Best Mortgage Refinance Rates

September 2022
Last Updated: September 25, 2022

Which refinance lender is right for you?

Loan Purpose
Credit Score
5
New American Funding
USA's Most Trusted Refinance Lender with a A+ BBB Rating
No Hassles, No Hidden Fees, 100% Online Mortgage Application
$43 Billion in Home Loans with Over 152K Positive Reviews
Pay Off Higher Interest Rates Credit Cards, Pay College Tuition
4
Quicken Loans
America's Most Loved Refinance Lender
15 to 30-fixed rate loans
eClosing allows customers to close electronically to save time
Multiple loan & refinance options to fit your needs
5
AmeriSave Mortgage
Get a customized rate quote in 3 minutes
No SSN needed to pre-qualify
Low Refinance Rates
Savings & Lower Rates are Real
2
Zillow
Get a customized rate quote in 3 minutes
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Example attribute
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3
HomeLoans
4
Better
No lender fees or commissions
Transparent online loan experience
Instant loan estimates, 24/7 on-demand rate lock
Fast pre-approval in as little as 3 minutes
Streamlined to close faster than industry average
1
LendingTree
4
Wisdom
No Results

Our Top Choice

What is a mortgage refinance?

Refinancing your mortgage means applying for a new mortgage to replace the current mortgage on your property. In many cases, homeowners refinance because they can secure a lower interest rate or lower monthly payments with a new loan. That can end up saving you thousands of dollars over the term of your mortgage or make it easier to balance your finances.

You can also borrow cash at the same time as you refinance your mortgage using a cash-out refinance. With this type of loan, you borrow more than the value of your existing mortgage and keep the extra money as cash. You can use the funds for a home improvement project, to pay off other debt, or for anything else, you need money for.

What mortgage rates can I get?

Mortgage interest rates vary widely based on several factors, including your credit score, the amount of debt you want to refinance, your home’s value, and more. That said, interest rates for refinancing are typically very competitive among lenders, which is a good thing for you.

Mortgage interest rates vary widely based on several factors, including your credit score, the amount of debt you want to refinance, your home’s value, and more. That said, interest rates for refinancing are typically very competitive among lenders, which is a good thing for you.

How much equity do I need to refinance my home mortgage at a low interest rate?

A good rule of thumb for refinancing is that you should have at least 20% equity in your home. That means that you have paid down at least 20% of your original mortgage.

However, many lenders look at your loan-to-value ratio instead of your equity. Your loan-to-value ratio is the amount of debt you owe on your mortgage divided by your home’s market value. Most lenders want you to have a loan-to-value ratio of less than 80% to refinance your mortgage.

With today's current mortgage rates, is now the time to refinance?

Refinancing your mortgage is a big financial decision. It’s essential to think carefully about what refinancing means for you and how much money you could actually save by refinancing. That said, if you are planning to stay in your home for several years or more, refinancing your mortgage could be a savvy financial move.

Right now is perhaps one of the best times to refinance your mortgage because interest rates in the US are at historic lows. The national interest rate is hovering around zero, and it’s likely to stay that way through most of 2021 due to the economic effects of the COVID-19 pandemic. While that doesn’t mean you’ll pay an interest rate of zero, it does mean you could pay a significantly reduced rate.

How to choose the right lender for your mortgage refinance with low mortgage rates?

Refinancing your mortgage is a big financial decision. It’s essential to think carefully about what refinancing means for you and how much money you could actually save by refinancing. That said, if you are planning to stay in your home for several years or more, refinancing your mortgage could be a savvy financial move.

Right now is perhaps one of the best times to refinance your mortgage because interest rates in the US are at historic lows. The national interest rate is hovering around zero, and it’s likely to stay that way through most of 2021 due to the economic effects of the COVID-19 pandemic. While that doesn’t mean you’ll pay an interest rate of zero, it does mean you could pay a significantly reduced rate.

How to choose the right lender for your mortgage refinance with low mortgage rates?

Choosing the right lender for your refinance is key. Your home is on the line with any mortgage, so you want your lender to be highly responsive and easy to work with when you need them.

It’s also important to shop around to find a lender that matches your needs as a borrower. Ask yourself what your goals are for refinancing your home mortgage. Do you simply want a lower interest rate? Or do you want to change the term of your mortgage to lower your monthly payments? If you’re looking for a cash-out refinance, you will want to shop for lenders that specialize in this type of loan.

You should also take stock of your own financial situation. If your credit score is less than perfect, be honest with yourself about that fact and look for lenders that work with homeowners with poor credit. If COVID-19 has impacted your employment or financial situation, you may need to look for a lender that is willing to suspend payments for several months.

Finding the right lender for your mortgage refinance requires a lot of upfront preparation. Assess what you need out of your refinanced mortgage, along with your strengths and weaknesses as a potential borrower. Then use this information to narrow your search for lenders that might be a good fit.