Refinance Mortgage Rates Today: What You Need to Know

Updated 2025-08-11

Refinancing your mortgage can be one of the smartest financial moves — but only if you secure a competitive rate. Understanding refinance mortgage rates today is crucial because even a small change can significantly impact your monthly payment and the total amount you pay over the life of your loan.

What Are Refinance Mortgage Rates?

Refinance mortgage rates are the interest rates lenders offer when you replace your current mortgage with a new one. People refinance to lower monthly payments, shorten the term, switch from variable to fixed, or access equity via cash‑out. Lenders set pricing based on market conditions and your profile (credit, LTV, property type, and more).

Why Rates Change Daily

Rates move with inflation expectations, bond yields, central bank policy, and lender capacity. Checking refinance mortgage rates today gives you the most accurate snapshot before you decide to lock.

How Rates Impact Your Numbers

Even a 0.25% change can adjust your monthly payment and lifetime interest meaningfully over hundreds of payments. Use our Refinance Mortgage Calculator to compare your current payment with a new one and see the break‑even month after fees.

Factors That Influence Your Offered Rate

Credit score: Higher scores usually unlock better pricing.
LTV (loan‑to‑value): More equity can reduce price adjustments.
Loan term: Shorter terms often carry lower rates but higher payments.
Occupancy & property type: Investment properties/condos can price differently.
Points & lender credits: Trade upfront costs for a lower or higher rate as needed.

How to Lock a Competitive Rate

Get same‑day quotes from at least two lenders to avoid timing bias.
Compare scenarios with and without points—pick the lowest all‑in cost for your time horizon.
Ask about lock length (e.g., 30–60 days) and float‑down options.
Improve your credit or adjust LTV thresholds if you’re close to a better tier.

Next Step: See Your Savings

Run your scenario in the Refinance Mortgage Calculator. Enter balance, years remaining, your current rate, today’s quoted rate, and estimated closing costs to see monthly savings and the break‑even month.