Updated March 10, 2026
Today's Best Refinance Rates
Today's best refinance rates for rate-and-term and cash-out refinancing.
30-Year Refi
6.85%
15-Year Refi
6.10%
Cash-Out Refi
7.10%
Rate Trends
30-Year Refi
15-Year Refi
Cash-Out Refi
Lender Comparison
Refinance Rates — Lender Comparison
| Lender | Rate ↑ | APR ⇅ | |
|---|---|---|---|
Better.comFeatured | 6.60% | 6.78% | Apply Now |
SoFi | 6.70% | 6.88% | Apply Now |
PennyMac | 6.80% | 6.95% | Apply Now |
Rocket MortgageFeatured | 6.85% | 7.01% | Apply Now |
LoanDepot | 6.90% | 7.05% | Apply Now |
Chase | 6.95% | 7.10% | Apply Now |
Understanding Refinance Rates
What Affects Refinance Rates
Refinance rates are influenced by the same economic factors as purchase mortgage rates, including the Federal Reserve's actions, Treasury yields, and inflation. Your specific rate depends on your credit score, home equity, loan-to-value ratio, and the type of refinance you choose. Refinance rates are typically 0.10-0.25% higher than purchase rates.
Rate-and-Term vs Cash-Out
Rate-and-term refinancing simply changes your rate, term, or both without increasing your loan balance. Cash-out refinancing replaces your mortgage with a larger loan, giving you the difference in cash. Cash-out refis have higher rates because lenders view them as riskier, since you are increasing your debt against the property.
APR vs Interest Rate
When comparing refinance offers, look at both the interest rate and the APR. The APR includes closing costs spread over the loan term, giving you a truer cost comparison between lenders. A lender offering a slightly higher rate but lower fees may have a lower APR than one advertising a rock-bottom rate with high points.
Closing Costs and Break-Even
Refinance closing costs typically run 2-5% of the loan amount ($3,000-$10,000+). Calculate your break-even point by dividing total closing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing saves money. No-closing-cost refinances roll fees into a higher rate.
Historical Context
Current refinance rates reflect the broader interest rate environment shaped by Federal Reserve policy. Rates have been adjusting as the market prices in expectations for future Fed actions. Comparing rates from multiple lenders remains the best strategy for finding the lowest rate for your situation.
How to Get the Best Refinance Rate
The general rule: refinancing is worth it if you can lower your rate by 0.75-1%.
Calculate your break-even point to ensure you'll stay long enough to recoup closing costs.
Cash-out refinancing typically comes with higher rates than rate-and-term refis.
Your home needs at least 20% equity for the best refinance rates.
Consider a 15-year refi if you can handle higher payments — you'll save thousands in interest.
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Calculate What These Rates Mean for You
Frequently Asked Questions
When is it worth it to refinance?
The general rule of thumb is that refinancing is worth considering when you can reduce your interest rate by at least 0.5-1%. However, you should also calculate your break-even point by dividing the closing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing makes financial sense.
What is the difference between rate-and-term and cash-out refinancing?
Rate-and-term refinancing replaces your existing mortgage with a new one at a lower rate or different term without taking additional cash. Cash-out refinancing replaces your mortgage with a larger loan, letting you pocket the difference as cash. Cash-out refis typically have slightly higher rates.
How much does it cost to refinance?
Refinancing typically costs 2-5% of the loan amount in closing costs, which can range from $3,000 to $10,000 or more. Some lenders offer no-closing-cost refinances, but these usually come with a slightly higher interest rate to compensate.
Can I refinance with bad credit?
While it is harder to refinance with bad credit, it is not impossible. FHA streamline refinances have more lenient credit requirements, and some lenders specialize in borrowers with lower credit scores. However, expect higher rates compared to borrowers with excellent credit.
How long does the refinancing process take?
The typical refinancing process takes 30-45 days from application to closing. However, it can take longer during busy periods or if there are appraisal or documentation delays. Some online lenders advertise faster timelines of 2-3 weeks.
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Rates shown are for informational purposes only and do not constitute a loan offer or financial advice. All rates are subject to change without notice. Last updated: March 10, 2026.