Best Mortgage Refinance Rates

Read our Advertiser Disclosure.
Contributor, Benzinga
November 22, 2023
Loan TypeRateAPR
30-year fixed 6.848% 6.945%
15-year fixed 6.21% 6.38%
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) 7.242% 7.929%
Rates based on a loan amount of $250,000 and property value of $425,000.
See more mortgage rates on Zillow

Are mortgage interest rates lower now than when you got your mortgage loan? If so, you can save thousands of dollars by refinancing your loan to a lower interest rate. Let’s take a look at what you might expect to pay in interest if you refinance today. You can also take a look at Benzinga’s top picks for some of the best refinance mortgage companies. 

Best Refinance Mortgage Companies Based on Rates

Now that you understand how refinancing typically works, let’s take a look at some of the companies that offer some of the lowest mortgage rates. We’ll help you find the best mortgage company for you by comparing online processes, APRs and more. 

Best for a Variety of Options: New American Funding

New American Funding also offers jumbo loans, with loan amounts of up to $3 million. New American allows jumbo mortgagees to use a co-signer — someone who won’t be living in the home but who can sign on the loan to help a buyer qualify. When dealing with larger and more expensive homes, this can be a key feature if your debt-to-income ratio is not sufficient with other lenders.

The biggest advantage to New American today is its 5 Year Rate Protection Pledge. New American offers buyers the ability to refinance without lender and appraisal fees at any time in the next five years if their rates become more favorable, assuring its buyers get the best rate possible. If you’re concerned about locking into a high rate and would like the assurance that you will get the best deal in the future, check out New American’s loan offerings.


  • The rate protection option on the platform is much easier to use than refinancing
  • You can borrow up to $3 million in a jumbo loan


  • Even if you have a co-signer, that doesn’t mean you will be approved

Best for Self-Employed Borrowers: CrossCountry Mortgage

  • securely through CrossCountry Mortgage's website
    securely through CrossCountry Mortgage's website
    Best For:
    Self-employed Borrowers
    Read Review

    Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA 

Self-employed people or contractors typically experience more difficulty when securing financing, especially for jumbo loans. Many mortgage providers make these prospective buyers provide a great deal of additional information and occasionally will offer only higher rates or not loan to self-employed people at all. CrossCountry Mortgage has special programs in place for people who might not qualify in a traditional way. 

CrossCountry has programs that allow for qualifications based on an investor’s potential cash flow, bank statements, 1099 documents or liquid assets. It also offers financing based on additional documentation and, on occasion, to foreign nationals.


  • Non-QM and self-employed lending options are quite robust
  • The platform even allows for jumbo lending to non-QM borrowers


  • Less-stringent documentation requirements are not a guarantee that you will be approved

Best for Flexible Mortgage Options: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions offers standard financing options but mostly markets its services for non-qualified mortgage (QM) loans such as portfolio lending, investment loans and jumbo mortgages. With offerings for very well-qualified buyers with favorable terms, as well as a program for buyers with less than stellar credit, Angel Oak can provide you with a customized solution when buying a large or expensive home. 

All of Angel Oak’s jumbo loan programs can be used for primary residences, second homes or investment properties. Angel Oak’s Gold Prime Jumbo Loan offers the most-qualified buyers up to a 50% debt-to-income ratio, a down payment as low as 10% and loan amounts of up to $3.5 million.

The Non-QM Platinum Jumbo loan allows buyers who have faced bankruptcy or foreclosure more than four years ago to obtain a jumbo loan and offers a one-year tax return program. With flexible options to meet your needs, Angel Oak can be a great option for jumbo mortgages.


  • There’s a range of unique loan options that you can use to buy with wisdom and save money
  • The jumbo loan program is quite helpful for investors or high-net-worth individuals


  • Lower down payments are not a gaurantee

Best for Online Mortgages: Rocket Mortgage®

Rocket Mortgage® takes steps to make it possible to apply for a refinance.

Rocket Mortgage® makes it easy to apply for a loan refinance with its easy mobile applications and comprehensive refinance calculator. Its online education center can answer nearly any question you have about refinancing, from expectations regarding your closing costs to whether it’s the right time to refinance.

Rocket Mortgage® offers nearly every type of loan you could need. Its team also services FHA loans, USDA loans, jumbo loans and VA loans. Rocket Mortgage®’s interest rate might be a tad higher than other lenders but it might be worth the additional cost if you’re looking for the simplest mortgage solution possible. 


  • Because Rocket Mortgage makes it much easier to complete an application, you can get pre-qualified and learn more about your home shopping experience
  • The online calculators on this site are especially helpful for those who need to know their payment amounts or what they can afford


  • Just because the platform is user-friendly, that does not mean it can give you exactly what you want

Best for Quick Closings: PennyMac

  • securely through PennyMac's website
    securely through PennyMac's website
    Best For:
    Quick Closings

Consider PennyMac if you need to have your loan serviced quickly. PennyMac offered some of the fastest closings on refinance loans — you can close on your refinance in as little as 10 days when you take your loan through PennyMac. This can be especially beneficial if you’re taking a cash-out refinance and your debt accumulates interest on a daily basis.

PennyMac offering refinancing options for nearly any type of loan, including VA loans, FHA loans, conventional mortgages, USDA loans, jumbo loans and even investment properties.  


  • This is a good place to access government loans when you are hunting for more affordable mortgage
  • This platform makes it easier for a traditional borrower to save money, time and get into their home in their own time


  • There is no guarantee that you will get the rate or closing speed that you want

Mortgage Refinance Rates

Looking through additional mortgage refinance rates will help you make a wise choice, ensuring that you know how much you’re getting out of your loan before signing on the dotted line.

Mortgage LenderCurrent 30-Year Mortgage Refinance Rate
PennyMac7.712% APR
better.com6.848% APR
Veterans United6.976% APR (VA cash out refi)
Chase6.971% APR
Wells Fargo7.434% APR
Truist7.5034% APR
Bank of America7.932% APR
USAA6.508% APR (VA Rate Reduction Refi)

*APR as of 11/22/23. For the most up to date rate, click here.

Refinance Eligibility

There is no legal limit to the number of times that you can refinance your home loan. However, this doesn’t necessarily mean that you’ll easily be able to find a new mortgage loan whenever you need it. 

Most lenders won’t allow you to refinance 100% of your original mortgage loan. You must have some equity built in your property before you qualify to refinance. Most lenders will only allow you to refinance between 80% and 90% of your original loan value. This means that you’ll usually need to make payments on your home loan for at least a few years until you qualify for a refinance. You may be thinking about taking a cash-out refinance, a refinance where you accept a higher mortgage loan balance and take the difference in cash. You may need an even higher percentage of equity to do that. 

You’ll still need to meet your lender’s standards before you can take out a new loan. This means you’ll need to check your credit score and debt before you apply. Applying for a refinance is similar to applying for a mortgage loan. When you submit your application, your lender will usually ask you for your last two: 

  • Bank statements
  • W-2s
  • Most recent paystubs

If you’re self-employed, your lender may also ask to see more documentation. This could be your full tax return or a profit-and-loss statement from your business. 

Remember that refinances also require you to pay closing costs. Closing costs on a refinance are usually less expensive than closing costs on a mortgage. Expect to pay between 2% to 3% of your loan value in closing costs. 

Benefits of Refinancing Your Mortgage

Refinancing your mortgage can help you change your financial situation, alter the loan entirely, add borrowers, etc. Remember, though, that your situation is unique and you shouldn’t idly refinance just because your neighbor decided to do so. You must look at the benefits you get and if they are worth it to you right now.

Generally, refinancing your mortgage allows you to:

  • Reduce your monthly mortgage payment
  • Reduce your interest rate
  • Change the loan’s duration
  • Take out cash as part of the refinanced principal
  • Change to a new lender
  • Add approved borrowers to the loan (or remove borrowers who may have passed on)

Taking advantage of a mortgage refinance loan is only helpful if you’re in the right situation, which you can learn more about below.

Drawbacks of Mortgage Refinancing

While the average consumer might assume that refinancing your mortgage is always a good idea, you must consider a few things that could backfire when you aim to refinance your home loan. This doesn’t mean that you should automatically avoid the refinancing process, but it does mean you should consider your total financial situation, including your mortgage payment, other obligations, income, etc.

Common drawbacks of home loan refinancing include:

  • Mortgage interest rates may not be ideal at the time you wish to refinance
  • You may not be able to refinance the current value of your home
  • Changing the terms of your loan may make the mortgage unaffordable
  • Taking cash out during a mortgage refinance may make it more difficult to repay the loan
  • It may become more difficult to sell the house if you cash out
  • Closing costs for refinancing may be cost-prohibitive

Refinance the Right Way

Calculating refinance interest rates isn’t an exact science. We can’t guarantee the refinance rate you’ll pay because APRs depend on a number of individual factors. Your loan balance, current equity, credit profile and location all play a significant role in the refinance rates you’ll see.

The best way to get up-to-date refinance information is to request a quote. Contact your current mortgage lender and ask for details on your current equity and remaining principal balance. Then, request a quote from a few competing mortgage providers. Getting an interest rate quote is simple and takes only a few minutes. Plus, it can save you thousands of dollars on your refinance. 

Frequently Asked Questions


How do I get pre-approved for a mortgage refinance?


First, you need to fill out an application and submit it to the lender of your choice. For the application you need 2 previous years of tax returns including your W-2’s, your pay stub for past month, 2 months worth of bank statements and the lender will run your credit report. Once the application is submitted and processed it takes anywhere from 2-7 days to be approved or denied. Check out our top lenders and lock in your rate today!


How much interest will I pay for a mortgage refinance?


Interest that you’ll pay is based on the interest rate that you received at the time of loan origination, how much you borrowed and the term of the loan. If you borrow $208,800 at 3.62% then over the course of a 30-year loan you will pay $133,793.14 in interest, assuming you make the monthly payment of $951.65. For a purchase mortgage rate get a quote here. If you are looking to refinance you can get started quickly here.


How much should I save for a down payment?


Most lenders will recommend that you save at least 20% of the cost of the home for a down payment. It is wise to save at least 20% because the more you put down, the lower your monthly payment will be and ultimately you will save on interest costs as well. In the event that you are unable to save 20% there are several home buyer programs and assistance, especially for first time buyers. Check out the lenders that specialize in making the home buying experience a breeze.

Get Ready for Take Off

Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.

You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.