Best Mortgage Refinance Rates in 2024: How to Save Thousands
If you’re a homeowner, refinancing your mortgage at the best mortgage refinance rates could save you thousands of dollars over the life of your loan. With interest rates fluctuating, now might be the perfect time to lock in a lower rate, reduce monthly payments, or even tap into your home equity.
In this guide, we’ll cover:
✅ Current mortgage refinance rates (2024 trends)
✅ How to qualify for the best refinance rates
✅ Top lenders offering competitive rates
✅ When refinancing makes sense (and when it doesn’t)
1. Current Mortgage Refinance Rates (2024 Trends)
As of 2024, mortgage refinance rates remain competitive, though they vary based on:
- Credit score (740+ gets the best rates)
- Loan term (15-year vs. 30-year refinance)
- Loan type (Conventional, FHA, VA, or jumbo loans)
Average Refinance Rates Today
| Loan Type | Average Rate (APR) |
|---|---|
| 30-Year Fixed | 6.25% – 7.50% |
| 15-Year Fixed | 5.75% – 6.75% |
| FHA Refinance | 6.00% – 7.00% |
| VA Refinance (IRRRL) | 5.50% – 6.50% |
(Rates vary daily—check lenders for real-time quotes.)
2. How to Get the Best Mortgage Refinance Rates
✔ Boost Your Credit Score
- 740+ = Best rates
- 700-739 = Good rates (slightly higher)
- Below 680 = Higher interest or harder to qualify
✔ Lower Your Debt-to-Income (DTI) Ratio
- Aim for DTI below 36% for better approval odds.
✔ Compare Multiple Lenders
- Banks (Chase, Wells Fargo)
- Online lenders (Rocket Mortgage, Better.com)
- Credit unions (often lower fees)