Compare Current Refinance Rates

Today’s Refinance Rates

Average market rates for April 16, 2026 are 5.43% for 15-year fixed refinance and 6.32% for 30-year fixed refinance

Mortgage Refinance Interest Rate Trends

Fixed Refinance Rates for Conventional Loans

ARM Refinance Rates for Conventional Loans

Refinance Rates for Government-Backed Loans

Refinance Rates for Jumbo Loans

How Does Refinancing a Mortgage Work?

A mortgage refinance involves replacing your existing mortgage with a new one, often with better terms. The process is similar to getting your original mortgage — you’ll submit financial documents like income verification and credit history for review.

Once approved, the new loan pays off the remaining balance on your existing mortgage, and you’re bound to the new loan’s terms going forward. Closing costs are part of the process and can typically be paid upfront or rolled into the new loan.

Refinancing can offer meaningful financial benefits, including:

• Lowering your monthly payment
• Reducing the total interest paid over the life of the loan
• Adjusting your loan term to better fit your current financial situation

That said, it’s important to weigh the costs of refinancing against the potential benefits before moving forward.

How to Get the Best Mortgage Refinance Rate

Most people consider refinancing when interest rates drop — but your actual refinance rate depends on your personal financial profile. Lenders evaluate factors like your credit score, debt-to-income ratio, loan amount, home value, and location when determining your rate.

Here are some tips to help you secure the best refinance rate:

1. Improve your credit score

Your credit score is one of the most important factors lenders use to set your refinance rate. The two biggest drivers of your score are payment history and credit utilization (how much of your available credit you’re using).

To improve your score before refinancing:

• Pay all bills on time
• Check your credit report for errors and dispute any you find
• Avoid opening new credit accounts unless necessary
• Keep older accounts open to maintain a longer credit history
• Maintain a healthy mix of credit types

2. Compare lender interest rates and fees

Rates and fees vary significantly from lender to lender. Even a small difference in interest rate can have a substantial impact on the total cost of your loan over time. But rate alone doesn’t tell the full story — lenders also charge origination fees, appraisal fees, and closing costs that can vary widely and offset the benefit of a lower rate.

When comparing lenders, look at the full picture: interest rate, fees, loan terms, and any special options like interest-only periods. The goal is to find the loan that’s the best overall value for your financial situation.

3. Stay up to date with market conditions

Refinance rates move with broader economic conditions. Understanding what drives rate changes can help you time your refinance more strategically. Key factors include:

• Supply and demand for credit: High borrowing demand pushes rates up; a surplus of available credit tends to pull them down.
• Market sentiment: During periods of uncertainty, investors flock to safer assets like government bonds, which can push mortgage rates lower. In more optimistic markets, rates tend to rise.
• Liquidity in financial markets: Central bank actions to increase or decrease money supply can directly influence short-term interest rates.
• Market expectations: If investors anticipate higher inflation or stronger economic growth, rates often rise in response.
• The yield curve: The relationship between bond yields and maturities can signal where rates are headed. A steepening or flattening curve often reflects changing economic expectations.
• Government policies and regulations: Changes in fiscal policy, tax law, or financial regulation can shift the overall demand for credit and affect rates.

If rates are expected to fall, it may be worth waiting before refinancing. If rates look likely to rise, locking in sooner could save you money.

4. Buy discount points

Discount points are prepaid interest paid upfront at closing in exchange for a lower interest rate. Each point typically costs 1% of the loan amount and reduces the rate by around 0.25%, though this varies by lender.

Buying points makes the most sense if you plan to stay in your home long enough for the monthly savings to outweigh the upfront cost. Use our break-even calculator to find out how long that would take. If you expect to sell or refinance again before hitting that break-even point, buying points may not be worth it.

Should You Refinance Your Mortgage?

Refinancing can be a smart financial move — but it’s not right for everyone. It tends to make the most sense when:

• You can secure a significantly lower interest rate
• You want to reduce your monthly payment
• You’d like to switch from an adjustable-rate to a fixed-rate mortgage
• You want to shorten your loan term and pay off your home faster
• You plan to stay in the home long enough to recoup the closing costs through monthly savings

Refinancing may not be the best move if you’re planning to sell soon, since the upfront costs may not have time to pay off. And if you’re already deep into your current loan, restarting the clock on a new 30-year mortgage could mean paying more in total interest — even if the monthly payment drops.

The best way to know for sure is to run the numbers. Use our refinance calculator and break-even calculator to estimate your potential savings — then start your refinance application with Refi.com when you’re ready to move forward.