Loan Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed rate refinance | 7.31% | 7.58% |
| 20-year fixed rate refinance | 7.85% | 7.98% |
| 15-year fixed rate refinance | 6.76% | 7.20% |
| 10-year fixed rate refinance | 7.04% | 7.63% |
| FHA 30-year fixed rate refinance | 6.41% | 7.16% |
| 30-year 5/1 ARM refinance | 6.59% | 7.68% |
| VA 30-year 5/1 ARM refinance | 5.75% | 6.74% |
| VA 30-year fixed rate refinance | 6.42% | 6.83% |
| VA 15-year fixed rate refinance | 5.72% | 6.50% |
Written by Rene Bermudez | Edited by Crissinda Ponder | Updated June 13, 2024The 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 0.04% and 15-year rates decreased by 0.12%.
Here are the U.S. weekly average rates from the Freddie Mac Primary Mortgage Market Survey, as of June 13, 2024:
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.”
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.
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:
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.
Ratings and reviews are from real consumers who have used the lending partner’s services.
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
Available refinance products:
Additional loan products:
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.
Not published
0% to 3%*
37 states and D.C.
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.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
620
0% to 3.5%*
Online rates tracking
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.
Ratings and reviews are from real consumers who have used the lending partner’s services.
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
Available refinance products:
Additional loan products:
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.
Read more about how we chose our picks for the best refinance lenders.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.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:
Here are a few tweaks to your finances that could help land you the best mortgage rate:
| Pros | Cons |
|---|---|
Lower rates. Refinance rates tend to be lower than second mortgage rates. | Closing costs. You'll pay 2% to 6% of the loan amount in closing costs. |
Start comparing mortgage refinance rates on LendingTree today.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:
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 OffersAPR 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 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 |
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.
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.
Back to lenders