Mortgage Refinance Rates

Current Refinance Mortgage Rates Overview

Today’s Average APRs (30-yr, 15-yr, 5/1 ARM)

Current average refinance APRs are 6.75% for a 30-year fixed, 5.95% for a 15-year fixed, and 6.40% for a 5/1 ARM, according to daily data from Bankrate and Forbes Advisor. Source 1 Source 2

Daily Rate Updates from Major Lenders

Lenders such as U.S. Bank and Chase update their refinance-rate tables each business day, while Rocket Mortgage and Investopedia aggregate hundreds of live quotes for comparison. Source 7 Source 8 Source 9

How to Compare Refinance Offers

Using Bankrate, Forbes, Zillow & NerdWallet Tools

Free tools from Bankrate, Forbes, Zillow, and NerdWallet let you view today’s rates and request personalized quotes from multiple lenders in minutes. Source 1 Source 4

State-Specific Quotes (e.g., California)

Borrowers in California can compare local refinance offers on NerdWallet’s dedicated California page to see the lowest available APRs. Source 5

Factors That Influence Your Rate

Credit Score, LTV & Debt-to-Income Ratio

Lenders favor credit scores above 740, loan-to-value ratios at or below 80%, and debt-to-income ratios under 43% for the best refinance pricing.

Loan Term & Cash-Out vs. Rate-and-Term

Shorter terms and rate-and-term refinances generally carry lower rates than cash-out options, which carry added risk for lenders. Source 10

Should You Refinance Now?

Break-Even Analysis & Monthly Savings

Calculate closing costs divided by monthly savings to find your break-even point; if you plan to stay longer, refinancing can still save thousands.

Locking in Rates & Timing the Market

Locking a rate within 30–60 days protects you from market swings while you complete the refinance process.

FAQ

1. What is the average 30-year refinance rate today? Around 6.75% APR, per Bankrate’s live table. Source 3

2. How often do lenders update refinance rates? Most major lenders refresh rates daily on weekdays.

3. Do I need an appraisal to refinance? Many lenders now offer appraisal waivers, though full appraisals remain common.

4. Can I refinance if my credit score is below 680? Yes, but expect higher rates and stricter requirements.

5. How do I compare refinance offers from multiple lenders? Use comparison tools on Bankrate, Zillow, or NerdWallet to view side-by-side quotes. Source 6

6. Is cash-out refinancing more expensive than a rate-and-term refi? Cash-out refinances usually carry higher rates and fees due to increased lender risk.