FHA refinance rates

Find and compare the best FHA refinance rates from lenders in your area.

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Mortgage rate trends (APR)

NerdWallet's mortgage rate insight
30-year fixed

The average rate on a 30-year fixed-rate mortgage went up three basis points, the rate for the 15-year rose three basis points and the 5/1 ARM increased five basis points, according to a NerdWallet survey of daily mortgage rates published Thursday by national lenders. The average rate on the 30-year fixed is one basis point higher than one week ago. A basis point is one one-hundredth of one percent.

Mortgage rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed4.59%
15-year fixed4.15%
5/1 ARM4.53%
Data source: NerdWallet Mortgage Rate Index

FHA Refinance Rates

NerdWallet’s mortgage rate tool can help you find competitive FHA refinance rates tailored to meet your needs. Just enter some information about the type of loan you’re looking for and you’ll get a customized rate quote in minutes, without providing any personal information.

What is an FHA loan?

An FHA loan is a mortgage the Federal Housing Administration insures. FHA loans require a smaller a down payment and lower closing costs and allow relaxed lending standards to help homeowners who don’t qualify for a conventional mortgage.

What are conditions for an FHA streamline refinance?

Here are five conditions you’ll need to know about before beginning an FHA streamline refinance:

  • You can’t be delinquent on your current FHA loan. “We have [other] tools for borrowers who can’t afford their payments,” Stevens says.
  • You can’t take out more than $500 in cash from the refinance.
  • It must be at least six months since your current mortgage was issued.
  • You can’t increase your loan amount to cover closing costs.
  • There needs to be a “benefit to the buyer”. That means the FHA is looking for you to reduce your term or lower your mortgage interest rate — or both.

When should you consider an FHA loan?

An FHA loan is the go-to mortgage for many Americans, especially first-time homebuyers and those who have a credit history that’s weak or damaged. If your credit score is ‘good’ or ‘fair’ rather than ‘excellent’, if you’ve had financial difficulties in the past or if you just haven’t had time to build a strong history of on-time payments, an FHA loan could be the answer to your mortgage needs. FHA loans are designed for people like you: With FHA backing, which protects the lender in case you default on your mortgage, lenders can broaden their credit standards. If you qualify, you can get a mortgage with as little as 3.5% down.

FHA loans do have up-front and ongoing additional costs built in: You’ll have to pay mortgage insurance. This protects the lender’s stake in the loan if you default and the premiums increase your monthly payments.

Learn more about FHA loans: