The rates shown above are estimates, current as of: 5:50 p.m. PDT on Aug 29. Please note, rates and loan terms are subject to lender approval and are not guaranteed.
Refinancing your mortgage can bring big benefits, like getting a lower rate than your current loan. Whether you want to lower your monthly payments, pay off your loan faster, or access your home’s equity, refinancing could be a smart choice.
Refinancing means replacing your current mortgage with a new one that ideally has better terms. This guide will help you understand how refinance rates are set and walk you through the application process, so you can make informed decisions and get the most out of refinancing your home.
Tap into your home’s equity. Use the difference between your home’s value and what you owe to get cash for other needs.
Shorten your mortgage term. Switch from a 30-year to a 15-year loan to pay off your home faster and save on interest.
Consolidate debt. Use your home’s equity to pay off high-interest credit cards.
Switch your loan type. Move from an FHA to a conventional loan for better terms.
No matter your goal, we’re here to help you understand the costs and benefits of refinancing.
Refinancing your mortgage means swapping your current loan for a new one, usually changing your interest rate and monthly payment. The new mortgage pays off the old one.
Refinancing is much like getting a mortgage to buy a home. You’ll apply, submit documents, get an appraisal, and close on your loan, with similar fees and costs. You might even be able to close from the comfort of your home.Mortgage refinance rates are influenced by two main factors:
Economic: Elements like the stock market, Federal Reserve policies, inflation, and the housing market impact mortgage rates.
Personal: Your credit score, debt-to-income ratio, and the amount you’re borrowing play a key role in determining your mortgage rate.
Current refinance rates are calculated based on specific details called assumptions, which include:
The more your personal details match these assumptions, the closer your rate will be to the quoted rate. Remember, assumptions can change and differ between lenders, so always check the assumptions when comparing rates.
A mortgage rate lock secures your interest rate for a set period, typically between 15 and 60 days, ensuring it won’t change during that time.
Your first step is to apply online or talk to a Home Loan expert and see what your personalized rate could be. After getting approved for a loan, we’ll help you lock your rate.
Mortgage rates can fluctuate daily, sometimes even multiple times a day. When monitoring refi rates, keep in mind that a 0.25% change in the rate typically adds about $30 to your monthly mortgage payment.
• Latest Rates: Rates can change multiple times daily. We update our information at 3:24 p.m. PDT on May 29 to ensure accuracy. Note that interest rates and APRs are for informational purposes only and don't include all applicable fees. Your actual rates, payments, and costs may vary.
• Subject to Change: Rates and fees shown are current as of the time displayed above but may change without notice.
• One-Time Costs: Displayed costs include points/credits and third-party fees. Depending on your situation, you may also need to pay an escrow deposit, pre-paid interest, and other charges.
• Estimate Accuracy: Without a complete picture of your finances, these figures are estimates. Your actual rate, payment, and costs could be higher. We recommend getting an official Loan Estimate before choosing a loan.
• Approval Conditions: Loan approval is subject to underwriter review. Not all applicants will be approved.
• Assumptions: Our estimates assume you're paying closing costs out of pocket, have a debt-to-income ratio below 35%, are buying or refinancing a single-family primary residence, are making a 20% down payment, and have a credit score of 760 or higher.
• Refinancing Implications: Be aware that refinancing may increase your total finance charges over the life of the loan.