Find the Best Refinance Rates in 2024 | Compare Top Lenders

June 13, 2024 - 18 min read

Who has the best mortgage refinance rates?

To find the best refinance rates in 2024, we analyzed data on every loan from the 50 biggest refi lenders in 2023, which is the most recent data available.1,2

The companies with the lowest 30-year refinance rates on average are shown below. Just remember that rates are different for each borrower.

So you’ll have to compare a few different lenders to find your best deal. Your lowest mortgage refinance rate may or may not come from one of the lenders listed here.

Compare your best refinance rates. Start here

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Note: Refinance rates cited in this article are from 2023 and do not reflect the rate you will be offered today. Interest rates are shown for general comparison purposes only.

Banks with the best refinance rates

According to our study of average mortgage interest rates, the 10 lenders with the lowest refinance rates are:

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  1. JPMorgan Chase Bank
  2. Wells Fargo Bank
  3. State Employees’ Credit Union (SECU)
  4. Pennymac
  5. loanDepot
  6. Village Capital
  7. Citibank
  8. Planet Home Lending
  9. Rocket Mortgage
  10. Freedom Mortgage

Best refinance rates 2024: lender rankings

To find lenders with the best refinance rates, we looked at loan-level data filed in 2023 under the Home Mortgage Disclosure Act (HMDA), which is the most current and accurate date available.

Although mortgage interest rates hit record lows in 2021, today’s mortgage refinance rates remain volatile. Industry experts predict a gradual decline in rates, possibly falling to 6% by the end of 2024. That means the rates you’re quoted today may be higher than what you see below.

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Still, these average rates provide a helpful way to compare lenders side by side, so you know where to start looking.

Lenders with the best refinance rates

  1. JPMorgan Chase Bank: 3.40%
  2. Wells Fargo Bank: 4.81%
  3. State Employees’ Credit Union (SECU): 5.78%
  4. Pennymac: 5.84%
  5. loanDepot: 5.95%
  6. Village Capital: 6.06%
  7. Citibank: 6.13%
  8. Planet Home Lending: 6.27%
  9. Rocket Mortgage: 6.28%
  10. Freedom Mortgage: 6.46%
  11. Citizens Bank: 6.49%
  12. PHH Mortgage Corporation: 6.53%
  13. PNC Bank: 6.57%
  14. United Shore Financial: 6.57%
  15. Nationstar Mortgage: 6.58%
  16. Guaranteed Rate: 6.63%
  17. NewRez: 6.65%
  18. Flagstar Bank: 6.77%
  19. AmeriHome Mortgage Company: 6.78%
  20. Crosscountry Mortgage: 6.84%
  21. Bank of America: 6.90%
  22. CMG Mortgage: 7.38%
  23. TD Bank: 8.06%
  24. Truist Bank: 8.14%
  25. U.S. Bank National Association: 8.23%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. Historical average rates are for comparison purposes only; your own interest rate will be different. 

As this list indicates, the best refinance rates vary a lot from lender to lender. But they also vary depending on the borrower and the overall interest rate market. That means you have to find a lender offering the lowest interest rates for your situation at the time you’re looking. This will take some shopping around.

Best refinance rates by loan type

Refinance rates are different for each loan type as well as for each individual borrower. If you know exactly what type of refinance loan you need — for instance, a conventional refinance or an FHA or VA Streamline Refinance — it helps to find a lender offering low rates for that specific product.

Here are the lenders with the best refinance rates for each major refinance program, using the same ranking criteria above but focusing on loan type as well as loan purpose.

Best conventional refinance rates

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  1. JPMorgan Chase Bank: 3.40%
  2. Wells Fargo Bank: 4.85%
  3. State Employees’ Credit Union (SECU): 5.78%
  4. loanDepot: 6.02%
  5. Citibank: 6.13%
  6. Citizens Bank: 6.52%
  7. Planet Home Lending: 6.52%
  8. Rocket Mortgage: 6.53%
  9. PHH Mortgage Corporation: 6.57%
  10. PNC Bank: 6.57%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. Historical average rates are for comparison purposes only; your own interest rate will be different.

Best FHA refinance rates

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  1. Rocket Mortgage: 5.62%
  2. Pennymac: 5.97%
  3. United Shore Financial: 6.03%
  4. Planet Home Lending: 6.04%
  5. PHH Mortgage Corporation: 6.29%
  6. Village Capital: 6.38%
  7. Crosscountry Mortgage: 6.42%
  8. AmeriHome Mortgage Company: 6.47%
  9. NewRez: 6.56%
  10. Freedom Mortgage: 6.68%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. Historical average rates are for comparison purposes only; your own interest rate will be different.

Best VA refinance rates

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  1. Wells Fargo Bank: 3.36%
  2. Rocket Mortgage: 4.50%
  3. Pennymac: 5.03%
  4. Crosscountry Mortgage: 5.31%
  5. loanDepot: 5.31%
  6. United Shore Financial: 5.49%
  7. Planet Home Lending: 5.53%
  8. Nationstar Mortgage: 5.53%
  9. Mortgage Research Center*: 5.87%
  10. Village Capital: 5.90%

Source: 2023 Home Mortgage Disclosure Act data via CFPB. Historical average rates are for comparison purposes only; your own interest rate will be different. 

*These lenders specialize in select loan types and may not help every borrower.

Current mortgage refinance rates

Conventional 30-year fixed rate % (% APR)
Conventional 15-year fixed rate % (% APR)
FHA loan 30-year fixed rate % (% APR)
FHA loan 15-year fixed rate % (% APR)
VA loan 30-year fixed rate % (% APR)
VA loan 15-year fixed rate % (% APR)

*Current mortgage rates are according to The Mortgage Reports' lender network. Rates are for sample purposes only; your own rate will be different. See our mortgage rate assumptions here

Today’s refinance rates reflect ongoing economic trends, including adjustments influenced by Federal Reserve policies and inflation expectations. As rates fluctuate, this section provides an up-to-date overview to help you find the best refinance rate for your mortgage needs. Explore the table below to review the most competitive options available.

Compare your best refinance rates. Start here

Apply with a few different lenders to see the lowest mortgage refinance rates they can offer. You can even make lenders compete for your loan and play your quotes against one another. Mortgage shoppers can save thousands in interest by simply getting more than one refinance quote.

How to get the best refinance rates

Securing the best refinance rates can save you thousands of dollars over the life of your home loan. For example, if you refinance a $300,000 mortgage from a 6.5% interest rate to a 5.5% interest rate on a 30-year term, you could save over $60,000 in interest payments.

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6 tips to qualify for the best refinance rates

Want to score the best refinance interest rate possible for your current home or real estate investment? There are several steps you can take to improve your chances:

  1. Improve your credit score: A higher credit score can help you qualify for the best refinance rates. Pay your bills on time, reduce your credit card balances, and avoid applying for new credit before refinancing.
  2. Shop around and compare lenders: Don’t settle for the first refinance offer you receive. Compare the best refinance mortgage rates from multiple lenders to find the lowest refinance rates available. Consult with a knowledgeable loan officer to discuss your options.
  3. Consider a shorter loan term: While a 30-year mortgage is the most common, opting for a 15-year mortgage can often result in a lower interest rate and significant savings over the life of the loan.
  4. Compare Loan Estimates carefully. When you apply with a lender, you’ll get a Loan Estimate which provides a thorough breakdown of the costs that come with your refinance loan. Consider not only the mortgage rates compared with national averages but also the annual percentage rate (APR), closing costs, and monthly payments.
  5. Purchase discount points. You may be able to buy down your interest rate using points. Every point you purchase costs 1% of your loan amount. Typically, buying one point will lower your interest rate by about 0.25%.
  6. Improve your loan-to-value ratio: Building more home equity before refinancing can help you qualify for the best home refinance rates. Consider making extra payments or waiting for your home value to increase.

Factors that determine your mortgage refinance rate

Several factors can influence the best refinance rates you qualify for. For instance, if you have a credit score of 740 or higher and a loan-to-value ratio of 80% or lower, you may be eligible for the lowest refinance mortgage rates available.

Credit score

Your credit score is one of the most significant factors in determining your refinance rate. Lenders typically offer the best rates to borrowers with credit scores of 740 or higher. If your credit score is lower, you may still qualify for refinancing, but you may be offered higher interest rates.

Loan-to-value ratio (LTV)

Your LTV ratio compares your loan amount to your home’s value. A lower LTV ratio indicates more equity in your home, which can help you secure better refinance rates, especially on a primary residence. Lenders generally prefer an LTV ratio of 80% or lower for the best refinance rates.

Debt-to-income ratio (DTI)

Your DTI ratio compares your monthly debt payments to your gross monthly income. A lower DTI ratio demonstrates a better ability to manage your monthly payments, making you a more attractive borrower to lenders. Aim for a DTI ratio of 36% or lower for the best refinance rates, whether you live in large metro areas like New York or smaller real estate markets like Oklahoma City.

Loan term

The length of your loan term can also impact your refinance rate. Shorter loan terms, such as a 15-year fixed-rate mortgage, often have lower interest rates compared to 30-year mortgages. However, keep in mind that a shorter term means higher monthly payments.

Home loan type

Conventional loans typically have lower rates than government-backed loans like FHA loans or VA loans. However, if you have a lower credit score or a higher LTV ratio, government-backed loans may be a more suitable option. A knowledgeable loan officer can advise you on the best choice given current rate trends and how they compare to national averages.

How does mortgage refinancing work?

Mortgage refinancing involves replacing your existing mortgage with a new one, often with a lower interest rate or a different repayment term. Homeowners typically consider refinancing when market conditions change and lower interest rates become available. This can potentially help them secure the best mortgage refinance rate and lower their monthly payments.

Compare your best refinance rates. Start here

Refinancing works in the same way as the initial mortgage process. It entails submitting an application for a new loan, going through the underwriting process, and finally closing the new loan. The new loan proceeds are then used to pay off the original mortgage.

Types of refinance mortgage loans

There are several types of mortgage refinance options available to homeowners, depending on their needs and circumstances:

  • Rate-and-term refinance: This is the most common type of refinancing. The goal is typically to secure a lower interest rate, change the term of the loan, or switch from an adjustable-rate mortgage to a fixed-rate mortgage
  • Cash-out refinance: This involves refinancing for more than the current mortgage balance and taking the difference in cash. Homeowners often use this option for large expenses such as home improvements or to consolidate debt like credit card balances
  • Cash-in refinance: This is when the borrower brings cash to the closing to pay down their mortgage balance. This can help avoid higher monthly payments or mortgage insurance
  • Streamline refinance: These refinance programs, made available by Fannie Mae, Freddie Mac, and government-backed lenders, streamline the refinancing procedure by omitting certain requirements like credit checks and appraisals
  • Jumbo refinance: This is used when you have a jumbo loan which exceeds the loan limits set by Fannie Mae and Freddie Mac

Mortgage refinancing costs to consider

Refinancing your mortgage can offer significant benefits, but it’s essential to be aware of the costs involved. Unfortunately, to secure the best refinance rates, you’ll also need to pay refinance closing costs.

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  • Origination fee: A charge by the lender for processing your loan application, typically 0.5% to 1.5% of the loan amount.
  • Appraisal fee: Lenders often require a home appraisal to determine your property’s current market value, ranging from $300 to $600.
  • Title search and insurance: A title search ensures there are no outstanding liens or ownership disputes on your property. Title insurance protects you and the lender from potential issues, costing between $500 and $2,000.
  • Mortgage points: Optional upfront fees, also known as discount points, can lower your interest rate. Each point costs 1% of your home loan amount and reduces your rate by 0.25%.
  • Prepaid taxes and insurance: Lenders may require you to pay a portion of your property taxes and homeowners insurance upfront.
  • Underwriting fees: Lenders charge underwriting fees to assess your creditworthiness and verify your financial information during the refinance process.
  • Credit report fees: Lenders will pull your credit report to evaluate your credit score and history, which may incur a small fee.

While these costs can add up, your lender can often roll them into your loan. Use a refinance calculator to determine if the benefits of a lower interest rate and monthly payment offset the upfront expenses over the life of the loan.

Pros and cons of mortgage refinancing

Refinancing can offer several benefits but also come with some potential downsides, so it’s important to explore the best refinance rates available to maximize savings.


  • Lower monthly mortgage payments
  • Potential to save money on interest over the life of the loan
  • Opportunity to switch from an adjustable-rate mortgage to a fixed-rate loan
  • Access to home equity through a cash-out refinance


  • Closing costs and fees associated with refinancing
  • Potential for a longer loan term, which can increase the total interest paid
  • Risk of overborrowing with a cash-out refinance

Alternatives to refinancing

If refinancing isn’t the right choice for your situation, there are other options to consider,

Compare your best refinance rates. Start here

Loan modification

If you’re struggling to make your current mortgage payments, you may be able to work with your lender to modify your loan terms. A loan modification could potentially lower your interest rate, extend your loan term, or reduce your principal balance, making your payments more manageable. For example, if you’ve experienced financial hardship due to a job loss or medical emergency, your lender may be willing to work with you to find a solution.

Home equity loan or home equity line of credit

If you have significant equity in your home, you may be able to borrow against it without replacing your current mortgage. A home equity loan provides a lump sum of cash at a fixed interest rate, while a home equity line of credit (HELOC) allows you to borrow as needed up to a certain limit, with a variable interest rate. These loan options can be useful for home improvements, debt consolidation, or other major expenses.

Debt consolidation

If your primary goal is to pay off high-interest debt, such as credit card balances, a debt consolidation loan or balance transfer credit card may be a better choice than a cash-out refinance. These options can help you simplify your debt repayment and potentially save on interest, without putting your home at risk.

How to refinance a mortgage loan

Refinancing your mortgage can help you secure the best refinance rates and potentially save thousands of dollars over the life of your loan. By following this step-by-step guide, you can find the lowest mortgage refinance rates available.

Step 1: Assess your financial situation

Before you start shopping for the best mortgage refinance rates, take a close look at your financial situation. Determine your credit score, as this will significantly impact the lowest refinance rates you can qualify for. Gather your financial documents, including proof of income, assets, and debts, to help streamline the application process.

Step 2: Set your refinancing goals

Identify your primary goals for refinancing. Are you looking to secure the lowest mortgage refinance rates to reduce your monthly payments? Do you want to switch from an adjustable-rate mortgage to a fixed-rate loan? Or perhaps you want to tap into your home’s equity for home improvements or debt consolidation. Understanding your objectives will help you find the best refinance rates tailored to your needs.

Step 3: Shop around for the best mortgage refinance rates

To find the lowest refinance rates, it’s crucial to compare offers from multiple lenders. Start by requesting quotes from your current lender, as they may offer competitive rates to retain your business. Then, research online lenders, banks, and credit unions to find the best refinance rates available. Don’t forget to consider factors beyond interest rates, such as closing costs, fees, and loan terms.

Step 4: Apply for the loan

Once you’ve identified the lender offering the best mortgage refinance rates, it’s time to submit your application. Provide the required documentation, such as proof of income, employment history, and property information. The lender will also conduct a home appraisal to determine the current value of your property.

Step 5: Lock in your interest rate

When you’re satisfied with the lowest refinance rates offered, consider locking in your interest rate. This protects you from potential rate increases during the loan processing period. Keep in mind that rate locks typically come with an expiration date, so be sure to close your loan within the specified timeframe to secure the best refinance rates.

Step 6: Close the loan

After your loan is approved and processed, it’s time to close the deal. Review your closing disclosure carefully to ensure that the terms, including the lowest mortgage refinance rates, match what you agreed upon. Pay any closing costs and sign the necessary paperwork to finalize your refinance.

Bear in mind that refinancing a mortgage is a personalized experience that depends on various factors, including your financial situation and the specifics of your current and new loans. Even as a first-time home buyer, refinancing can be a beneficial step given the right circumstances.

Still, by following these steps and shopping around for the best mortgage refinance rates, you can potentially save a significant amount of money over the life of your loan.

Should you refinance your mortgage?

If all you want is a lower interest rate and monthly mortgage payment, then the choice is simple. But if your refinance goals are more complex, you might have to be more careful when selecting a lender.

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For instance, say your current loan is an FHA loan. You may want to refinance into a conventional loan to remove mortgage insurance premiums.

If you want to take cash out when you refinance, you’ll notice that cash-out refinance rates are a little higher than standard refinance rates. In this case, you want to be extra careful to find the best refinance rates that maximize your savings.

There are other reasons to refinance, too.

  • You might switch from an adjustable-rate mortgage to a safer, fixed-rate loan.
  • You might switch from a 30-year mortgage to a shorter-term loan to pay off your current home faster.

However, refinancing may not be the best choice in every situation. If you plan to move in the near future, the savings from refinancing may not outweigh the closing costs. Similarly, if you’re extending your loan term significantly, you may end up paying more in interest over the life of the loan, even with a lower rate.

FAQ: Best refinance rates

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Which bank is best for refinancing? 

Based on our lender data, JPMorgan Chase Bank offers the best refinance rates overall. However, the best bank for your refinance will depend on your specific situation and home loan type. Be sure to compare mortgage rates and terms from multiple lenders, including banks, credit unions, and online lenders, to find the most competitive offer.

What is a good interest rate for a refinance?

A good interest rate for a refinance depends on factors like your credit score, loan-to-value ratio, and loan term. Generally, aim for a rate at least 0.5-1% lower than your current rate for refinancing to make financial sense.

Is it worth refinancing for 1%?

Refinancing at a 1% lower rate can be worth it, especially on larger loan balances. However, consider closing costs and how long you plan to stay in the home to ensure the savings outweigh the expenses.

Do I need a down payment to refinance?

No, you typically don’t need a down payment to refinance. However, having equity in your home can help you avoid private mortgage insurance (PMI) and potentially secure a better interest rate.

Are refinance rates going up or down?

Refinance rates fluctuate based on various economic factors. Keep an eye on market trends and consult with a mortgage professional to determine the best time to refinance.

What's the best refinance loan?

The best refinance loan option depends on your personal finance goals and situation. Common options include conventional loans, FHA loans, VA loans, and USDA loans. Compare terms, rates, and fees to find the most suitable loan option.

Do I have to refinance with my current mortgage lender?

No, you don’t have to refinance with your current lender. Shop around and compare offers from multiple lenders to find the best mortgage rate for your refinance.

How does the Federal Reserve impact refinance rates?

The Federal Reserve sets the federal funds rate, which indirectly influences refinance rates. When the Fed lowers rates, refinance rates often decrease, making refinancing more attractive.

Does mortgage insurance go away when you refinance?

Mortgage insurance, such as PMI, may be eliminated when you refinance if your new loan balance is 80% or less of your home’s value. However, this depends on the type of loan and your specific situation.

Find your best mortgage refinance rates

Ready to secure the best refinance rates and save thousands on your mortgage? Don’t miss this opportunity to compare offers from top lenders, tailored to your unique situation.

Click the links below to explore your options and find the most competitive rates — all without any obligation. Start saving today!

Time to make a move? Let us find the right mortgage for you

1Rate and fee data were sourced from self-reported loan data that all mortgage lenders are required to file each year under the Home Mortgage Disclosure Act. Averages include all 30-year non-cash-out refinance loans reported by each lender for the previous year. Your own rate and loan costs will vary.

2Top lenders for 2024 based on 2023 HMDA data sourced directly from the HMDA data browser

Erik J. Martin
Authored By: Erik J. Martin
The Mortgage Reports contributor
Erik J. Martin has written on real estate, business, tech and other topics for Reader's Digest, AARP The Magazine, and The Chicago Tribune.
Ryan Tronier
Updated By: Ryan Tronier
The Mortgage Reports Editor
Ryan Tronier is a personal finance writer and editor. His work has been published on NBC, ABC, USATODAY, Yahoo Finance, MSN Money, and more. Ryan is the former managing editor of the finance website Sapling, as well as the former personal finance editor at Slickdeals.
Aleksandra Kadzielawski
Reviewed By: Aleksandra Kadzielawski
The Mortgage Reports Editor
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).