Current Quicken Loans Refinance Rates

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Contributor, Benzinga
November 6, 2023

Are you looking for the best mortgage company to refinance your home loan? Consider Quicken Loans®, America’s largest mortgage lender.1 For 10 years in a row, J.D. Power has ranked Quicken Loans® highest in the nation in customer satisfaction for Primary Mortgage Origination. And for the sixth year in a row, they also ranked us highest in the nation for Mortgage Servicing.

You could save a bundle on your monthly mortgage payments, convert your loan or tap into your home’s equity with Quicken Loans® and its competitive refinance mortgage rates.

Quicken Loans® offers an online mortgage to expedite the process and get you to the closing table faster. You won’t have to spend hours gathering documents and going back and forth with loan officers. Everything is handled electronically – you can log in at any time to check your application status.

We’ve outlined the current refinance rates, eligibility criteria and a few important considerations to help you decide whether Quicken Loans® is the best fit for you. 

Loan TypeRateAPR
30-year fixed7.625%7.938%
15-year fixed6.875%7.355%
7/1 ARMNot publishedNot published 
5/1 ARMNot publishedNot published
*rates as of 11/6/23

Current Quicken Loans Refinance Rates 

Quicken Loans® mortgage rates are some of the most competitive in the industry. Here’s a snapshot of Quicken Loans®’ current offerings. Rates are updated daily, so it’s best to get a quote when you’re ready to apply so you know these figures are accurate. 

Loan Type
30-year fixed7.625%7.938%
15-year fixed6.875%7.355%
7/1 ARMNot publishedNot published 
5/1 ARMNot publishedNot published

*rates as of 11/6/23

Refinance Eligibility

Quicken Loans® will analyze your credit history, income, assets and property to reach a lending decision. 

The minimum credit score you’ll need to have depends on the loan program you select. You can get approved for:

  • FHA loan: 580 credit score
  • Conventional loan: 620 credit score
  • USDA loan: 640 credit score 
  • VA loans don’t have a set minimum for refinancing, but you need a 680 or higher for a cash-out refinance. 

Your debt-to-income (DTI) ratio is another significant factor in the eligibility equation. Quicken Loans® likes to see this figure hit 45% or lower. For example, let’s assume your annual salary is $65,000, or $5,416 per month. The amount of your new mortgage payment and existing debts should not exceed $2,437. 

Let’s say your monthly credit card, auto loan and student loan payments total $1,250. A comfortable mortgage payment would be $1,187. (Quick note: Quicken Loans® may allow a higher DTI ratio if your credit score is 620 or higher.)

Quicken Loans® will also look at your assets to evaluate your refinance application. It’s best to have at least 2 months of reserves equal to the mortgage payment in the bank. 

Ready to apply? Gather the following documents: 

  • 2 most recent stay stubs
  • 2 most recent W-2s
  • 3 most recent bank statements 
  • 2 most recent tax returns (if you’re self-employed) 

Not sure if you qualify? Reach out to Quicken Loans® at 1-800-251-9080 to discuss your situation. You can also check your rate for free with Quicken Loans’ online tool.

Pros of Refinancing with Quicken Loans

Here are the benefits to using Quicken Loans® for your refinance. 

Lower Your Mortgage Payment 

Are the rates far more competitive than they were when you applied for a home loan? Or maybe your credit wasn’t the best, and you settled for a higher interest rate? 

You may be able to lower your mortgage rate and secure a more affordable monthly payment if you refinance with Quicken Loans®. 

Convert Your Loan

Stuck paying mortgage insurance on an FHA loan? Even if you have 20% or more in equity, the only way to drop mortgage insurance is to refinance into a different loan. Quicken Loans® can get you into a conventional loan product that’s more affordable and doesn’t require mortgage insurance premium payments each month. 

Pay Off Your Loan Faster 

Prefer a shorter loan term to pay off your loan faster? Refinancing often means stretching out the loan term, but you could request a shorter repayment window to ax your mortgage debt sooner.

Take Cash Out 

Looking to tap into your home’s equity? A cash-out-refinance will allow you to access cash and use the money how you see fit.  

Cons of Refinancing with Quicken Loans®

Unfortunately, there are also a few drawbacks to refinancing with Quicken Loans®. Take these into consideration before you refinance. 


As mentioned earlier, refinancing resets the clock on your mortgage loan. Assume you’re 10  years into a fixed-rate 30-year mortgage and refinance into the same product to get a lower rate. You’ve just tacked on 10 additional years to make payments. Despite the lower rate and monthly payment, you could pay even more in interest over the life of the loan. Talk with your mortgage professional about the interest.

Loan Fees

Expect to pay fees to refinance your mortgage. They include the application fee, appraisal fee, inspection fee and attorney fee. There are also fees for the title search and title insurance and don’t forget closing costs. This is the same with most mortgage companies and usually not avoidable.

Some lenders allow you to roll some or all of these fees into your loan, but you can trade that benefit for a higher interest rate. 

Other Mortgage Lenders for Refinancing

Thinking beyond Quicken Loans®? Here are the best refinance mortgage companies in the industry. 

Mortgage LenderCurrent Refinance RateMinimum Credit Score
Bank of America7.875%620
Veterans United7.625%n/a

*rates as of 11/6/23

Other Mortgage Lender Reviews

Whether you want to refinance your existing mortgage or purchase a new home, these lenders are reputable and offer feasible solutions. 

1. Best for Minimal Fees: offers home loans with no lender fees or commissions. The company is backed by financial industry leaders American Express, Citi and Goldman Sachs, and has funded over $7 billion loans to date. 

Another key benefit is its Better Price Guarantee. If you find a lower rate elsewhere, Better will beat it if you provide the loan estimate within 3 business days. You’ll receive $1,000 if it’s unable to follow through on its promise for any reason. 

Inquire with Better Mortgage Corporation to learn more about what it has to offer. Unlike many lenders, Better provides accurate loan estimates in less than 20 minutes so you won’t have to sit around for days wondering if you’re approved. 

Veterans United
securely through Veterans United's website

2. Best for Military Families: Veterans United

Since 2016, Veterans United has been the top originator of VA loans in the U.S. It offers home loan purchase and refinance solutions for current and retired members of the armed forces and qualifying spouses. 

You may be eligible for a VA loan with Veterans United if you: 

  • Served 90 or more consecutive days during wartime
  • Served 181 or more consecutive days during peacetime
  • Served 6 years or more in the Reserves or National Guard
  • Were married to a service member who passed away in the line of duty or from a service related-disability

Learn more about Veterans United and if it’s a good fit for you by calling 1-800-884-5560. Home Loan Specialists are available 7 days a week to assist you with your home buying or refinancing needs. 

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

3. Best for Self-Employed: Luxury Mortgage

Having trouble getting approved for a mortgage because you’re self-employed? Luxury Mortgage can lend a helping hand. 

Luxury Mortgage offers a Bank Statement Qualifier program that can take you from stressed out to approved for the home of your dreams in a jiffy. 

You may qualify for an affordable home loan of up to 80% of the property value if you meet the following criteria:

  • Have a credit score of at least 580 
  • Can provide the last 12 to 24 months of personal bank statements
  • Can provide the previous 3 months of business bank statements

Luxury Mortgage will analyze the deposit activity from your bank accounts to determine how much home you can afford and reach a lending decision. 

Luxury Mortgage lends in the following states: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NC, NH, NJ, NY, PA, SC, TN, TX, VA, WA

Refinance Your Mortgage with Quicken Loans® 

Securing a refinance mortgage with Quicken Loans® is fast and seamless. It’s also an ideal way to save money on your mortgage payments or tap into your home’s equity. But before you apply, get a no-obligation rate quote from Quicken Loans® and a few other lenders to gauge whether refinancing makes sense for you. 

Frequently Asked Questions


How do I get pre-approved?


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?


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.


Quicken Loans® received the highest score in the J.D. Power 2010 – 2019 (tied in 2017) Primary Mortgage Origination and 2014 – 2019 Primary Mortgage Servicer Studies of customers’ satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit

Interest rates/APR/Fees current as of November 6, 2023.

1Based on Quicken Loans® data in comparison to public data records.

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.