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Refinancing your mortgage is simply replacing your current mortgage with a new one. The new loan pays off the old loan, and you’ll start making payments on the new loan. People refinance their mortgages for all sorts of reasons – including lowering their monthly payment, getting a better interest rate, taking cash out of their home, shortening their loan term, or a combination of the above.
Current Refinance Rates and Trends
Mortgage and refinance rates have been steadily declining over the past year. However, both Frannie Mae and Freddie Mac predict rate rises are on the horizon, making now one of the best times to refinance your mortgage and lock in a lower rate.
The last week of June 2016, 30-year fixed mortgage rates were 3.48%, according to Freddie Mac. That time last year, 30-year fixed mortgage rates were 4.06%. That's a decrease of 14%, but experts do not expect rates to continue falling. If you're in a position to refinance, now is a good time to act before rates start rising.
We Can Help You Refinance
Just as you would shop around for your home, it’s equally as important to shop around for your home loan – whether you’re a first-time buyer or are looking to refinance your existing loan. We make it easy by doing the shopping for you. By comparing lenders and having them compete for your business, you’re certain to get the best rate possible on your mortgage refinance. The better your rate, the lower your payment will be and the more money you will save over the life of your loan.