Key Takeaways
- Fannie Mae’s cash-out refinance price adjustment at the 80% loan-to-value maximum ranges from 1.375% of the loan for a 780+ score to 5.125% for scores below 660.
- Added to the Nov. 10, 2026 average 30-year refinance rate of 7.300% (7.386% APR), that’s an estimated cash-out rate of about 7.64% at 780+ and 8.58% below 660, using a rule of thumb of 0.25% of rate per point.
- The Mortgage Reports data: 34.2% of cash-out refinance shoppers on our site in 2026 described their credit as fair or poor.
As of November 2026, an estimated 30-year conventional cash-out refinance rate runs from about 7.39% to 8.58%, depending on your credit score and how much equity you leave in the home. That’s the Nov. 10, 2026 average refinance rate of 7.300% (7.386% APR) plus Fannie Mae’s cash-out price adjustments from the Fannie Mae Loan-Level Price Adjustment Matrix, which range from 0.375% to 5.125% of the loan amount. Borrowing up to the 80% limit costs the most: about 7.64% with a 780+ score and 7.89% at 740 to 759. These are estimates; actual rates depend on your credit, equity, property and lender.
Check your cash-out refinance options. Start hereIn this article (Skip to...)
- Estimated cash-out refinance rates by credit score and equity
- Example: how much cash, and at what cost
- The Mortgage Reports data: Who is applying for a cash-out refinance in 2026
- Cash-out refinance limits
- Cash-out vs. rate-and-term refinance pricing
- How we got these numbers
- FAQ
Want to see our expert mortgage insights first?
Add The Mortgage Reports as a preferred source on Google. You’ll automatically see our latest rate analyses, buying guides, and housing forecasts highlighted in your Google Search, AI Mode, and AI Overviews.
Estimated cash-out refinance rates by credit score and equity
Each cell shows Fannie Mae’s cash-out LLPA and, below it, the estimated 30-year fixed rate as of Nov. 10, 2026. LTV is your new loan balance divided by your home’s value.
| Credit score | 60% LTV or less | 60.01% to 70% | 70.01% to 75% | 75.01% to 80% |
| 780+ | 0.375% / about 7.39% | 0.625% / about 7.46% | 0.875% / about 7.52% | 1.375% / about 7.64% |
| 760 to 779 | 0.375% / about 7.39% | 0.875% / about 7.52% | 1.250% / about 7.61% | 1.875% / about 7.77% |
| 740 to 759 | 0.375% / about 7.39% | 1.000% / about 7.55% | 1.625% / about 7.71% | 2.375% / about 7.89% |
| 720 to 739 | 0.500% / about 7.43% | 1.375% / about 7.64% | 2.000% / about 7.80% | 2.750% / about 7.99% |
| 700 to 719 | 0.500% / about 7.43% | 1.625% / about 7.71% | 2.625% / about 7.96% | 3.250% / about 8.11% |
| 680 to 699 | 0.625% / about 7.46% | 2.000% / about 7.80% | 2.875% / about 8.02% | 3.750% / about 8.24% |
| 660 to 679 | 0.875% / about 7.52% | 2.750% / about 7.99% | 4.000% / about 8.30% | 4.750% / about 8.49% |
| 640 to 659 | 1.375% / about 7.64% | 3.125% / about 8.08% | 4.625% / about 8.46% | 5.125% / about 8.58% |
| 639 or below | 1.375% / about 7.64% | 3.375% / about 8.14% | 4.875% / about 8.52% | 5.125% / about 8.58% |
The 60% LTV column combines Fannie Mae’s 30% or less and 30.01% to 60% bands; at 30% LTV or less every score pays 0.375%. Refinance rates have no daily live shortcode, so these figures stay dated to Nov. 10, 2026. For purchase pricing by score, see mortgage rates by credit score.
Compare cash-out refinance rates. Start here
Example: how much cash, and at what cost
Say your home is worth $400,000, you owe $200,000 and your score is 740 to 759. Here’s how two cash-out amounts compare at the estimated rates:
| Borrow to 70% LTV | Borrow to 80% LTV | |
| New loan | $280,000 | $320,000 |
| Cash before closing costs | $80,000 | $120,000 |
| Cash-out LLPA | 1.000% ($2,800) | 2.375% ($7,600) |
| Estimated rate | About 7.55% | About 7.89% |
| Est. monthly principal and interest | $1,967 | $2,324 |
The last $40,000 of cash raises the LLPA from 1.000% to 2.375% of a larger loan. Closing costs, taxes and insurance aren’t included. Whether a cash-out refinance fits depends on your current rate, what you’d use the money for and other options such as a home equity loan or HELOC.
Time to make a move? Let us find the right mortgage for you
The Mortgage Reports data: Who is applying for a cash-out refinance in 2026
More than a third of cash-out refinance shoppers who used The Mortgage Reports’ mortgage form in 2026 described their credit as fair or poor (34.2%), the tiers where Fannie Mae’s cash-out price adjustments are steepest. Rate-and-term refinance shoppers were far less likely to (20.9%).
| Self-reported credit | The Mortgage Reports data: cash-out refinance requests (5,955) | The Mortgage Reports data: rate-and-term refinance requests (2,303) |
| Excellent | 16.5% | 31.5% |
| Very good or good | 49.3% | 47.6% |
| Fair | 33.8% | 20.8% |
| Poor | 0.4% | 0.1% |
Source: The Mortgage Reports analysis of conventional refinance quote requests submitted through our online mortgage form from Jan. 1 to Nov. 9, 2026. Credit tiers are self-reported on our form (Excellent, Very good, Good, Fair or Poor; Very good and Good are counted together). These figures describe people who used our form, not all borrowers.
Cash-out refinance limits
Fannie Mae’s Eligibility Matrix (April 1, 2026) sets the maximum LTV for a standard cash-out refinance underwritten through Desktop Underwriter:
- One-unit primary home: 80%
- Two- to four-unit primary home: 75%
- One-unit second home: 75%
- Investment property: 75% for one unit, 70% for two to four units
Fannie Mae’s Selling Guide section B2-1.3-03 adds timing rules: an existing first mortgage being paid off must be at least 12 months old, and at least one borrower must have been on title for at least six months before the new loan closes, with some exceptions such as inherited property. Property features add LLPAs too; a condo adds 0.750% at 75.01% to 80% LTV and a second home or rental adds 3.375%. See our cash-out refinance requirements guide for the full rules.
Cash-out vs. rate-and-term refinance pricing
Fannie Mae prices cash-out loans on a separate, higher grid than limited cash-out (rate-and-term) refinances. Loan-level price adjustments are one-time fees charged as a percentage of the loan amount, or points; the Consumer Financial Protection Bureau notes one point equals 1% of the loan amount. Lenders can charge them at closing or build them into the rate.
| Credit score, 80% LTV | Rate-and-term LLPA | Cash-out LLPA | Extra for cash-out |
| 780+ | 0.500% | 1.375% | +0.875% |
| 740 to 759 | 1.125% | 2.375% | +1.250% |
| 700 to 719 | 1.875% | 3.250% | +1.375% |
| 660 to 679 | 2.500% | 4.750% | +2.250% |
On a $300,000 loan with a 740 to 759 score, that 1.250% difference is $3,750, or roughly 0.31 percentage point of rate by our rule of thumb. Our best cash-out refinance lenders rankings compare lenders, and our LLPA guide explains every adjustment.
How we got these numbers
We started with the Mortech national average 30-year conventional refinance rate of 7.300% (7.386% APR) for Nov. 10, 2026. We took each LLPA from the cash-out refinance grid (Classic FICO) in the Fannie Mae Loan-Level Price Adjustment Matrix (dated 09.30.2026), which runs only up to 80% LTV, and the rate-and-term comparison from its limited cash-out grid. We converted points to rate using a rule of thumb of about 0.25 percentage point of rate per 1 point on a 30-year loan. That conversion is our estimate, and lenders price points differently. Payments are principal and interest over 30 years. The Mortech figure is an average, not a quote for a specific borrower, so the differences between cells are more useful than any single rate. All results are estimates. Estimated rates are interest rates, not APRs: they don’t include lender fees, points or mortgage insurance, and they aren’t offers.
FAQ
Sources: Fannie Mae Loan-Level Price Adjustment Matrix; Fannie Mae Eligibility Matrix; Fannie Mae Selling Guide B2-1.3-03; Consumer Financial Protection Bureau, lender credits and points; Mortech national average rates, Nov. 10, 2026.
![Cash-Out Refi With a Low Rate: Why It’s a Trap [2026]](/_next/image?url=https%3A%2F%2Fassets.themortgagereports.com%2Fwp-content%2Fuploads%2F2026%2F05%2Fcash-out-refi-trap-low-rate.jpg&w=3840&q=75)
