Mortgage Refinance Loan Guide
Compare refinance loan options and find rates, lender reviews and calculators
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Your guide to mortgage refinancing
Considering refinancing your mortgage? Whether you want to lower your monthly payment, shorten your loan term or tap your home equity, this page provides resources to help you evaluate your options.
Explore mortgage refinance loan types
Learn about conventional and government-backed loan types to see which may fit your refinance goals.
Mortgage refinance rates and market insights
Follow current mortgage rate trends and understand the factors that can affect your rate.
Tools and calculators
Estimate your monthly and lifetime savings with a refinance, and explore program-specific calculators.
Expert guides and advice
Learn how to avoid common refinancing pitfalls and maximize your chances of getting approved.
Types of mortgage refinance loans
Compare options
Credit score to refinance your home: Requirements by loan type
Explore how the requirements vary for different loan programs.
Mortgage refinance options
Learn about nine refinance loan programs and how to choose the best one for your situation.
Underwater mortgage: 3 options for relief
Find a loan program that allows you to refinance your loan, even if you’re underwater on your home.
Mortgage refinance rates and market insights
Current average refinance rates
30-year Refinance Rates
are averaging:
7.51%
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days 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.15-year Refinance Rates
are averaging:
6.65%
Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days 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.Mortgage market insights
- Refinance interest rates remain elevated compared to where they sat before the coronavirus pandemic.
- Refinancing isn’t as attractive for many borrowers right now, as high rates reduce the incentive to refinance. However, a refinance may be right for you if you can reduce your rate by 50 to 100 basis points.
- Comparison shopping can save buyers more than $62,500 on their mortgage, according to a recent LendingTree analysis.
Explore this month’s mortgage rate predictions.
Average refinance rates by credit score
Mortgage Rate Trends
Rate trend chart
Rate summary
| Loan Type | Avg. APR | 3 Month Diff. |
|---|---|---|
| 30 Year Fixed | 7.46% | 0.37% |
| 15 Year Fixed | 6.86% | 0.15% |
| 5/1 ARM | 6.58% | 0.19% |
Tools and calculators
Expert guides and advice
Mortgage lender reviews and our top picks
Mortgage lenders reviewed by LendingTree
Ready to compare?
How to get banks to compete for your business with LendingTree
Shopping for a home loan shouldn’t mean filling out tons of applications. With one form, compare rates from our network of vetted mortgage lenders — when banks compete, you win.
1. Tell us what you need
Take two minutes to tell us about yourself, your home and when you need the loan.
2. Shop your offers
If you qualify, we’ll send you offers from up to five lenders from the nation’s largest lender network.
3. Buy your home
You’ll choose the lender that fits your budget and needs and send in a formal application. They’ll loan you the money for your home if you’re approved.
Frequently asked questions
Refinancing can be a good idea if it lowers your interest rate or monthly payment, shortens the loan term, or lets you remove mortgage insurance. However, you need to stay in the home long enough to recover the refinance closing costs to really reap the benefits.
Look at the total costs as well as the monthly costs when comparing a refinance loan to your existing mortgage, as extending the loan term or rolling costs into the loan balance can make it more expensive over the long term.
Refinancing can cause a small, temporary credit score drop simply because the lender usually makes a hard credit inquiry when considering your application. If you want to compare multiple mortgage offers, it’s wise to do so within a 45-day window. All inquiries made inside that window will generally count as one for the purposes of your credit score, according to the Consumer Financial Protection Bureau.
Refinance closing costs typically run 2% to 5% of the loan amount, which on a $250,000 loan would be $5,000 to $12,500.