Compare Mortgage Refinance Rates Today

October refinance rates currently average 6.61% for 30-year fixed loans and 5.98% for 15-year fixed loans.

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.

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Current refinance rates

Loan product	Interest rate 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 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.	APR 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 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.
30-year fixed rate refinance	6.61%	6.79%
15-year fixed rate refinance	5.98%	6.38%
10-year fixed rate refinance	6.75%	7.29%
FHA 30-year fixed rate refinance	6.46%	7.20%
30-year 5/1 ARM refinance	5.96%	6.59%
VA 30-year fixed rate refinance	5.94%	6.28%
VA 15-year fixed rate refinance	5.30%	5.88%

What types of refinance loans are available?

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

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 home equity.
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 that the refinance will benefit you financially.

Refinance loans can come with 10-, 15- or 30-year loan terms, and can have fixed or adjustable rates.

Explore whether you should refinance into a shorter loan term.

Written by Rene Bermudez | Edited by Crissinda Ponder | Updated October 23, 2025

Mortgage rate news: Are refinance rates going to drop in August?

According to our expert’s mortgage rate predictions for August, both purchase and refinance rates will remain elevated compared to where they sat before the pandemic.

Here are the U.S. weekly average rates from the Freddie Mac Primary Mortgage Market Survey, as of Oct. 23, 2025:

30-year fixed-rate mortgage: 6.19% (↓ 0.08 from last week)
15-year fixed-rate mortgage: 5.44% (↓ 0.08 from last week)

As of this week, interest rates have remained below 7% since mid-January. At their most recent meeting on Sept. 16-17, the Federal Reserve chose to make a rate cut for the first time this year. LendingTree experts think mortgage and credit card rates could fall as a result.

Refinance rates tend to be slightly higher than purchase mortgage rates. However, your quoted rate will depend on your credit score and the type of refinance you’re applying for (cash-out vs. rate-and-term).

How to compare refinance rates

It’s essential to comparison shop with three to five refinance lenders. Compare loan offers side-by-side, focusing on mortgage rates and closing costs. Here’s how to start:

Use a rate-comparison website. Like the stock market, mortgage rates change daily, so you’ll need to compare interest rate quotes gathered on the same day. Rate-comparison sites like LendingTree make applying for refinance offers easier — 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.

Unsure where to start? Browse our lender reviews below.

What is a mortgage refinance?

Refinancing your mortgage means replacing an existing home loan with a new one. You’ll follow the same steps you did to apply for your purchase mortgage, except the new loan will pay off your old loan. People commonly refinance to change their loan term or interest rate, both of which can help lower your monthly mortgage payments. The whole mortgage refinance process usually takes about one to two months.

Estimate how much you could save using our refinance calculator or how much cash you could access using our cash-out refinance calculator.

On this page

Pros and cons of a mortgage refinance
When should you refinance your mortgage?
Our picks for the best refinance lenders of 2025
How to get the best refinance rates
How to refinance a mortgage
Frequently asked questions
How we chose our picks for the best refinance lenders
Refinance lenders reviewed by LendingTree

Pros and cons of a mortgage refinance

Pros	Cons
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 increase your 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 your highest priority is 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 be 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 have less time to pay off the same amount.

Pros

Cons

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 increase your 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 your highest priority is 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 be 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 have less time to pay off the same amount.

Start comparing mortgage refinance rates on LendingTree today.
Get Offers from Top Refinance Lenders

When should you refinance your mortgage?

Unless your current mortgage rate is near or above 6.61%, 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 payments are squeezing your budget, refinancing to a 30-year mortgage could give you some breathing room.
You want to access cash. It’s common to use a refinance to access a large amount of cash. To do this, you’d choose a cash-out refinance, borrow more than you need to pay off your current mortgage, and pocket the extra cash. If you’ve racked up debt, a cash-out refinance could help you pay off high-interest-rate loans or credit cards.
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’ll need at least 20% to cancel your private mortgage insurance on a conventional loan.

Expert insights on refinancing

Matt Schulz

Chief Consumer Finance Analyst

“If you bought your home a couple of years ago when rates were at their recent peak, it’s possible that today’s rates are low enough to make refinancing worth it. Shopping around and comparing lenders’ rates is key.”

Our picks for the best refinance lenders of 2025

Best For:

Overall refinance

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Best For:

Online refinance

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Best For:

Rate transparency

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Best For:

Loan variety

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More Options

(1,455)

User ratings:

(1,455)

LendingTree rating

Min. credit score

Not published

Min. down payment

0% to 3.5%*

Special feature

Specializes in online mortgage experience

Average refi loan costs

$6,588

*Down payment amount depends on loan program.

Pros

Diverse loan options, including hard-to-find specialty loans for physicians or for self-employed borrowers
Approval in as little as one day
Brick-and-mortar locations in nearly every state

Cons

Must agree to be contacted in order to get personalized rates
You may have to attend your closing in-person (only in some states)

Available loan products

Available refinance products:

Conventional cash-out refinance
FHA refinance
USDA 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:

Jumbo loans
Interest-only mortgages
Home equity loans

Why we chose Rate

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

How to qualify

You’ll have the best chance of qualifying for a mortgage refinance with Rate if you have a 62% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, 53% of refinance borrowers had a debt-to-income (DTI) ratio under 40%.

Get Personalized Rate Offers Read Our Expert Review

User ratings:

User reviews coming soon

LendingTree rating

Min. credit score

Not published

Min. down payment

0% to 3%*

Special feature

37 states and D.C.

Average refi loan costs

$5,367

*Down payment amount depends on loan program.

Pros

On-time closing guarantee
Relationship discounts for existing customers
Competitive rates and fees

Cons

Doesn't disclose income or credit requirements
Home loan advisors aren't available in all states
USDA loans aren't available

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.

How to qualify

You’ll have the best chance of qualifying for a mortgage refinance with Chase if you have a 47% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 55% of refinance borrowers had a debt-to-income (DTI) ratio below 40%.

Get Personalized Rate Offers Read Our Expert Review

(952)

User ratings:

(952)

LendingTree rating

Min. credit score

620

Min. down payment

0% to 3.5%*

Special feature

Online rates tracking

Average refi loan costs

$6,087

*Down payment amount depends on loan program.

Pros

A wide selection of purchase and refinance mortgage loans
Offers online mortgage prequalification with no impact to your credit score
Available in most states

Cons

Limited rate and fee information on Zillow's website
Online loan applications still require speaking with a loan officer
Not available in New York
No home equity loans or HELOCs

Available loan products

Conventional mortgage loans
FHA loans
VA loans
Jumbo loans

Why we chose Zillow

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.

How to qualify

You’ll have the best chance of qualifying for a mortgage refinance with Zillow if you have a 62% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 56% of refinance borrowers had a debt-to-income (DTI) ratio below 40%.

Get Personalized Rate Offers Read Our Expert Review

(60,497)

User ratings:

(60,497)

LendingTree rating

Min. credit score

580 to 620*

Min. down payment

0% to 3.5%*

Special feature

All 50 states

Average refi loan costs

$7,110

*Down payment amount depends on loan program.

Pros

More loan options than other lenders, including renovation loans and super-jumbo loans
Brick-and-mortar locations in most states
Low application denial rates

Cons

Doesn't publish rates or fees online
Higher fees than many competitors
Doesn't offer HELOCs

Available loan products

Available refinance products:

Conventional mortgage loans
FHA loans
VA loans
Jumbo loans
USDA loans
Fixer-upper loans (including the FHA 203(k) program, Fannie Mae HomeStyle® Renovation loans and VA and USDA renovation loans)

Additional loan products:

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

Why we chose Fairway

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.

How to qualify

You’ll have the best chance of qualifying for a mortgage refinance with Fairway if you have a 62% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 48% of refinance borrowers had a debt-to-income (DTI) ratio under 40%.

Get Personalized Rate Offers Read Our Expert Review

Read more about how we chose our picks for the best refinance lenders.

How to get the best refinance rates

Spruce up your credit. Reduce credit card balances, avoid opening new credit accounts and pay everything on time to optimize your score.
Budget some extra cash to pay for points. A mortgage point costs 1% of your loan amount, and every point you purchase typically “buys down” (lowers) your rate by up to 0.25 percentage points. Just make sure you’ll break even on the extra costs if you plan to sell your home in the near future. (Your break-even point is a measure of how long it takes to recoup your refinance closing costs.)
Shop and haggle with lenders. Sure, you could just go with your current mortgage company — but a LendingTree study found that comparison shopping with 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.
Compare APRs and interest rates. Lenders must disclose your annual percentage rate (APR) and your interest rate. A low rate may sound good at first, 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, rather than just the interest you’ll pay.
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). As long as you can lower your interest rate when replacing your current mortgage with a new one, using a cash-out refinance is a cheaper way to access a large amount of cash than using a home equity loan or HELOC.

Learn more about how to improve your credit score.

How to refinance a mortgage in 6 steps

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:

Know your credit score. The lowest refinance rates go to borrowers with the highest credit scores. A 780 FICO Score is the benchmark for the best conventional refi rates, but some government-backed refinance programs allow scores as low as 500.
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 recoup your refi fees. As long as you plan to stay in your home that long, the refinance makes sense.
Estimate your home’s value. Try a home value estimator or contact your real estate agent to help pinpoint your home’s value. The more equity you have, the lower your rate will typically be. If you have little or no equity, ask your loan officer if you’re eligible for an FHA streamline refinance or VA interest rate reduction refinance loan (IRRRL) — these options don’t require appraisals.
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.
Lock in your refinance rate. Once you’ve committed to a lender, get a mortgage rate lock to secure your quoted interest rate.
Close on your 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.

Frequently asked questions

The table below gives you a quick glance at the refinance requirements for credit score, debt-to-income (DTI) ratio and loan-to-value (LTV) ratio for common refinance loan types.

Loan program	Refinance purpose	Credit score	LTV ratio	DTI ratio
Conventional	Rate and term	620	97%	45% to 50%
	Cash out	620	80%	45% to 50%
FHA	Rate and term	500 to 580	97.75%	43%
	Cash out	500	80%	43%
	Streamline	N/A	N/A	N/A
VA	Rate and term	No minimum, but lenders typically require 620	100%	41%
	Cash out	No minimum	90%	41%
	Streamline	No minimum	N/A	N/A
USDA	Streamline	N/A	N/A	N/A

APR stands for annual percentage rate, and it’s 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.

A good rule of thumb is to wait until you can reduce your current rate by at least 50 basis points. That said, if you need to refinance for other reasons — like removing someone’s name from a mortgage or switching to a fixed-rate mortgage — it can still be worth considering. If you need guidance, reach out to a loan officer or housing counselor.

Refinance rates are usually higher than purchase mortgage rates because lenders view refinancing as a higher risk, especially for cash-out refinances that increase the loan amount.

How we chose our picks for the best refinance lenders

To determine the best refinance lenders, we reviewed data from more than 30 LendingTree 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.

Refinance lenders reviewed by LendingTree

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