Compare today's refinance rates
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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.
Trends and insights
NerdWallet’s mortgage rate insight
On Friday, February 3rd, 2023, the average APR on a 30-year fixed-rate mortgage remained at 5.917%. The average APR on a 15-year fixed-rate mortgage remained at 5.076% and the average APR for a 5-year adjustable-rate mortgage (ARM) remained at 6.541%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 29 basis points lower than one week ago and 226 basis points higher 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
|30-year fixed-rate FHA||5.129%||5.892%|
|30-year fixed-rate VA||5.237%||5.626%|
How to find today’s mortgage refinance rates
NerdWallet’s comparison tool can help you find the current refinance rates for your mortgage. In the filters above, click or tap the "Refinance" button and enter a few details about your current home loan. We’ll scan multiple lenders to find personalized refinance offers and provide you with personalized rate quotes within moments, without a credit check.
NerdWallet’s mortgage refinancing guide
With a mortgage refinance, you replace your current home loan with a new one. Much like when you bought your home, you’ll have to meet the lender’s refinance requirements and go through the application and closing process.
There are several reasons you might choose to refinance your mortgage:
Lower your interest rate/monthly payment: If rates have dropped since you originally bought your home or your credit score has improved, a rate and term refinance may allow you to reduce your monthly mortgage payment.
Pay off your mortgage quicker: You can pay off your loan faster by refinancing from a 30-year mortgage to a 15-year mortgage, for example. While your monthly payments will likely rise, you’ll shorten your loan term and pay off your mortgage in half the time.
Tap into your home equity: A cash-out refinance is a new mortgage for more than your current loan balance. You can use the difference for things like home improvements or other financial needs.
Switch from an adjustable-rate to a fixed-rate mortgage: If you want more payment stability, you can refinance your adjustable-rate mortgage to a fixed-rate mortgage. After a specified amount of time, the steady rate on the ARM may adjust higher, while the rate stays the same with a fixed-rate loan.
Eliminate private mortgage insurance: If you bought your home with less than 20% down, your lender likely required you to take private mortgage insurance or PMI. This protects the lender in the event you default on the loan. If you’ve gained enough equity in your home, you can refinance to eliminate the PMI.
Is it worth it to refinance?
There isn’t a standard rule about when it makes sense to refinance your mortgage. Some experts recommend refinancing if you can lower your mortgage rate by 1% or more. But a smaller drop may still make sense for you. Crunch the numbers with this mortgage refinance calculator.
Keep in mind that your credit score affects the interest rate you receive. If you have excellent credit, which is typically 720 or above, you may qualify for the lowest refinance rates.
When deciding if you should refinance, consider how long you plan to live in your home. If you plan to move away soon, you might not have time to recoup the costs of refinancing, sometimes called ’the break-even point.’
And ask your lender about any prepayment penalties. While these penalties aren’t common, some lenders may charge them if you close the loan within the first three to five years of a mortgage.
What is the average cost of a refinance?
Whether you’re buying a home or refinancing your mortgage, you will have to pay closing costs. Refinance closing costs vary by lender and can add up from 2% to 5% percent of the loan amount. Closing costs can include things such as home inspection, loan origination fees, property taxes, discount points and title fees.
Some lenders offer no-closing-cost refinances. With these loans, you don’t have to pay the closing costs upfront, but you could see a higher monthly payment. Lenders cover the cost of the refinancing by charging a higher interest rate or rolling the fees into the total loan amount.
How to find the best refinance rate?
Your credit score helps determine the refinance rate you will receive. Check your credit report before refinancing to make sure there aren’t any errors. Build your credit score before refinancing by paying your bills on time and keeping credit utilization low.
To ensure you’re getting the best possible rate, request quotes from multiple refinance lenders. Compare the interest rate, annual percentage rate (APR), estimated closing costs and other fees included on each Loan Estimate.
And don’t forget to lock in your refinance rate. This will prevent the interest rate from rising before your loan closes.
Learn more about refinancing your mortgage:
About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.
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