Compare Mortgage Refinance Rates Today

Refinance rates currently average 7.76% for 30-year fixed loans and 6.99% for 15-year fixed loans.*

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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*Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
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Current refinance rates by loan type

Loan Product
Interest Rate
APR
30-year fixed rate refinance
7.76%
7.99%
20-year fixed rate refinance
8.12%
8.25%
15-year fixed rate refinance
6.99%
7.45%
10-year fixed rate refinance
7.21%
7.89%
FHA 30-year fixed rate refinance
6.35%
7.19%
30-year 5/1 ARM refinance
6.63%
7.82%
VA 30-year 5/1 ARM refinance
6.43%
7.51%
VA 30-year fixed rate refinance
6.64%
7.03%
VA 15-year fixed rate refinance
5.78%
6.73%
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan type, loan program, and loan term. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Written by Rene Bermudez | Edited by Crissinda Ponder | Updated June 20, 2024

Mortgage rates forecast

The current mortgage interest rates forecast is for rates to move closer to 6% as we get further into 2024. For now, our senior economist, Jacob Channel, recommends cautious optimism with a dash of realism. After spiking to almost 8% last year, rates fell below 7% and remained there until late April 2024, when they crept up to 7.17%. As we head into July, rates remain just below 7%.

Compared to last week, 30-year rates went down by 0.08% and 15-year rates decreased by 0.04%.

Here are the U.S. weekly average rates from the Freddie Mac Primary Mortgage Market Survey, as of June 20, 2024:

  • 30-year fixed-rate mortgage: 6.87%
  • 15-year fixed-rate mortgage: 6.13%

Rates likely won’t go down significantly until the Federal Reserve begins to make cuts.  Channel doesn’t expect this to happen until summer, at the earliest, a prediction that was supported by recent Fed announcements. “Regardless of when we see cuts this year,” he notes, “we should expect them to be modest. The Fed probably isn’t going to announce a surprise 100-basis-point cut any time soon unless something is going very wrong in the broader economy.”

How are refinance rates determined?

Refinance rates are based on both factors you can control, like your personal finances, and some you can’t, like the market environment.

To get a lower mortgage refinance rate, you need to get your credit score as high as you can, save for a larger down payment amount, and choose the right type of mortgage loan for you.

Also remember to get offers from three to five lenders before moving forward with a loan offer. This will save you thousands of dollars over time.

 Learn more about how to improve your credit score.

How to compare refinance rates

It’s also essential to comparison shop with three to five refinance lenders before moving forward with a loan offer. There are two ways you can compare mortgage refinance rates:

  • Use a rate-comparison website. Like the stock market, mortgage rates change daily, so you’ll need to compare interest rates gathered on the same day. Rate-comparison sites like LendingTree make applying for rates offers easier because you only enter your information once to get offers from multiple lenders.
  • Reach out to lenders on your own. If you’re most comfortable talking to refinance lenders in person, you can sit down with a loan officer at a bank or credit union. Or, if you’d prefer to stay in your pajamas, you can get quotes from online lenders.

Pick what feels best to you — the most important thing is to reach out to multiple lenders, and you can start by browsing our top choices for the best refinance lenders below.

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Our picks for the best refinance lenders

Best refinance lender overall: Guaranteed Rate

(1,391)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(1,391)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Not published

0% to 3.5%*

Specializes in online mortgage experience

*Down payment amount depends on loan program.

Available loan products

+

Available refinance products:

  • Conventional cash-out refinance
  • FHA refinance
  • VA cash-out refinance
  • VA IRRRL
  • FHA 203(k) renovation refinance
  • Fannie Mae HomeStyle and Freddie Mac Renovation refinances
  • VA renovation refinance

Additional loan products:

Why we chose Guaranteed Rate

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Founded in 2000, Guaranteed Rate is a mortgage lender specializing in a digital mortgage experience. Consumers can check out refinance rates online, find information about Guaranteed Rate’s loan products, or read articles about mortgage lending and an easy online application process. Guaranteed Rate offers seven different refinance programs, including a wide variety of fixer-upper refinance programs.

Read our full Guaranteed Rate mortgage review.

Best online mortgage refinance experience from a traditional bank: Chase

User reviews coming soon
User reviews coming soon

Not published

0% to 3%*

37 states and D.C.

*Down payment amount depends on loan program.

Available loan products

+
  • Conventional mortgage loans
  • FHA loans
  • VA loans
  • Jumbo loans

Why we chose Chase

+

Founded in 1799, JP Mortgage Chase is one of the oldest financial institutions in the United States. Chase mortgage advisors work with customers in 37 states and the District of Columbia. When it comes to refinancing, Chase provides a combination of online product information, mortgage finance articles and rates updated daily on six different products, earning it the best online mortgage experience award for an institutional bank lender.

Read our full Chase mortgage review.

Best for online refinance rate transparency: Zillow Home Loans

(952)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(952)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

620

0% to 3.5%*

Online rates tracking

*Down payment amount depends on loan program.

Available loan products

+
  • Conventional mortgage loans
  • FHA loans
  • VA loans
  • Jumbo loans

Why we chose Zillow

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Zillow is probably best known for its home shopping platform, but the company also launched Zillow Home Loans in 2019 to give aspiring homeowners a place to go mortgage shopping as well. Zillow offers a solid menu of refinance types but especially shines when it comes to the amount of online mortgage rate information it offers. Consumers can track rates for conventional, FHA and VA fixed-rate loans and even peruse a number of adjustable-rate mortgage (ARM) rates with initial rates that are fixed for three, five or seven years.

Read our full Zillow mortgage review.

Best lender for variety of refinance products: Fairway Independent Mortgage

(77,758)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

(77,758)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

580 to 620*

0% to 3.5%*

All 50 states

*Minimum credit score and down payment amount depend on loan program.

Available loan products

+

Available refinance products:

Additional loan products:

  • Home equity line of credit (HELOC)
  • Interest-only mortgages
  • Reverse mortgages
  • Physician home loans

Why we chose Fairway

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Fairway Independent Mortgage Corp. has more than 25 years of experience originating loans and currently offers home loans in all 50 states. In addition to most of the standard conventional and government-backed refinance home loans, it also offers refinance loans for borrowers with mortgages currently backed by the U.S. Department of Agriculture (USDA). It also has the widest array of renovation loans of the lenders we reviewed, including a USDA renovation refinance product.

Read our full Fairway Independent Mortgage review.

What is a mortgage refinance?

Refinancing your mortgage means replacing an existing home loan with a new one. You usually follow the same steps you did to apply for your purchase mortgage, except the new loan pays off your old loan. People commonly refinance to change their loan term or interest rate, both ways to help lower your monthly mortgage payments.

The whole mortgage refinance process usually takes about 1-2 months.

 Estimate how much you could save using our refinance calculator.

 What is a cash-out refinance?

A cash-out refinance is a way to refinance your mortgage with a larger home loan so you can receive the difference between what you still owe and the rest of the loan balance in cash. This type of refinance mortgage lets you access your home’s equity, up to a certain limit, for anything you need.

See how much money you could get using a cash-out refinance calculator.

When should you refinance your mortgage?

Unless your current mortgage rate is near or above 8%, refinancing may not make sense right now. There are a few exceptions that may be worth considering, though:

  • You need to switch to a longer loan term. If you took out a short-term loan like a 15-year mortgage and the payment is squeezing your budget, refinancing to a 30-year mortgage could give you some breathing room.
  • Your credit card balances are high. If you have some credit card debt but have a lot of home equity, a cash-out refinance could help you pay off high-interest rate balances.
  • Your home needs repairs or renovations. Cash-out refinance rates are usually much cheaper than financing your fixer-upper projects with a credit card or personal loan.
  • You want to get rid of mortgage insurance. Home values continue to rise despite higher mortgage rates, which may give you enough equity to ditch monthly mortgage insurance payments. You need at least 20% to cancel your private mortgage insurance.
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How to get the lowest refinance rates: 5 tips

Here are a few tweaks to your finances that could help land you the best mortgage rate:

  1. Raise your credit score. Pay down credit card balances, avoid opening new credit accounts and pay everything on time to optimize your score.
  2. Budget some extra cash to pay points. A mortgage point costs 1% of your loan amount, and every point you purchase usually lowers your rate by up to 0.25 percentage points.
  3. Shop and haggle with refinance lenders. A LendingTree study found that comparing multiple lenders can save you thousands in interest costs over the life of your loan. Don’t be afraid to negotiate or walk away if you don’t think you’re getting the best deal.
  4. Compare APRs and interest rates. Lenders must disclose your annual percentage rate (APR) and your interest rate. A low refinance rate may sound good, but if it comes with high fees, it may not actually offer you the best value. The APR reflects the full cost of a loan, including fees, not just the interest you’ll pay.
  5. Avoid second mortgages if you can. Lenders charge higher rates if your loan is a second mortgage, like a home equity loan or home equity line of credit (HELOC). If you can lower your interest rate replacing your current mortgage with a new one, a cash-out refinance is a cheaper way to get a large amount of cash versus using a home equity loan or HELOC.

Pros and cons of a mortgage refinance

ProsCons

 Lower rates. Refinance rates tend to be lower than second mortgage rates.

 Less interest. You can save thousands in lifetime interest charges by reducing your interest rate.

 Lower monthly payment. You'll also pay less per month when your interest rate drops (assuming you didn't add to the outstanding loan amount).

 Potential savings. If you can get rid of mortgage insurance, you stand to save thousands of dollars over the life of your loan.

 Flexibility. You can use equity tapped during a refinance to pay off debt, make home improvements or take action on whatever is your highest priority right now.

Closing costs. You'll pay 2% to 6% of the loan amount in closing costs.

Lost equity. You'll lose equity if you increase your loan amount to cover closing costs or take out cash.

Longer time frame. You might not break even on costs if you sell too soon, so make sure you're prepared to stay in the home past your break-even point.

Depends on appraised value. Your house may not appraise for what you think it's worth, which could reduce your borrowing power.

Higher monthly payments. Your payment may become unaffordable if you shorten your loan term since you'll need to pay off the same amount more rapidly.

Start comparing mortgage refinance rates on LendingTree today.

How to refinance a mortgage

It’s easy to get overwhelmed by all of the details involved in the mortgage refinance process, but following these six steps will get you on your way:

  1. Know your credit score. The lowest refinance rates go to borrowers with the highest credit scores. A 780 FICO Score is the limit for the best conventional refi rates, but some government-backed refinance programs allow scores as low as 500.
  2. Make sure you’ll break even after costs and fees. Expect to pay between 2% and 6% of your loan amount toward refinance closing costs. Calculate your break-even point by dividing your total costs by your monthly savings — the result is how many months it’ll take to make back your refi fees. If you plan to stay in your home that long, the refinance makes sense.
  3. Estimate your home’s value. Try a home value estimator or contact your real estate agent to help. The more equity you have, the lower your rate will typically be. If you don’t have much equity, ask your loan officer if you can get an FHA streamline refinance or VA interest rate reduction refinance loan (IRRRL), which don’t require appraisals.
  4. Shop around. Pick three to five refinance lenders and fill out applications with each. Try to complete the applications within a 14-day time frame to minimize the impact on your credit scores.
  5. Lock in your mortgage rate. Once you’ve chosen a lender, get a mortgage rate lock to secure your quoted interest rate.
  6. Close on your mortgage refinance. Work with your lender to finalize your refinance, submit any outstanding paperwork and schedule your closing date.

 Refinance closing costs: How much will you spend?

A typical refinance will cost between 2% and 6% of your loan amount, but there are different ways to pay the costs.

Ask for a no-closing-cost option. You’ll trade a lower closing cost bill for a higher interest rate if your lender offers a no-closing-cost refinance. The catch: You’ll spend more on interest charges over the life of your mortgage.
Add the costs to your loan amount. If you have enough home equity, you can borrow more and use the extra money to pay your costs. This is referred to as “rolling your costs” into your loan amount.

Read more about mortgage refinance closing costs and what to expect.

  Ready to refinance your mortgage?  Compare Free Refinance Offers

Frequently asked questions

APR stands for annual percentage rate and is a measure of your total refinance loan costs, including interest and origination fees. Your mortgage interest rate is the percentage you’ll pay as a fee for borrowing the money. The higher your APR is compared to your interest rate, the more you’re paying in total closing costs.

Your break-even point is a measure of how long it takes to recoup your refinance closing costs. Try our mortgage refinance calculator to see if refinancing makes sense.

Mortgage refinance requirements

The table below gives you a quick glance at the refinance requirements for credit score, debt-to-income (DTI) ratio and LTV ratio for the types of refinance loans listed above:

Loan programRefinance purposeCredit scoreLTV ratioDTI ratio
ConventionalRate and term62097%45% to 50%
Cash out62080%45% to 50%
FHARate and term500 to 58097.75%43%
Cash out50080%43%
StreamlineN/AN/AN/A
VARate and termNo minimum, but lenders typically require 620100%41%
Cash outNo minimum90%41%
StreamlineNo minimumN/AN/A
USDAStreamlineN/AN/AN/A

The most common types of mortgage refinance options are offered by conventional lenders, as well as lenders approved by the Federal Housing Administration (FHA loans), U.S. Department of Veterans Affairs (VA loans) and U.S. Department of Agriculture (USDA loans).

Rate-and-term refinance loans. Most homeowners choose this type of refinance to lower their rate or pay off their loan faster. One major perk: You can roll in your closing costs even if you have little to no equity in your home.

Cash-out refinance loans. With a cash-out refinance, you borrow more than you currently owe and pocket the difference between the two loans in cash. One drawback: You can’t borrow more than 80% of your home’s value unless you’re eligible for a VA cash-out refinance.

Streamline refinance loans. The streamline refinance option is exclusive to homeowners with government-backed loans from the FHA, VA or USDA, and it typically doesn’t require a home appraisal or income documentation. To qualify, you must currently have an FHA, VA or USDA loan and prove the refinance will benefit you financially.

Mortgage refinance rates tend to be slightly more expensive than purchase mortgage rates. However, refinance rates differ from lender to lender, which is why it’s important to shop around and find a rate that’s competitive enough to replace your current mortgage rate.

How we chose our picks for the best refinance lenders

To determine the best refinance lenders, we reviewed data from LendingTree’s 35 lender reviews and evaluated the lenders’ refinance loan programs and services.

Each lender review gives a rating between zero and five stars based on several features including digital application processes, available loan products and the accessibility of product and lending information. To evaluate refinance-specific factors, we awarded extra points to lenders that publish a wide variety of refinance rates online, offer the most conventional and government-backed refinance loan types and offer renovation refinance loans for homeowners that want to fix up their homes and roll the costs into one loan.

Our editorial team brought together the star ratings, as well as the scores awarded for refinance-specific characteristics, to find the lenders with a product mix, information and guidelines that best serve the needs of refinance borrowers. To be included in the “best of” roundup, lenders must offer mortgages in at least 35 states.

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