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Jeff Ostrowski Jeff Ostrowski
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Laurie Dupnock Laurie Dupnock
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Laurie Dupnock Laurie DupnockEdited by
On Sunday, April 07, 2024,the national average 30-year FHA refinance APR is 6.99%. The average 30-year fixed FHA mortgage APR is 6.89%, according to Bankrate's... latest survey of the nation's largest mortgage lenders.
On this page
- Weekly national mortgage rate trends
- FHA refinance rates today
- Types of FHA refinance loans
- Should you refinance your FHA loan?
- Compare mortgage lenders side by side
- How to get the best FHA refinance rate
- FHA mortgage refinance FAQ
- Additional FHA resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
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Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Weekly national mortgage rate trends
- FHA refinance rates today
- Types of FHA refinance loans
- Should you refinance your FHA loan?
- Compare mortgage lenders side by side
- How to get the best FHA refinance rate
- FHA mortgage refinance FAQ
- Additional FHA resources
Weekly national mortgage interest rate trends
Current refinance rates
| 15 year fixed refinance | 6.41% | |
| 30 year fixed refinance | 6.90% |
FHA refinance rates today
Rates on FHA loans have moved around a lot in recent years — from less than 3 percent during the pandemic to 8 percent in October 2023. For most of early 2024, FHA mortgage rates have been near 7 percent. 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 | 6.85% | 6.89% |
| 30-Year Fixed Rate | 6.97% | 7.01% |
| 20-Year Fixed Rate | 6.75% | 6.80% |
| 15-Year Fixed Rate | 6.38% | 6.46% |
| 10/1 ARM Rate | 6.90% | 7.92% |
| 5/1 ARM Rate | 6.56% | 7.89% |
| 30-Year VA Rate | 7.05% | 7.10% |
Rates as of Sunday, April 07, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year FHA Rate | 6.94% | 6.99% |
| 30-Year Fixed Rate | 6.99% | 7.04% |
| 20-Year Fixed Rate | 6.74% | 6.79% |
| 15-Year Fixed Rate | 6.42% | 6.50% |
| 10/1 ARM Rate | 6.91% | 7.92% |
| 5/1 ARM Rate | 6.42% | 7.78% |
| 30-Year VA Rate | 7.69% | 7.73% |
Rates as of Sunday, April 07, 2024 at 6:30 AM
Types of FHA refinance loans
There are a few ways to refinance an FHA loan:
- Rate-and-term or simple FHA refinance: Refinancing an FHA loan to adjust the interest rate or term or both with no cash out
- FHA cash-out refinance: Refinancing an FHA loan to adjust the interest rate or term or both with cash out
- FHA streamline refinance: Refinancing an FHA loan to adjust the interest rate or term or both without an appraisal, credit check or income verification
- 203(k) loan or rehabilitation mortgage: Financing up to $35,000 into your mortgage to repair, upgrade or improve a single-family home
Should you refinance your FHA loan?
A key consideration when deciding whether to refinance a mortgage is when you’ll break even on your costs. The break-even point is calculated by adding up all refinancing closing costs and figuring out how many years it will take you to make up those costs with the savings from your new mortgage payment compared to your previous one. Refinancing makes more sense if you plan to stay in your home longer than the break-even point, otherwise, you could potentially lose money.
Another important factor is how long you plan to stay in your home. Refinancing if you expect to move in a few years doesn’t always make financial sense even if you get a lower interest rate, because you may not have enough time to break even on closing costs. Most experts say you’ll want to be in your house at least two to five years after refinancing, but you should do your own break-even calculation to figure out what makes the most sense for you.
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
- Can’t take out more than FHA loan limits
- Mortgage insurance requirements
- Closing costs
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1062reviews
Read full lender review
How to get the best FHA refinance rate
- Work on your credit score. 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.
- Improve your debt-to-income (DTI) ratio. Generally, the lower your DTI ratio, the better your rate.
- Shop around and compare multiple offers. This step can save you thousands of dollars over the life of the loan. 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.
Learn more:How to get the best refinance rate
FHA mortgage refinance FAQ
Additional FHA resources
- FHA vs. conventional loans
- FHA loans resource page
- How to find the best FHA lenders
- The latest FHA loan limits
Mortgage rates in other states
- United States
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington DC
- West Virginia
- Wisconsin
- Wyoming
