This helps make payments more manageable.

  • Adjust your loan term

    Borrowers who refinance their mortgage can significantly reduce the time it takes to pay off their home loan. This allows you to become debt-free earlier, leaving you with more time to dedicate to the things that really matter.

  • Take cash (equity) out of your home

    If you need money for home repairs, a new car, or debt consolidation, a cash-out refinance can be a great way to withdraw your home equity for life’s unexpected expenses.

  • Convert a variable rate to a fixed rate

    If you have an adjustable rate mortgage (ARM) and are worried about interest rates rising against you, refinancing your home mortgage into a fixed rate can buy you some peace of mind as well as get you a great low rate for the long term.

  • Lower your interest rate

    Don’t get stuck with a high interest rate. If you refinance your home mortgage, you may be able to cut your rate by 0.50% or more. This can add up to tens of thousands of dollars in savings over the life of your loan.

  • (Private mortgage insurance) PMI removal

    PMI can cost you as much as 1.5% of your loan balance annually, and can’t be canceled on FHA loans regardless of how much equity you have. Refinancing into another mortgage lets you reduce or even eliminate burdensome PMI costs, especially if you have extra cash on hand.

What is refinancing and how does it work?

Refinancing is simply the process of replacing your existing mortgage with a new loan that has better terms. There are plenty of reasons that people refinance their mortgages, these could include getting a lower interest rate, shortening their loan term or switching from an adjustable rate to a fixed rate.

Whatever your reason for refinancing, your new loan will pay off the old loan, and allow you to start over with a new rate and better terms. Shopping around can save you money when buying a home, and the same is true when refinancing your existing loan.

By comparing lenders and having them compete for your business, you can get the best rate possible on your mortgage refinance. The better your rate, the lower your payments will be and the more money you’ll save in interest.

Start comparing lenders by clicking the link above or estimating how much you can save with our mortgage refinance calculator below.

Mortgage Refinance Calculator

How to use our mortgage refinance calculator

Our refinance calculator lets you estimate the total cost involved in your mortgage refinance and allows you to compare your current interest rate against what the best mortgage lenders have to offer.

When using our mortgage refinance calculator, it’s a good idea to compare monthly payments and loan terms in addition to interest rates. As these will have a big impact on your monthly budget.

To ensure a fair comparison, make sure you’re using the lender’s quoted annual percentage rate (APR) and not just the interest rate that they list, as this will ensure you’re factoring in typical closing costs and refinance fees. This will allow you to obtain as accurate a reading as possible.

How much does it cost to refinance?

Typical refinance closing costs can range from 3%-6% of your new loan amount, but vary by lender and location. The costs you’re responsible for can include an application fee, loan origination fees, an appraisal fee and more.

It’s a good idea to determine how much you might save on interest over the long-run and compare it with how much you’re paying in closing costs to complete the refinancing. Depending on how long you intend to stay in the house, this will help you determine whether the savings from a refinance might justify its costs.

How much could you save by shopping for the best refinance rates in your area?

The following heatmap shows how much you may stand to save over the life of your new mortgage by comparing the most and least competitive refinance rates offered in a given metropolitan area. Hover over a locale near you to see how much median homeowners are saving in your area.

Other options for refinancing your mortgage

If you’re interested in exploring other mortgage refinance options, click on one of the links below to learn more, or use the link at the top of the page to get a free no-obligation consultation with a lender.

  1. FHA second lien program (FHA2LP)
  2. USDA streamline refinance
  3. USDA streamline assist
  4. USDA non-streamline refinance
  5. Explore other government refinance programs

If you’re interested in exploring other mortgage refinance options, click on one of the links above to learn more, or use the link at the top of the page to get connected with a lender.