The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

Compare Refinance Rates for September 2019

Use our national survey of lenders to find the right refinance rate for you.

How to find the right refinance rate

1. Compare rates

We regularly survey around 4,800 banks and lenders to give you a comprehensive, up-to-date comparison.

2. Get a quote

When you find a few lenders you like, click to get a personalized rate quote based on your home purchase.

3. Apply

Once you choose a bank or lender, you'll apply for a mortgage directly with them. Then, you'll be on your way to your new home.

Bankrate's guide to Refinance

Current Home Refinance Rates Comparison

Bankrate brings together a comprehensive national survey of refinance lenders to help you find the most competitive interest rate. The interest rate table below is updated daily, Monday through Friday, to give you the most current rates when refinancing a home loan.

On September 16, 2019, according to Bankrate’s latest survey of the nation’s largest refinance lenders, the benchmark 30-year fixed refinance rate is 3.80 percent with an APR of 3.92 percent. The average 15-year fixed refinance rate is 3.26 percent with an APR of 3.47 percent. The 5/1 adjustable-rate refinance (ARM) rate is 4.29 percent with an APR of 7.35 percent.

Today's Mortgage Interest Rates for Refinance

Product Interest Rate APR
30-Year Fixed Rate 3.80% 3.92%
15-Year Fixed Rate 3.26% 3.47%
5/1 ARM 4.29% 7.35%
7/1 ARM 4.22% 6.61%
30-Year Fixed Rate Jumbo 4.41% 4.54%
30-Year FHA 3.49% 3.57%

Rates as of 09/16/2019 at 6:30 AM

Wells Fargo Refinance Rates

Product Interest Rate APR
30-Year Fixed Rate 4.125% 4.209%
15-Year Fixed Rate 3.375% 3.539%
5/1 ARM 3.375% 4.107%

Rates as of 09/16/2019

Bank of America Refinance Rates

Product Interest Rate APR
30-Year Fixed Rate 4.000% 4.132%
15-Year Fixed Rate 3.250% 3.519%
5/1 ARM 3.250% 4.111%

Rates as of 09/16/2019

Quicken Loans Refinance Rates

Product Interest Rate APR
30-Year Fixed Rate 4.125% 4.392%
15-Year Fixed Rate 3.500% 3.962%
5/1 ARM 3.750% 4.484%

Rates as of 09/16/2019

Chase Refinance Rates

Product Interest Rate APR
30-Year Fixed Rate 4.000% 4.067%
15-Year Fixed Rate 3.250% 3.390%
5/1 ARM 3.375% 4.017%

Rates as of 09/16/2019

What to know about refinance rates and refinancing a mortgage

What is a mortgage refinance?

A mortgage refinance allows borrowers to pay off and replace an existing mortgage with a new loan and refinance rate. The reason for refinancing, also known as a “refi,” varies: It can used to lower your mortgage rate, reduce monthly payments or even switch your loan type.

When should you refinance?

You may want to refinance a mortgage when interest rates fall and you can get a lower rate than you currently have.

Other times you might consider a refinance include:

  1. Tapping your equity through a cash-out refinance.
  2. Shortening your loan term to save money on interest payments over the life of the loan.
  3. Switch mortgage types. For example, you may want to move from an adjustable-rate mortgage with variable interest rates to a more stable fixed-rate mortgage.
  4. Getting rid of a loan with private mortgage insurance, or PMI. FHA borrowers, for example, are required to pay mortgage insurance premiums annually for the life of the loan, in most cases, and it cannot be canceled. Refinancing into a conventional loan, however, can eliminate this fee once you’ve attained 20 percent equity in your home.

Is refinancing available for FHA, VA, jumbo or USDA loans?

You can refinance out of FHA, VA, jumbo and USDA loans. The same refinance rules typically apply to these loans as they do conventional mortgage refis. Borrowers will have to prove income, meet credit requirements and have a 20 percent equity position in their home to qualify for a refi.

How much are closing costs on a refinance?

Closing costs, on average, can range from between 3 and 6 percent of the total loan amount, depending on the lender. Closing costs are usually one of the larger fees in the refinancing process.

What documents do I need for a refinance?

When you apply for a mortgage (a new purchase or a refinance), lenders need some documentation about your finances to make their decision. You’ll likely need to provide:

In some cases, you may also have to sign an IRS Form 4506-T, which allows the lender to get a transcript of your tax return from the IRS.

A step-by-step guide on how to refinance your mortgage

1. Determine your why

To make refinancing a mortgage worthwhile, ideally, you want to lower your monthly payments or interest rate without adding additional time to your loan. You want to set a clear goal for your refi that will ultimately improve your overall financial picture.

2. Check your credit score and history

The higher your credit score, the better mortgage refinance rates lenders will offer you. Look for reporting errors and look for ways to boost your score.

3. Find out what your home is worth

Check online home search sites to get a rough idea of your home’s value, or ask a real estate agent to run an analysis. Once you know your home’s value, you can then determine if you have enough home equity to refinance.

4. Shop for the best mortgage refinance rates

Talk to at least three different lenders to see who offers you the best mortgage refi rates. Ask about what fees they charge, and if those costs are due upfront or can be rolled into your mortgage. Lenders sometimes offer “no-closing cost loans” but charge a higher interest rate or add to the loan balance. Once you choose a lender, discuss when it’s best to lock in your rate.

5. Be transparent about your finances

Gather recent pay stubs, federal tax returns, bank statements and anything else your lender requests. Your credit and finances will be reviewed, too, so disclose your assets and liabilities upfront. Borrowers who have high credit score and low debt-to-income, or DTI, ratios typically receive better refi rates than those with lower scores and higher DTIs.

6. Prepare for the appraisal

Some lenders may require an appraisal to determine the home’s current market value for a mortgage refinance approval. Let the lender know of any improvements or repairs you’ve done since buying your home that might add to its value.

7. Know what you’ll owe at closing

The closing disclosure, as well as the loan estimate, will list cash needed to close. You might be able to finance those costs, but you’ll likely pay more for it through a higher interest rate. Store copies of your closing paperwork in a safe location and find out how to make your new mortgage payments.

Use a mortgage refinance calculator to learn how a mortgage refinance can work for you.

How to best position yourself for refinancing a mortgage

Before you get a new mortgage, here are some steps to take to put you in the best position possible to get approved.

1. Strengthen your credit

Your credit score and credit history show lenders how well you manage your debts and pay your bills. The lower your credit score, the harder time you’ll have qualifying for a mortgage. You’ll also pay more in interest and might not be able to borrow as much money as you’d prefer. Take a look at your credit score to see where you stand – you should aim for the mid 700s. If your score is lacking, go to AnnualCreditReport.com to order three credit reports for free, and check for errors. Contact the rating agency immediately if you spot any.

Other good ideas: Pay off a revolving balance, and limit your credit card usage to just 20 percent of your available credit. Don’t apply for a new card before you apply for a mortgage refinance -- and don’t close existing credit lines that you’ve had for a long time.

2. Reduce your debt

A key metric lenders consider is your DTI. To get this figure, which is expressed as a percentage, a lender divides your monthly debts (including the mortgage payment) by your monthly gross income. Generally, most conventional lenders prefer to see a DTI ratio below 43 percent, although a DTI ratio of up to 50 percent is allowed in some cases.

3. Know how much equity you need

Depending on your mortgage refinance goals, a loan officer or mortgage broker can give you a good idea of how much equity you’ll need for the new loan you’re refinancing into. The general rule of thumb is you need at least 20 percent equity to refinance -- or a loan-to-value ratio of 80 percent. It’s important to get a decent idea of your home’s value and calculate your equity before you refinance. With a refi, you’ll have to pay for a loan application fee and for an appraisal up front, which could be several hundred dollars.

Pros and Cons of Different Loan Types

Narrowing your loan choices can be difficult. Here’s a list of pros and cons of each type of mortgage. Keep in mind that individual lenders may have additional guidelines for these loan types.

Choosing the right refinance mortgage
Pros Cons Who it's best for
Fixed-rate mortgages Pros
  • Rates and payments remain constant, despite interest rate changes.
  • Stability makes it easier to budget.
  • Simple to understand.
Cons
  • Interest payments tend to be higher.
  • To get a lower rate, borrowers have to refinance the loan -- and pay closing costs again.
Who it's best for

Borrowers who plan to stay in a home many years and want predictable, stable payments at the same interest rate for the life of the loan.

Adjustable-rate mortgages Pros
  • Feature lower rates and payments early in the loan term.
  • May qualify for more house because payments are lower (initially).
  • Help you save and invest more money with a lower payment early in the loan.
Cons
  • Rates and payments can rise over the life of the loan.
  • Higher rates -- and payments -- when loan resets can be hard to manage.
  • ARMs are difficult to understand.
  • Lenders have much more flexibility to customize.
Who it's best for

Borrowers who don’t plan to stay in a home for more than a few years -- especially when rates are higher.

Conventional mortgages Pros
  • Can be used for a primary home, second home or investment property.
  • Overall borrowing costs tend to be lower than other loan types.
  • PMI is cancellable once you’ve gained 20 percent equity.
  • Put as little as 3 percent down for agency loans.
Cons
  • Minimum FICO score of 620.
  • Debt-to-income ratio of 45 to 50 percent.
  • PMI typically required if your down payment is less than 20 percent.
  • Significant documentation required to verify income, assets, down payment and employment.
Who it's best for

Borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.

Government-insured mortgages Pros
  • More relaxed credit requirements.
  • Don’t require a large down payment.
  • Open to repeat and first-time buyers.
Cons
  • Mandatory mortgage insurance premiums that cannot be canceled on some loans.
  • Higher overall borrowing costs.
  • May require more documentation to prove eligibility.
Who it's best for

Borrowers who have low cash savings, less-than-stellar credit or can’t qualify for a conventional loan. VA loans tend to offer the best terms and most flexibility compared to other loan types for military borrowers.

Jumbo mortgages Pros
  • Borrow more money to buy a home in an expensive area.
  • Interest rates tend to be competitive with other conventional loans.
Cons
  • Down payment of at least 10 to 20 percent is needed.
  • Minimum FICO score of 660, but average is typically 700 or higher.
  • Maximum DTI ratio of 45 percent.
  • Must have significant assets (10 percent of the loan amount) in cash or savings accounts.
Who it's best for

Affluent borrowers purchasing a high-end home who also have good to excellent credit, high incomes and a substantial down payment.

How to get the best mortgage refinance rates

Shop around with multiple lenders to get the best deals on refinance rates and terms. Additionally, lenders generally offer the best deals to borrowers who have higher credit scores, a positive credit history, and a lower DTI ratio.

As you shop, ideally you want to get a lower refinance mortgage rate than what you currently have, but pay attention to the annual percentage rate, or APR. The APR gives you an overall picture of your total borrowing costs, including the loan’s interest rate, lender origination fees, points and other loan charges.

These details, along with your new monthly payments, will be spelled out in the loan estimate each lender gives you. This is a three-page document lenders must provide to you within three business days of receiving your refinance application. You can use the estimate and a refinance calculator to compare loan offers and identify the best deal.

Remember to compare home refinance rates among similar loan types so you’re comparing apples to apples. Once you receive loan estimates, you can not only compare like mortgage refinance rates but also lender fees, loan terms and other details to see how offers stack up.