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2026-09-14T00:00:00|6.968|0.023|6.274|0.035|6.725|-0.009|6.623|0.032||

Updated

Refinance Mortgage Rates: Today's Best Rates

Current refinance rates updated daily. Compare rate-and-term, cash-out, and streamline refinance options to lower your monthly payment or tap into your home equity.

30-YR Refi Rate

6.968

Daily · Optimal Blue

15-YR Refi Rate

6.274

Daily · Optimal Blue

Today's Refinance Rates

30-Year Fixed Refi

Rate-and-term refinance

6.968%

15-Year Fixed Refi

Faster payoff, lower rate

6.274%

FHA Streamline Refi

Simplified for existing FHA loans

6.725%

VA IRRRL (Streamline)

For existing VA loan holders

6.623%

Should You Refinance Your Mortgage?

Refinancing replaces your current mortgage with a new loan, ideally at a lower rate, shorter term, or with access to home equity. Compare the new rate, closing costs, monthly savings, and how long you expect to remain in the home.

A common rule of thumb is to consider refinancing when the rate improvement and monthly savings are large enough to recover closing costs within your expected ownership period.

Types of Refinance

Rate-and-Term Refinance

Replace your current loan with a new loan at a different rate or term without taking significant cash out.

Best for: Lowering payment

Cash-Out Refinance

Borrow more than the current balance and receive part of your home equity as cash at closing.

Best for: Accessing equity

Streamline Refinance

Simplified refinance options for eligible FHA or VA borrowers, often with reduced documentation.

Best for: FHA/VA simplicity

Potential Savings Example

Refinancing a $400,000 Mortgage

Scenario	Rate	Payment	Monthly Savings
Current loan	7.5%	$2,797	—
Refi to 6.5%	6.5%	$2,528	$269/mo
Refi to 15-yr	5.8%	$3,328	$178K total interest saved

When Does Refinancing Make Sense?

Refinance Checklist

Your current rate is meaningfully above today’s rates

You want to remove FHA mortgage insurance

You plan to stay in the home long enough to break even

You want to shorten your loan term

Your credit has improved since the original loan

You need cash for renovations or debt payoff

You want to switch from an ARM to a fixed rate

You have sufficient equity in the home

Refinance Closing Costs

Refinance closing costs commonly include appraisal, title, origination, recording, and lender fees. Compare the total closing cost with the projected monthly savings to calculate your break-even point.

How to Get the Best Refinance Rate

Compare offers from multiple lenders on the same day, review your credit report, reduce revolving balances, and consider whether paying discount points makes sense for your expected loan duration.

Refinance FAQ

What are today's refinance rates?

Today's 30-year refinance rate is 6.65% and the 15-year refi rate is 5.95%. Actual rates depend on credit score, equity, loan amount, and lender.

When should I refinance my mortgage?

Consider refinancing when you can lower your rate by at least 0.5-1.0%, when you plan to stay in the home long enough to recoup closing costs (usually 2-4 years), or when you want to switch from an ARM to a fixed rate.

How much does it cost to refinance?

Refinance closing costs typically run 2-5% of the loan amount. On a $400,000 loan, expect $8,000-$20,000. Some lenders offer no-closing-cost refinances by rolling fees into a slightly higher rate.

What is a cash-out refinance?

A cash-out refi replaces your mortgage with a larger one and gives you the difference in cash. For example, if you owe $300,000 on a home worth $500,000, you could refinance for $400,000 and receive $100,000 in cash. Rates are typically 0.125-0.25% higher than rate-and-term refis.

What is an FHA Streamline refinance?

An FHA Streamline is a simplified refinance for existing FHA borrowers. It requires no appraisal, minimal paperwork, and no income verification. You must demonstrate a "net tangible benefit" — typically a lower rate or switching from ARM to fixed.

Can I refinance to remove PMI?

Yes. If your home has appreciated and you now have 20%+ equity, refinancing into a conventional loan eliminates PMI. For FHA loans, refinancing to conventional is the only way to remove mortgage insurance if you put less than 10% down originally.

How long does a refinance take?

A typical refinance takes 30-45 days from application to closing. Streamline refinances (FHA/VA) can close in as little as 2-3 weeks. Complex situations or cash-out refis may take 45-60 days.