Today’s conventional refinance rates
A conventional rate-and-term refinance replaces your current mortgage with a new loan that isn’t backed by FHA or VA, usually to lower the rate, change the term or drop mortgage insurance.
Rates as of · updated each business day
| Loan | Rate | APR | Monthly principal & interest |
|---|---|---|---|
| Conventional 30-year fixed | 7.418% | 7.451% | $2,774.43 |
| FHA Streamline 30-year fixed | 6.845% | 7.588% | $2,665.55 |
| VA IRRRL 30-year fixed | 6.866% | 6.937% | $2,638.44 |
How these rates are set. Each rate is the average of what Go Direct Lenders’ wholesale lending partners offer that business day for one sample loan, with no discount points. Your own rate and APR depend on your credit, loan-to-value, property and the market on the day you lock. Payments are principal and interest only; taxes, insurance and any mortgage insurance make the actual payment higher.
Conventional 30-year fixed rate/term refinance: 7.418% rate / 7.451% APR, based on a $400,000 refinance at 80% loan-to-value, a 760 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. 360 monthly principal-and-interest payments of $2,774.43. Estimated prepaid finance charges of $1,300 are included in the APR.
FHA Streamline 30-year fixed refinance: 6.845% rate / 7.588% APR, based on a $400,000 refinance at 96.5% loan-to-value, a 720 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. Includes the 1.75% FHA upfront mortgage insurance premium financed into the loan ($407,000) and monthly mortgage insurance. 360 monthly principal-and-interest payments of $2,665.55. Estimated prepaid finance charges of $7,922 are included in the APR.
VA IRRRL (Interest Rate Reduction Refinance Loan) 30-year fixed: 6.866% rate / 6.937% APR, based on a $400,000 refinance at 100% loan-to-value, a 720 credit score, a primary single-family residence, a 30-day rate lock and 0 discount points. Includes the 0.5% VA IRRRL funding fee financed into the loan ($402,000). 360 monthly principal-and-interest payments of $2,638.44. Estimated prepaid finance charges of $2,880 are included in the APR.
How a conventional rate-and-term refinance works
You take a new loan for roughly what you owe and use it to pay off the old one. Because no cash goes to you beyond a small allowance, it’s priced better than a cash-out refinance.
- No waiting period. Fannie Mae sets no minimum age for the loan you’re refinancing in a rate-and-term (“limited cash-out”) refinance. A cash-out refinance requires the loan being paid off to be at least 12 months old.
- Little or no cash back. On a Fannie Mae limited cash-out refinance you can receive no more than the greater of 1% of the new loan or $2,000.
- Equity requirements. Fannie Mae allows up to 95% loan-to-value on a one-unit primary home (97% in some cases when Fannie Mae already owns your loan). A cash-out refinance is capped at 80%.
- Private mortgage insurance. If you borrow more than 80% of the home’s value you’ll usually pay PMI. Under the Homeowners Protection Act you can ask to cancel it once your balance is scheduled to reach 80% of the home’s original value, and it ends automatically at 78% if you’re current.
Is a conventional refinance right for you?
It’s often the best fit if you have good credit and at least 20% equity, or if you have an FHA loan and enough equity to leave FHA mortgage insurance behind. If you already have an FHA or VA loan, compare it with an FHA Streamline or VA IRRRL, which usually need less paperwork.
Other refinance rates
FHA Streamline rates
Lower the rate on an existing FHA loan, usually without an appraisal.
VA IRRRL rates
The VA streamline refinance for homeowners who already have a VA loan.
Rates in your state
- Arizona
- California
- Colorado
- Florida
- Georgia
- Maryland
- Michigan
- Minnesota
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Utah
- Virginia
- Washington
Frequently asked questions
Can I refinance a conventional loan right after closing?
For a rate-and-term refinance, Fannie Mae sets no minimum waiting period, though some lenders add their own. A cash-out refinance requires the loan being paid off to be at least 12 months old.
Does refinancing remove PMI?
It can. If the new loan is 80% or less of your home’s current appraised value, a conventional refinance usually won’t require PMI.
How often is this rate updated?
Every business day. We only show a rate when at least one lending partner priced it from that day’s rate sheet.
Sources
- Fannie Mae Selling Guide B2-1.3-02, limited cash-out refinances
- Fannie Mae Selling Guide B2-1.3-03, cash-out refinances
- Fannie Mae Eligibility Matrix
- CFPB: When can I remove PMI?
Go Direct Lenders is not affiliated with or acting on behalf of the U.S. Department of Veterans Affairs, the Department of Housing and Urban Development, the Federal Housing Administration or any other government agency.
Go Direct Lenders, LLC DBA Veterans Direct | NMLS ID 1028986 | Equal Housing Opportunity. Not affiliated with the Department of Veterans Affairs or any government agency. By refinancing an existing loan, the consumer’s finance charges may be higher over the life of the loan.