Who has the best mortgage refinance rates?
To help you find the best refinance rates in 2025, we analyzed average rates from the 50 largest refinance lenders. Our data comes from the Home Mortgage Disclosure Act (HMDA), which is the most reliable source available.1,2
Below, you’ll see which companies offered the lowest refinance rates on average for a 30-year fixed-rate mortgage. Just keep in mind that refinance rates vary based on factors like credit score, loan amount, and loan-to-value ratio.
To find your lowest mortgage refinance rate, it’s a good idea to compare offers from several lenders, including the ones featured here.
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Note: Refinance rates cited in this article are from 2024 and do not reflect the rate you will be offered today. Interest rates are shown for general comparison purposes only.
Best refinance rates 2025: lender rankings
We used the most recent Home Mortgage Disclosure Act (HMDA) data to find lenders offering the lowest refinance rates. While refinance rates continue to shift with market conditions and Federal Reserve policy, the averages here make it easier to compare refinance lenders and narrow down your options for a refinance loan.
You can also review our industry expert predictions for 2025 refinance rates to see where things might be headed next.
Compare mortgage refinance rates. Start here
Lenders with the lowest refinance rates
| Lender | Average Rate |
| 1. Summit Credit Union | 5.38% |
| 2. Wells Fargo | 5.94% |
| 3. loanDepot | 6.20% |
| 4. Chase Bank | 6.23% |
| 5. United Shore Financial Services | 6.25% |
| 6. PennyMac | 6.31% |
| 7. Rocket Mortgage | 6.35% |
| 8. Guaranteed Rate | 6.50% |
| 9. Guild Mortgage | 6.54% |
| 10. NewRez | 6.55% |
| 11. CrossCountry Mortgage | 6.64% |
| 12. The Loan Store | 6.92% |
| 13. Royal United Mortgage | 7.03% |
| 14. Bank of America | 7.06% |
| 15. CMG Financial | 7.23% |
| 16. U.S. Bank | 7.35% |
| 17. Third Federal | 7.47% |
| 18. Regions Bank | 7.88% |
| 19. Zions Bancorporation | 7.90% |
| 20. TD Bank | 8.40% |
| 21. Huntington Bank | 8.52% |
| 22. M&T Bank | 8.60% |
| 23. Discover | 8.68% |
| 24. Truist Bank | 8.69% |
| 25. Fifth Third Bank | 8.99% |
Source: FFIEC, 2024 Modified LAR. Historical average rates are for comparison purposes only; your own interest rate will be different.
The lowest refinance rates in this list can vary widely depending on the borrower, so finding your lowest interest rate will likely require comparing multiple offers.
Today’s mortgage refinance rates
| Conventional 30-year fixed rate | % (% APR) |
| Conventional 15-year fixed rate | % (% APR) |
| FHA loan 30-year fixed rate | % (% APR) |
| FHA loan 15-year fixed rate | % (% APR) |
| VA loan 30-year fixed rate | % (% APR) |
| VA loan 15-year fixed rate | % (% APR) |
*Current mortgage rates are according to The Mortgage Reports’ lender network. Rates are for sample purposes only; your own rate will be different. See our mortgage rate assumptions here
Today’s refinance rates reflect ongoing economic trends, including adjustments influenced by Federal Reserve policies and inflation expectations. As rates fluctuate, this section provides an up-to-date overview to help you find the best refinance rate for your mortgage needs. Explore the table below to review the most competitive options available.
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It’s important to shop with a few different lenders to see the lowest mortgage refinance rates offered. You can even make lenders compete for your loan and play your quotes against one another. Mortgage shoppers can save thousands in interest by simply getting more than one refinance quote.
Lowest refinance rates by loan type
Not all refinance rates are created equal, and that’s especially true across different types of loans. Whether you’re applying for a conventional loan, a cash-out refinance, or a government-backed option like an FHA or VA Streamline Refinance, some lenders consistently offer low refinance rates for that specific program.
To help you find the best refinance rate for your needs, we’ve ranked top mortgage lenders by refinance loan type so you can compare options with more clarity.
Best conventional refinance rates
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| Lender | Average Rate |
| 1. Summit Credit Union | 5.38% |
| 2. Wells Fargo | 5.94% |
| 3. loanDepot | 6.20% |
| 4. Chase Bank | 6.23% |
| 5. United Shore Financial Services | 6.25% |
| 6. PennyMac | 6.31% |
| 7. Rocket Mortgage | 6.35% |
| 8. Guaranteed Rate | 6.50% |
| 9. Guild Mortgage | 6.54% |
| 10. NewRez | 6.55% |
Source: FFIEC, 2024 Modified LAR. Historical average rates are for comparison purposes only; your own interest rate will be different.
Best FHA refinance rates
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| Lender | Average Rate |
| 1. United Shore Financial Services | 5.77% |
| 2. PennyMac | 5.88% |
| 3. Rocket Mortgage | 6.01% |
| 4. CrossCountry Mortgage | 6.12% |
| 5. Planet Home Lending | 6.13% |
| 6. NewRez | 6.30% |
| 7. Lakeview Loan Servicing | 6.32% |
| 8. Freedom Mortgage | 6.33% |
| 9. Mr. Cooper | 6.44% |
| 10. AmeriHome Mortgage | 6.52% |
Source: FFIEC, 2024 Modified LAR. Historical average rates are for comparison purposes only; your own interest rate will be different.
Best VA refinance rates
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| Lender | Average Rate |
| 1. Navy Federal Credit Union | 5.35% |
| 2. PennyMac | 5.53% |
| 3. Rocket Mortgage | 5.54% |
| 4. United Shore Financial Services | 5.56% |
| 5. loanDepot | 5.63% |
| 6. Village Capital | 5.64% |
| 7. Lakeview Loan Servicing | 5.69% |
| 8. Veterans United | 5.74% |
| 9. CrossCountry Mortgage | 5.74% |
| 10. NewRez | 5.78% |
Source: FFIEC, 2024 Modified LAR. Historical average rates are for comparison purposes only; your own interest rate will be different.
How to compare mortgage refinance lenders
To find the best refinance rates, it’s essential to compare offers from multiple lenders, including banks, credit unions, online providers, and even mortgage brokers. Start by requesting Loan Estimates, which outline the full cost of each refinance loan, from interest rate and APR to closing costs, discount points, and origination fees.
As you review your options, consider the lender’s reputation, customer service, and whether they offer the type of refinancing that fits your goals, such as a cash-out refinance or a fixed-rate loan. Even reducing your interest rate by just one percentage point could save you thousands over time, especially on a 30-year mortgage loan.
Compare current refinance rates with multiple lenders. Start here
6 tips to qualify for the lowest mortgage refinance rates
Want to score the best refinance interest rate possible for your current home or real estate investment? There are several steps you can take to improve your chances:
- Improve your credit score: A higher credit score can help you qualify for the best refinance rates. Pay your bills on time, reduce your credit card balances, and avoid applying for new credit before refinancing.
- Shop around and compare lenders: Don’t settle for the first refinance offer you receive. Compare the best refinance mortgage rates from multiple lenders to find the lowest refinance rates available. Consult with a knowledgeable loan officer to discuss your options.
- Consider a shorter loan term: While a 30-year mortgage is the most common, opting for a 15-year mortgage can often result in a lower interest rate and significant savings over the life of the loan.
- Compare Loan Estimates carefully. When you apply with a lender, you’ll get a Loan Estimate which provides a thorough breakdown of the costs that come with your refinance loan. Consider not only the mortgage rates compared with national averages but also the annual percentage rate (APR), closing costs, and monthly payments.
- Purchase discount points. You may be able to buy down your interest rate using points. Every point you purchase costs 1% of your loan amount. Typically, buying one point will lower your interest rate by about 0.25%.
- Improve your loan-to-value ratio: Building more home equity before refinancing can help you qualify for the best home refinance rates. Consider making extra payments or waiting for your home value to increase.
Factors that determine your mortgage refinance rate
Several factors can influence the best refinance rates you qualify for. For instance, if you have a credit score of 740 or higher and a loan-to-value ratio of 80% or lower, you may be eligible for the lowest refinance mortgage rates available. By maintaining strong financial health, you’ll improve your chances of securing the cheapest refinance rates.
Credit score
Your credit score is one of the most significant factors in determining your refinance rate. Lenders typically offer the lowest refi rates to borrowers with credit scores of 740 or higher. If your credit score is lower, you may still qualify for refinancing, but you may be offered higher interest rates.
Loan-to-value ratio (LTV)
Your LTV ratio compares your loan amount to your home’s value. A lower LTV ratio indicates more equity in your home, which can help you secure better refinance rates, especially on a primary residence. Lenders generally prefer an LTV ratio of 80% or lower for the best refinance rates.
Debt-to-income ratio (DTI)
Your DTI ratio compares your monthly debt payments to your gross monthly income. A lower DTI ratio demonstrates a better ability to manage your monthly payments, making you a more attractive borrower to lenders. Aim for a DTI ratio of 36% or lower for the best refinance rates, whether you live in large metro areas like New York or smaller real estate markets like Oklahoma City. Keeping your DTI low can help you qualify for the cheapest refinance rates and secure the lowest mortgage refinance rates available.
Loan term
The length of your loan term can also impact your refinance rate. Shorter loan terms, such as a 15-year fixed-rate mortgage, often have lower interest rates compared to 30-year mortgages. However, keep in mind that a shorter term means higher monthly payments.
Home loan type
Conventional loans typically have lower rates than government-backed loans like FHA loans or VA loans. However, if you have a lower credit score or a higher LTV ratio, government-backed loans may be a more suitable option. A knowledgeable loan officer can help you determine who has the lowest refinance mortgage rates based on current rate trends and how they compare to national averages.
How does mortgage refinancing work?
Mortgage refinancing involves replacing your existing mortgage with a new one, often with a lower interest rate or a different repayment term. Homeowners typically consider refinancing when market conditions change and low refinance rates become available. This can potentially help them secure the best mortgage refinance rate and lower their monthly payments.
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Refinancing works in the same way as the initial mortgage process. It entails submitting an application for a new loan, going through the underwriting process, and finally closing the new loan. The new loan proceeds are then used to pay off the original mortgage, allowing homeowners to take advantage of the lowest refi rates and possibly reduce their overall costs.
Types of refinance mortgage loans
There are several types of mortgage refinance options available to homeowners, depending on their needs and circumstances:
- Rate-and-term refinance: This is the most common type of refinancing. The goal is typically to secure a lower interest rate, change the term of the loan, or switch from an adjustable-rate mortgage to a fixed-rate mortgage
- Cash-out refinance: This involves refinancing for more than the current mortgage balance and taking the difference in cash. Homeowners often use this option for large expenses such as home improvements or to consolidate debt like credit card balances
- Cash-in refinance: This is when the borrower brings cash to the closing to pay down their mortgage balance. This can help avoid higher monthly payments or mortgage insurance
- Streamline refinance: These refinance programs, made available by Fannie Mae, Freddie Mac, and government-backed lenders, streamline the refinancing procedure by omitting certain requirements like credit checks and appraisals
- Jumbo refinance: This is used when you have a jumbo loan which exceeds the loan limits set by Fannie Mae and Freddie Mac
Mortgage refinancing costs to consider
Refinancing your mortgage can offer significant benefits, but it’s essential to be aware of the costs involved. Unfortunately, to secure the best refinance rates, you’ll also need to pay refinance closing costs. While these fees are an added expense, they may be worth it in the long run if you’re able to lock in the lowest refi rates and reduce your monthly payments or overall interest costs.
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- Origination fee: A charge by the lender for processing your loan application, typically 0.5% to 1.5% of the loan amount.
- Appraisal fee: Lenders often require a home appraisal to determine your property’s current market value, ranging from $300 to $600.
- Title search and insurance: A title search ensures there are no outstanding liens or ownership disputes on your property. Title insurance protects you and the lender from potential issues, costing between $500 and $2,000.
- Mortgage points: Optional upfront fees, also known as discount points, can lower your interest rate. Each point costs 1% of your home loan amount and reduces your rate by 0.25%.
- Prepaid taxes and insurance: Lenders may require you to pay a portion of your property taxes and homeowners insurance upfront.
- Underwriting fees: Lenders charge underwriting fees to assess your creditworthiness and verify your financial information during the refinance process.
- Credit report fees: Lenders will pull your credit report to evaluate your credit score and history, which may incur a small fee.
While these costs can add up, your lender can often roll them into your loan. Use a refinance calculator to determine if the benefits of a lower interest rate and monthly payment offset the upfront expenses over the life of the loan.
Pros and cons of mortgage refinancing
Refinancing can offer several benefits but also come with some potential downsides, so it’s important to explore the best refinance rates available to maximize savings. By securing the cheapest refinance rates, you can potentially lower your monthly payments or reduce the total interest paid over the life of the loan.
Pros:
- Lower monthly mortgage payments
- Potential to save money on interest over the life of the loan
- Opportunity to switch from an adjustable-rate mortgage to a fixed-rate loan
- Access to home equity through a cash-out refinance
Cons:
- Closing costs and fees associated with refinancing
- Potential for a longer loan term, which can increase the total interest paid
- Risk of overborrowing with a cash-out refinance
Alternatives to refinancing
If refinancing isn’t the right choice for your situation, there are other options to consider,
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Loan modification
If you’re struggling to make your current mortgage payments, you may be able to work with your lender to modify your loan terms. A loan modification could potentially lower your interest rate, extend your loan term, or reduce your principal balance, making your payments more manageable. For example, if you’ve experienced financial hardship due to a job loss or medical emergency, your lender may be willing to work with you to find a solution.
Home equity loan or home equity line of credit
If you have significant equity in your home, you may be able to borrow against it without replacing your current mortgage. A home equity loan provides a lump sum of cash at a fixed interest rate, while a home equity line of credit (HELOC) allows you to borrow as needed up to a certain limit, with a variable interest rate. These loan options can be useful for home improvements, debt consolidation, or other major expenses.
Debt consolidation
If your primary goal is to pay off high-interest debt, such as credit card balances, a debt consolidation loan or balance transfer credit card may be a better choice than a cash-out refinance. These options can help you simplify your debt repayment and potentially save on interest, without putting your home at risk.
How to refinance a mortgage loan
Refinancing your mortgage can help you secure the best refinance rates and potentially save thousands of dollars over the life of your loan. By following this step-by-step guide, you can find the lowest mortgage refinance rates available.
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Step 1: Assess your financial situation
Before you start shopping for the best mortgage refinance rates, take a close look at your financial situation. Determine your credit score, as this will significantly impact the lowest refinance rates you can qualify for. Gather your financial documents, including proof of income, assets, and debts, to help streamline the application process.
Step 2: Set your refinancing goals
Identify your primary goals for refinancing. Are you looking to secure the lowest mortgage refinance rates to reduce your monthly payments? Do you want to switch from an adjustable-rate mortgage to a fixed-rate loan? Or perhaps you want to tap into your home’s equity for home improvements or debt consolidation. Understanding your objectives will help you find the best refinance rates tailored to your needs.
Step 3: Shop around for the best mortgage refinance rates
To find the lowest refinance rates, it’s crucial to compare offers from multiple lenders. Start by requesting quotes from your current lender, as they may offer competitive rates to retain your business. Then, research online lenders, banks, and credit unions to find the best refinance rates available. Don’t forget to consider factors beyond interest rates, such as closing costs, fees, and loan terms.
Step 4: Apply for the loan
Once you’ve identified the lender offering the best mortgage refinance rates, it’s time to submit your application. Provide the required documentation, such as proof of income, employment history, and property information. The lender will also conduct a home appraisal to determine the current value of your property.
Step 5: Lock in your interest rate
When you’re satisfied with the lowest refinance rates offered, consider locking in your interest rate. This protects you from potential rate increases during the loan processing period. Keep in mind that rate locks typically come with an expiration date, so be sure to close your loan within the specified timeframe to secure the best refinance rates.
Step 6: Close the loan
After your loan is approved and processed, it’s time to close the deal. Review your closing disclosure carefully to ensure that the terms, including the lowest mortgage refinance rates, match what you agreed upon. Pay any closing costs and sign the necessary paperwork to finalize your refinance.
Bear in mind that refinancing a mortgage is a personalized experience that depends on various factors, including your financial situation and the specifics of your current and new loans. Even as a first-time home buyer, refinancing can be a beneficial step when low refinance rates are available.
Still, by following these steps and shopping around for the best mortgage refinance rates, you can potentially save a significant amount of money over the life of your loan.
Should you refinance your mortgage?
If you’re after a lower interest rate and monthly mortgage payment, refinancing is often a smart move. But depending on your goals, you’ll want to compare refinance lenders carefully. For example:
- Want to remove mortgage insurance? Refinance from an FHA loan to a conventional loan.
- Looking to tap into your home equity? A cash-out refinance could work, though rates are often slightly higher.
- Prefer stability? Refinance from an adjustable-rate mortgage to a fixed-rate loan.
- Want to pay off your loan faster? Switch to a shorter term, like a 15-year mortgage.
Just keep in mind that refinancing may not be the right move if you’re planning to sell soon or extending your loan term significantly. In those cases, the closing costs or extra interest could cancel out the savings.
FAQs about finding the lowest refinance rates
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Based on our lender data analysis, Summit Credit Union offered the lowest refinance rates overall and for conventional loans, averaging 5.38%. For FHA refinance loans, United Shore Financial Services had the lowest average rate at 5.77%. And if you’re refinancing a VA loan, Navy Federal Credit Union led with an average rate of 5.35%.
A good interest rate is typically 0.5% to 1% lower than your current rate. Your exact number depends on your credit score, loan-to-value ratio, and the loan term you choose.
Yes, refinancing at a 1% lower interest rate can lead to significant savings, especially on large loan balances. Just make sure your closing costs don’t cancel out the benefit.
No, you usually don’t need a down payment to refinance. But having home equity can help you avoid private mortgage insurance (PMI) and qualify for a better interest rate.
Refinance rates remain unpredictable, but many experts expect a slow decline throughout the year as inflation eases and the Federal Reserve shifts away from rate hikes. That said, short-term volatility is still likely. If you’re waiting for the lowest refinance rates, timing the market can be tricky. It’s often smarter to compare offers now and consider locking your rate if you find a deal that fits your goals.
The best refinance loan depends on your goals. Popular options include conventional loans, FHA loans, VA loans, and cash-out refinance programs. Compare terms, fees, and interest rates to find what fits your needs.
No, you’re free to refinance with any lender. Comparing multiple offers is often the best way to get the lowest mortgage refinance rate.
The Federal Reserve doesn’t set refinance rates directly, but it influences them through its control of the federal funds rate. When the Fed raises rates, mortgage interest rates often go up. When it cuts rates, borrowing usually gets cheaper. Lenders adjust accordingly, which affects the cost of a refinance loan.
If your new loan brings your loan-to-value (LTV) below 80%, you may be able to drop mortgage insurance, but this depends on your loan type and lender requirements.
Find your best mortgage refinance rates
If you’re ready to lower your monthly mortgage payment or reduce your interest rate, now is the time to act. Comparing personalized offers from top refinance lenders could help you save thousands over the life of your loan, and it only takes a few minutes to begin.
Click the links below to explore your options, view today’s lowest refinance rates, and take the next step toward a better deal. There is no cost and no obligation—just a smarter way to refinance.
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1Rate and fee data were sourced from self-reported loan data that all mortgage lenders are required to file each year under the Home Mortgage Disclosure Act. Averages include all 30-year non-cash-out refinance loans reported by each lender for the previous year. Your own rate and loan costs will vary.
2Top lenders for 2025 based on 2024 HMDA data sourced directly from FFIEC, 2024 Modified LAR.
Written by: Erik J. Martin