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FHA refinance rates

On Saturday, June 03, 2023, the national average 30-year FHA refinance APR is 7.28%. The average 30-year fixed FHA mortgage APR is 7.19%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Today’s FHA refinance rates

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.

Product Interest Rate APR
30-Year FHA Rate 6.35% 7.28%
30-Year Fixed Rate 7.10% 7.12%
20-Year Fixed Rate 6.83% 6.86%
15-Year Fixed Rate 6.49% 6.52%
10/1 ARM Rate 7.10% 7.65%
5/1 ARM Rate 5.97% 7.73%
30-Year VA Rate 6.67% 6.86%

Rates as of Saturday, June 03, 2023 at 6:30 AM

How to compare FHA refinance rates

If you want to get the best possible deal on an FHA refinance, shop around and compare multiple offers. Consider the interest rate and annual percentage rate (APR). Interest rates are based on market trends and your credit history, and can be fixed or variable. By comparison, the APR reflects the interest rate and fees.

How to get the best FHA refinance rate

To secure a competitive rate for your FHA refinance, you'll need to put your best financial foot forward. Pay your bills on time to maintain or improve your credit score, and pay down or eliminate credit card debt. These practices can help cut down your debt-to-income (DTI) ratio.

Why trust Bankrate's mortgage rates

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily ("overnight averages") and the other weekly ("Bankrate Monitor averages").
For Bankrate's overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor FHA refinance rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.
Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive FHA refinance rates and useful tools.
Learn more about Bankrate's rate averages, editorial guidelines and how we make money.

Pros and cons of an FHA refinance


  • 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


  • Additional set of closing costs
  • Mortgage insurance requirements: upfront mortgage insurance premium and annual premium
  • Temporary hit to your credit score

How much does an FHA refinance cost vs. save?

How much you stand to save with an FHA refinance and how much it can cost depends on a variety of factors, including current FHA refinance rates and which kind of product you choose.
"Refinancing into a lower interest rate and shorter-term product will help you save on interest costs over the life of the loan," Heck says, though it may not lower your monthly payments. He adds that if lowering monthly payments is the goal with a refi, it's usually "most beneficial to do so in the first three to five years" from when you took out the original loan and restart the clock with a similar length of term. The reason: Interest charges are front-loaded into the early years of a mortgage, so you avoid the risk of paying a lot more in interest if you, say, refinance into another 30-year mortgage that only has 20 years left.
You'll also want to evaluate the required mortgage insurance — both monthly and over the life of the loan — since that can be a significant expense. Closing costs are another factor and will vary according to your lender.
Regarding timing, it's smart to shop FHA refinance rates and see how they trend over time. It's always important to shop around to find a lender that suits your needs. This can mean banks or non-banks, which handle the majority of FHA loans.

Should you refinance your FHA loan?

If interest rates are now lower than what you currently pay on your FHA loan, it may be time to consider refinancing. A good gauge is if you can lower your rate by at least half a percentage point.
An FHA refinance can also be a good idea if you want to get out of paying mortgage insurance premiums. You can do this by refinancing your FHA loan to a conventional loan. You'll need to meet the credit requirements for a conventional loan, however.

Frequently asked questions about FHA refinance loans