FHA refinance rates
Weekly national mortgage interest rate trends
Current refinance rates
|15 year fixed refinance||6.74%|
|30 year fixed refinance||7.54%|
FHA refinance rates today
The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive FHA refinance rates. This interest rate table is updated daily to give you the most current rates when choosing an FHA refinance home loan.
What is an FHA refinance?
An FHA refinance is the process of replacing your current mortgage with a new loan. This might mean swapping an existing FHA loan for another FHA loan or other type of mortgage, or switching a non-FHA loan to an FHA loan. Ideally, the refinance gets you a lower interest rate, shorter loan term or both. You can also refinance to take cash out from your equity.
Types of FHA refinance loans
There are a few types of ways to refinance an FHA loan:
- Rate-and-term or simple FHA refinance: Refinancing an FHA loan to adjust the interest rate and/or term with no cash out
- FHA cash-out refinance: Refinancing an FHA loan to adjust the interest rate and/or term with cash out
- FHA streamline refinance: Refinancing an FHA loan to adjust the interest rate and/or term without an appraisal, credit check or income verification
Pros and cons of an FHA refinance
Pros of FHA refinancing
- Potential to lower your interest rate and reduce your monthly loan payment
- Open to those with credit scores as low as 580
- Streamline refinances available with no credit check or income verification
- Cash-out refinance can provide you with funds needed for expenses like renovations
Cons of FHA refinancing
How to get the best FHA refinance rate
Among many factors, your credit score determines your mortgage rate. For the most competitive FHA refinance rate, you’ll need good to excellent credit, though you can still qualify with a score as low as 580.
Another factor is your debt-to-income (DTI) ratio. Generally, the lower your DTI, the better your rate.Whenever you’re looking for a mortgage, shop around and compare multiple offers. Consider the interest rate as well as the annual percentage rate (APR). The latter accounts for the lender’s fees. When you’re refinancing, lower fees help you break-even sooner.
FHA mortgage refinance FAQ
Mortgage rates in other states
- United States
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington DC
- West Virginia