Who Has The Lowest Refinance Rates? | Best Refi Rates 2025

Who has the best mortgage refinance rates?

To find the best refinance rates in 2025, 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.

In this article (Skip to…)

• Best refinance rates
• Today’s refinance rates
• Conventional refinance rates
• FHA refinance rates
• VA refinance rates
• Comparing lenders
• Refinancing alternatives
• FAQ

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.

Best refinance rates 2025: 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 2025. That means the rates you’re quoted today may be higher than what you see below.

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

Lenders with the lowest 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.

Today’s mortgage refinance rates

*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.

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.

Lowest 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

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

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

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.

How to compare mortgage refinance lenders

If you’re considering refinancing your existing mortgage, comparing lenders is essential for securing the lowest refinance rates. Start by gathering quotes from multiple lenders—including banks, credit unions, and online lenders. Use online comparison tools to see the lowest mortgage refinance rates, but remember to look beyond just the interest rate. Consider factors like closing costs, fees, and the lender’s reputation for customer service.

Request Loan Estimates from each lender to get a breakdown of the total cost, including origination fees, discount points, and other charges. Compare both the interest rate and the annual percentage rate (APR), which includes all lender fees, to see the true cost of each offer. Also, evaluate whether the lender offers specific refinancing options, such as a cash-out refinance or streamlined refinance programs, that align with your goals.

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. By shopping around and carefully comparing offers, you’ll be in the best position to secure the cheapest refinance rates and maximize your savings.

Compare current refinance rates with multiple lenders. Start here

6 tips to qualify for the lowest mortgage 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. By maintaining strong financial health, you’ll improve your chances of securing the cheapest refinance rates.

Credit score

Your credit score is one of the most significant factors in determining your refinance rate. Lenders typically offer the lowest refi 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. Keeping your DTI low can help you qualify for the cheapest refinance rates and secure the lowest mortgage refinance rates available.

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 help you determine who has the lowest refinance mortgage rates based on 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 low refinance rates become available. This can potentially help them secure the best mortgage refinance rate and lower their monthly payments.

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, allowing homeowners to take advantage of the lowest refi rates and possibly reduce their overall costs.

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. While these fees are an added expense, they may be worth it in the long run if you’re able to lock in the lowest refi rates and reduce your monthly payments or overall interest costs.

• 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. By securing the cheapest refinance rates, you can potentially lower your monthly payments or reduce the total interest paid over the life of the loan.

Pros:

• 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

Cons:

• 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,

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 when low refinance rates are available.

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 to ensure you get the lowest mortgage refinance rates.

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 securing the lowest refinance rate 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

Find your best mortgage refinance rates

Ready to secure the lowest 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!

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 2025 based on 2023 HMDA data sourced directly from the HMDA data browser