Who Has the Best Refinance Rates? 2023 Lender Rankings

By: Erik J. Martin Updated By: Ryan Tronier Reviewed By: Paul Centopani
July 7, 2023 - 18 min read

Who has the best refinance rates?

To find the best refinance rates, we analyzed data on every loan from the 50 biggest refi lenders in 2022 (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 refinance rate may or may not come from one of the companies listed here.

Compare refinance rates. Start here

LenderThe Mortgage Reports Score1
NMLS #399798
Navy Federal Credit Union
NMLS #399807
NMLS #330511
NMLS #174457
Wells Fargo
NMLS #399801
NMLS #1168
NMLS #446303
Mr. Cooper (Nationstar)
NMLS #2119
Bank of America
NMLS #399802
State Employees’ Credit Union
NMLS #430055

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Note: Refinance rates cited in this article are from 2022 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:

  1. Better
  2. Navy Federal Credit Union*
  3. loanDepot
  4. PNC Bank
  5. Wells Fargo
  6. JPMorgan Chase Bank
  7. AmeriSave
  8. Bank of America
  9. Nationstar Mortgage
  10. State Employees Credit Union*

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

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The best refinance rates 2022, ranked

To find the lenders with the best refinance rates, we looked at loan-level data filed in 2022 under the Home Mortgage Disclosure Act (HMDA).

Keep in mind that mortgage interest rates hit record lows in 2020 and 2021. Today’s mortgage refinance rates have risen, and industry experts predict they’ll stay elevated throughout 2023. That means the rates you’re quoted today are likely to be significantly higher than what you see below.

Compare refinance rates. Start here

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. Better, 3.30%
  2. Navy Federal Credit Union*, 3.40%
  3. loanDepot, 3.45%
  4. PNC Bank, 3.47%
  5. Wells Fargo, 3.53%
  6. JPMorgan Chase Bank, 3.58%
  7. AmeriSave, 3.64%
  8. Bank of America, 3.64%
  9. Nationstar Mortgage, 3.67%
  10. State Employees Credit Union*, 3.67%
  11. Home Point Financial, 3.68%
  12. Freedom Mortgage, 3.69%
  13. Village Capital Investment, 3.70%
  14. Pennymac, 3.73%
  15. Guaranteed Rate, 3.79%
  16. American Advisors Group*, 3.79%
  17. American Financing Corporation, 3.82%
  18. Network Capital Funding*, 3.84%
  19. Rocket Mortgage, 3.88%
  20. Mutual of Omaha, 3.90%
  21. Cardinal Financial, 3.91%
  22. Newrez, 3.93%
  23. Broker Solutions, Inc., 3.94%
  24. Citizens Bank, 3.95%
  25. Caliber Home Loans, 4.03%

Source: 2022 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.

As this list indicates, 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 low interest rates for your situation at the time you’re looking. This will take some shopping around.

Prepare to fill out refinance applications with at least three to five lenders and compare the loans you‘re offered to find the very best deal.

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.

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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. Better, 3.30%
  2. Navy Federal Credit Union*, 3.40%
  3. loanDepot, 3.45%
  4. PNC Bank, 3.47%
  5. Wells Fargo, 3.53%
  6. JPMorgan Chase Bank, 3.58%
  7. AmeriSave, 3.64%
  8. Bank of America, 3.64%
  9. Nationstar Mortgage, 3.67%
  10. State Employees Credit Union*, 3.67%

Source: 2022 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.

Best FHA refinance rates

  1. American Advisors Group*, 2.56%
  2. Village Capital and Investment*, 3.25%
  3. Freedom Mortgage, 3.32%
  4. Lakeview Loan Servicing, 3.39%
  5. Rocket Mortgage, 3.40%
  6. Pennymac, 3.52%
  7. Home Point Financial, 3.55%
  8. Nationstar Mortgage, 3.56%
  9. PNC Bank, 3.63%
  10. Caliber Home Loans, 3.71%

Source: 2022 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.

Best VA refinance rates

  1. Navy Federal Credit Union*, 3.94%
  2. Rocket Mortgage, 4.06%
  3. loanDepot, 4.12%
  4. Amerisave, 4.18%
  5. Pennymac, 4.24%
  6. Freedom Mortgage, 4.24%
  7. Village Capital and Investment*, 4.25%
  8. United Shore Financial Services*, 4.31%
  9. Caliber Home Loans, 4.40%
  10. Newrez, 4.70%

Source: 2022 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.

Find your best refinance rates. Start here

Current refinance rates

Today’s refinance rates have risen from the all-time lows seen in 2020 and 2021 during the COVID pandemic. The silver lining is that with rates on the rise, fewer homeowners are looking to refinance, and lenders are more eager for their business. That means you might have more leverage to negotiate a lower interest rate and loan fees.

Compare refinance rates. Start here

Apply with a few different mortgage lenders to see what 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.

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 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

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 rate and lower their monthly payments.

Compare refinance rates. Start here

However, it’s also important to consider the costs associated with refinancing, such as lender fees and potential penalties.

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

How to get your lowest refinance rate

Be aware that the actual interest rate and fees you pay will vary. And the lenders we ranked may not necessarily offer you the best rate for your needs.

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The lowest refinance rate you can get will depend on:

  • Your credit score and credit report
  • Your home’s value
  • How much home equity you have
  • Your income and employment
  • Your existing loan-to-value ratio (LTV)
  • Your debt-to-income ratio (DTI)

Typically, the lowest refinance rates go to borrowers with good credit, plenty of home equity, and low debt levels.

Keep in mind that the lender advertising the lowest rates won’t necessarily be your least expensive option. First off, rates are personal. And second, it may have higher closing costs to offset those low rates.

That’s why it’s important to do your own homework and compare personalized rates before choosing a refinance lender.

5 tips to get a lower refinance rate

Want to score the lowest refinance interest rate possible? There are several steps you can take to improve your chances:

  1. Get your credit rating and debt-to-income ratio in good shape. Working to improve your credit score and pay off existing debts can earn you a lower refinance rate and big savings in the long run
  2. Shop around among several different lenders. It pays to request rate quotes from at least 3–5 mortgage lenders so that you can better compare rates, terms, and fees
  3. Factor in closing costs. Again, choosing a low-rate loan won’t necessarily get you the best deal. You should also compare annual percentage rate (APR), estimated closing costs, and monthly payments on each loan offer you receive
  4. Read your 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. Be sure to compare your Estimates line by line and dollar for dollar
  5. Consider purchasing discount points. You may be able to buy down your interest rate using points. Every point you purchase costs 1 percent of your loan amount. Typically, buying one point will lower your interest rate by about 0.25%

Finally, when refinancing your current home or investment real estate, remember to keep your goals in mind when choosing a lender.

How much does it cost to refinance a mortgage?

Don’t forget: Opting for a lender with the lowest refinance rate doesn’t mean it will be the least expensive overall. You also have to factor in lender fees and closing costs, which typically cost around 2-5% of your new loan amount.

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Refinance closing costs include the lender’s own fees as well as a new home appraisal and other third-party fees. These include:

  • Mortgage origination fee
  • Underwriting fee
  • Credit reporting fee
  • Discount points to lower your rate (optional)
  • Home appraisal (you can skip this with a Streamline Refinance)
  • Title and escrow fees
  • Prepaid taxes and homeowners insurance
  • Mortgage insurance or guarantee fee (if applicable)

Fortunately, closing costs can often be rolled into your loan when you refinance. If the lender agrees, they can add the amount to your principal borrowed or increase the interest rate charged to offset closing costs.

What’s more important, a low rate or low refinance fees?

How much should you care about closing costs? That depends. If you’re planning to keep the loan for decades, you likely want the lowest interest rate possible. This will save you more money over the life of the loan, and slightly higher closing costs might not matter as much.

But if you’re only going to keep the new mortgage for a few years before moving or refinancing again, then lower closing costs might be more important. In that case, a few thousand dollars in extra upfront fees can really eat into your savings.

Your loan officer can help you crunch the numbers. Or, you can use a refinance calculator to model your potential refi savings versus closing costs.

Pros and cons of refinancing

Refinancing can offer several benefits but also come with some potential downsides.


  • Lower Interest Rate: If market rates have fallen, refinancing can help secure a lower interest rate
  • Reduced Monthly Payments: A lower interest rate or extended loan term can result in lower monthly payments
  • Cash for Major Expenses: A cash-out refinance can provide funds for significant expenses like home improvements


  • Cost: Refinancing isn’t free. Closing costs can be substantial and may outweigh the benefits of refinancing if not carefully considered
  • Longer Repayment Period: Extending the loan term can result in lower monthly payments but also means you’ll be in debt longer
  • Higher Monthly Payments: If you shorten your loan term or opt for a cash-out refinance without reducing your interest rate, your monthly payments could increase

Alternatives to a mortgage refinance

If refinancing isn’t the best option for a homeowner, there are other options that can help them tap into their home equity without the hassle of refinancing.

  • Home Equity Loans: These allow homeowners to borrow against the equity in their home, which can be useful for large expenses such as home improvements or paying off high-interest debt
  • Home Equity Line of Credit (HELOC): This works similarly to a credit card, allowing homeowners to borrow against their equity as needed
  • Loan Modification: For homeowners struggling with their current mortgage, a loan modification alters the terms of the existing loan, typically making payments more manageable

How to refinance a mortgage

Refinancing your mortgage is a detailed process that requires careful thought and preparation. Here are the basic steps to follow:

  1. Determine your goal. Do you want a lower interest rate, more manageable monthly payments, or a shorter loan term? Or perhaps you’re looking to pay off high-interest debts, like credit card balances?
  2. Review your current mortgage. Look at the details of your current mortgage, including the interest rate, the monthly payment, and any prepayment penalties that may apply
  3. Check your credit score. Your ability to refinance and the terms and rates you are offered depend heavily on your credit score. Before applying, check to see that your credit is in good standing
  4. Research and compare refinance rates. Compare rates from different lenders by shopping around. Online platforms and financial institutions will provide rate quotes upon request
  5. Choose a lender and loan type. After considering different loan products and rates, choose a lender and decide on the type of loan that fits your needs. This could be a traditional refinance, a government-backed refinance, or even a cash-out refinance
  6. Apply for the refinance. Fill out an application with your chosen lender and give them all the financial paperwork they need. The lender will review your application, verify your information, and conduct an appraisal of your home
  7. Close on the loan. Once the lender approves the refinance, you’ll close on the loan. This involves reviewing and signing a number of legal documents and paying closing costs

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.

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, but you have to find a new lender that will approve you for conventional financing.

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

There are other reasons to refinance, too.

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

Whatever your reason for refinancing, find a lender that can help you understand your loan options, meet your goals, and offer a low rate. The right choice depends on your financial situation and your refinance options.

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Refinance rates FAQ

Which bank is best for refinancing? 

The best lender for refinancing will vary depending on your circumstances and budget. Overall, you should find a lender that offers the lowest combination of interest rate, fees, closing costs, and total loan costs. Don’t just look at banks, either. Online lenders, credit unions, and mortgage brokers can all offer good deals for many borrowers.

What is a good interest rate for a refinance? 

Your objectives and personal finances will determine this. But in most cases where only the interest rate is changed, the rate should be at least 0.50 percent lower than your current rate.

Is it worth refinancing for 1 percent? 

Refinancing for a 1 percent lower rate can potentially save you thousands of dollars over the life of your loan, especially on larger loan amounts. However, you should still consider closing costs and how long it will take to recoup those expenses. You also need to think about how much longer you have on your current loan and whether refinancing will extend that period.

Is it worth refinancing to save $100 per month?

Whether it’s worth refinancing to save $100 per month depends on your situation. Consider the closing costs, which typically range from 2 to 5 percent of the loan amount. If you’re saving $100 per month and your closing costs are $6,000, it would take 60 months, or five years, to break even. If you plan on staying in your home for more than five years, refinancing could be a good option. However, if you plan on moving within that time frame, the savings may not outweigh the costs.

When is refinancing a bad idea?

Refinancing may not be a good idea if the costs outweigh the benefits. For example, if your credit score has decreased since you got your original mortgage, you may not be able to secure a low interest rate. If you’re planning on moving soon, the savings from refinancing may not cover the closing costs. Also, refinancing to extend the term of the loan might lower your monthly payments, but you could end up paying more in interest over the life of the loan.

How much does it cost to refinance? 

A mortgage refinance typically costs 2 to 5 percent of your total borrowed amount. So for a $250,000 refinance loan, closing costs are likely to be around $5,000–$10,000.

Do I need a down payment to refinance?

No. However, you need a minimum amount of home equity. For instance, conforming loans typically require at least 3 percent equity to refinance, meaning your loan balance is no more than 97 percent of your home’s appraised value. If you refinance with at least 20 percent equity, you can often eliminate private mortgage insurance (PMI) payments.

Are refinance rates going up or down

Refinance rates hit record lows in 2020 and 2021 during the COVID pandemic. But they shot up quickly at the start of 2022, and experts do not expect rates to return to those record lows any time soon. In a rising rate environment, it’s doubly important to shop around for lenders offering a better deal on your refinance loan.

What’s the best refinance loan? 

The best loan product varies based on your goals. If you want to tap your home equity, a cash-out refinance might be best. If you want to shorten your loan term, consider a 15-year mortgage. If you simply want a lower rate and monthly payment, consider a plain-vanilla 30-year refinance loan. For homeowners who currently have FHA, VA, and USDA loans, the answer is a little easier. A Streamline Refinance is often best, as this program offers reduced paperwork and typically has lower closing costs.

How do I shop for refinance rates?

Shopping for refinance rates involves doing research and comparing rates from multiple lenders. Start with your current lender, but also check with other banks, credit unions, and online lenders. You can often get a quote online by providing some basic information. Additionally, consider working with a mortgage broker who can provide you access to a variety of lenders and rates. Remember to look at the annual percentage rate (APR), which includes the interest rate and any lender fees, to get a complete picture of the cost of the loan.

Do I have to refinance with my current mortgage lender?  

You are not required to refinance with your current mortgage lender. However, it may be smart to start your search by requesting a refinance rate quote from your current lender, who may be able to beat loan rates, terms, and costs quoted by competitors.

How does the Federal Reserve impact refinance rates?

While the Federal Reserve doesn’t set refinance rates, it does indirectly affect them. As the country’s central bank, lenders adjust rates depending on the decisions and actions taken by the Fed.

Does mortgage insurance go away when you refinance?

Yes, private mortgage insurance premiums can be removed when you refinance your conventional loan. However, it’s generally removed automatically when you’ve reached 22 percent home equity, which is the same as a 78 percent loan-to-value ratio. However, if you’re paying mortgage insurance premiums (MIP) on an FHA loan, you’ll need to refinance to another loan type to remove mortgage insurance.

What are current mortgage rates?

Today’s refinance rates are rising, but savvy shoppers can still find lower rates by comparing refi lenders.

Remember that the rate you’re offered could be higher or lower than average depending on your credit, home equity, and finances. Check personalized rates from a few different lenders to find the best refinance rate for your situation.

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 2022 based on 2022 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.
Paul Centopani
Reviewed By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.