Compare Today's Cash-Out Refinance Rates
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- About this lenderPros
- Offers a program allowing qualifying buyers to make cash offers.
- Makes it easy to see customized mortgage rates.
- Average interest rates are on the low end compared to other lenders, according to the latest federal data.
Cons- Doesn’t offer USDA loans.
- VA loans are not available in every state.
- Doesn't offer home equity loans.
- About this lenderPros
- A full slate of loan offerings.
- Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.
- Digital conveniences include a mobile app.
Cons- You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
- Origination fees are on the high side, according to the latest data.
- About this lenderPros
- Offers a variety of loan types, including first-time buyer programs and loans for self-employed borrowers.
- Real-time rate quotes available while working with a broker.
- Responsive customer service.
- Competitive pricing often available, especially for non-traditional borrowers.
Cons- Does not publish interest rates online.
- No mortgage mobile app.
- Loans are not available in every state.
- About this lenderPros
- Displays customized rates, with fee estimates, without requiring contact information.
- Efficient customer service over the phone or through online chat.
Cons- Physical branches are limited to the Kansas City metro area.
- About this lenderPros
- Displays customized rates, with fee estimates, without requiring contact information.
- Offers home equity loans and lines of credit.
- Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons- Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
- Home renovation loans are not available.
- Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
- About this lenderPros
- Among the best when it comes to online convenience.
- Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
- Claims to offer preapproval within 24 hours of loan application.
Cons- You'll have to complete a loan application to see mortgage interest rates.
- Bank branch locations limited to the Midwest.
- Does not offer home equity lines of credit.
- About this lenderPros
- Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
- Its home equity line of credit can be used for an owner-occupied or second home.
- Offers a program to enable buyers to make cash offers.
Cons- Mortgage origination fees tend to be on the high end, according to the latest federal data.
- About this lenderPros
- Loan origination process can be completed online.
- Offers government-backed FHA and VA loans.
- Offers module that compares mortgage rates among other lenders.
Cons- Offers loans in many states and Washington, D.C., but not nationwide.
- Does not offer home equity loans or lines of credit.
- About this lenderPros
- Specialty loans include financing for co-ops and nonwarrantable condos.
- Offers conventional loans for manufactured homes.
- Highly rated mobile app.
Cons- Interest rates are on the high side, according to the latest federal data.
- Doesn’t offer renovation, construction or USDA loans.
- Can’t get a preapproval online.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
- 30-year fixed
- 15-year fixed
- 5-year ARM
NerdWallet’s mortgage rate insight
6.764%
30-year fixed-rate“
On Monday, June 30, 2025, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 6.764%. The average APR on a 15-year fixed-rate mortgage fell 4 basis points to 5.699% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 1 basis point to 7.341%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 10 basis points lower than one week ago and 26 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.758% | 6.764% |
| 20-year fixed-rate | 6.415% | 6.420% |
| 15-year fixed-rate | 5.689% | 5.699% |
| 10-year fixed-rate | 5.383% | 5.396% |
| 7-year ARM | 7.476% | 7.356% |
| 5-year ARM | 7.296% | 7.341% |
| 3-year ARM | 6.500% | 7.182% |
| 30-year fixed-rate FHA | 6.801% | 7.551% |
| 30-year fixed-rate VA | 6.102% | 6.430% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
👉 Did you buy a home in 2023? Refinancing might save you money — mortgage rates are down a percentage point compared to last year’s peak. See mortgage rates this week and try our refinance calculator to see how much you could save.
What are the current cash-out refinance rates?
In general, cash-out refinances have higher interest rates than other mortgage refinances — but lower rates than second mortgages like home equity loans or home equity lines of credit (HELOCs). NerdWallet helps you comparison shop so you can find the best cash-out refinance rate for you. Just like getting your first mortgage, it’s smart to compare quotes from at least three different refinance lenders to get the best deal.
What is a cash-out refinance?
A cash-out refinance is a new larger loan replacing your current mortgage. You’ll be borrowing what you owe on your existing loan, plus the cash you take out from your home’s equity.
Your home equity is the difference between the current market value of your house and your mortgage balance. For example, if your home is now worth $300,000 and you owe $200,000, you have $100,000 in equity. Put $40,000 of that in your pocket, and your new loan will be $240,000. Closing costs often may be subtracted from the equity draw, unless you’re bringing cash to closing.
How much cash can I get with a cash-out refinance?
Lenders set their own limits for the percentage of cash you can take out, typically up to 80%-90% of your home equity. An appraisal will be required to determine your home’s current market value.
What are the requirements for a cash-out refinance?
In order to qualify for a cash-out refinance, you’ll have to meet lender requirements. Each lender will have its own set of criteria, but here are some general expectations:
Credit score of at least 620. The best rates are reserved for those with the highest credit scores.
Equity of at least 20%. You need to have built up equity in order to pull it out. (One exception: A VA cash-out refinance, guaranteed by the Department of Veterans Affairs, lets you finance up to 100% of the value of your home.)
Debt-to-income ratio at or below 50%. For most cash-out refinances, your total amount of existing debt (including your mortgage) can’t exceed 50% of your gross monthly income.
Seasoning requirement. With a conventional loan, you typically need to have owned your home for at least six months (known as the “seasoning requirement”) before you can refinance. Government-backed loans work differently: With a VA loan, the requirement is 210 days. With an FHA loan, guaranteed by the Federal Housing Administration, it’s 12 months.
How much does it cost to get a cash-out refinance?
As with any mortgage refinance, you’ll pay closing costs for a cash-out refinance. Closing costs typically range from 2% to 6% of the total mortgage amount — that’s $7,000 to $21,000 on a $350,000 mortgage.
Pros and cons of a cash-out refinance
Pros
- Potentially lower rate: If you’re refinancing in order to lower your interest rate, you could save on your mortgage payments long-term.
- Access to cash: If refinancing makes sense for you, a cash-out refinance allows you to access equity and convert it into cash.
- It’s all one loan: You’re only making one mortgage payment, rather than managing separate payments for a primary mortgage and a second mortgage (like a home equity loan or home equity line of credit).
Cons
- Closing costs: Just like with your first mortgage, you’ll be required to pay closing costs of 2% to 6% when you refinance.
- New terms: When you refinance, you get a new set of terms in addition to a new rate — essentially, you’re restarting the clock. This could add years to your loan (resulting in extra interest payments) or mean higher monthly payments.
- Foreclosure risk: Now that you’re taking on a larger mortgage, you risk losing your home if you can’t keep up with the new payments.
When to consider a cash-out refinance
A cash-out refinance might make sense if you can get a lower rate than your current mortgage — and have a financially sound strategy for using the cash. Since you’re using your home as collateral to access the cash, the best uses for cash-out proceeds are home repairs and improvements, which can increase the value of your home and provide a return on your investment. A cash-out refinance is not recommended for financing a vacation or other expenditure that won’t grow your wealth.
Alternatives to a cash-out refinance
A home equity loan or HELOC are second mortgages that let you borrow against your home equity. A cash-out refinance typically has a lower interest rate than a home equity loan or HELOC, and refinancing may provide a lower rate than your current mortgage. However, you may end up paying more in fees for a cash-out refinance than you would a home equity loan or HELOC.