Mortgage Refinance Rates Today: Complete Guide to Saving Money
Refinancing your mortgage can save you thousands over the life of your loan. Here is everything you need to know about refinancing in 2025.
Current Mortgage Refinance Rates 2025
| Loan Type | Rate Range | Best For |
|---|---|---|
| 30-Year Fixed | 6.5% - 7.5% | Lower monthly payments |
| 15-Year Fixed | 5.75% - 6.75% | Pay off faster |
| 7/1 ARM | 6.0% - 7.0% | Short-term ownership |
| VA IRRRL | 6.0% - 7.0% | Veterans refinancing |
Best Mortgage Refinance Lenders 2025
- Rocket Mortgage: Fast online process, 90-day rate lock
- Better.com: No lender fees, price match guarantee
- LoanDepot: Lifetime guarantee, no fees on future refinances
- Veterans United: Top VA lender, military expertise
Should You Refinance? Break-Even Calculator
Formula: Break-even months = Closing costs ?? Monthly savings
Example: $5,000 closing costs ?? $200 monthly savings = 25 months to break even
Types of Mortgage Refinancing
- Rate-and-Term: Change rate or term, no cash out
- Cash-Out: Access home equity
- Streamline: Simplified process for FHA/VA loans
Refinance Closing Costs
| Fee | Typical Cost |
|---|---|
| Origination fee | 0.5% - 1% of loan |
| Appraisal fee | $400 - $600 |
| Title insurance | $700 - $1,500 |
| Recording fee | $100 - $300 |
| Total | 2% - 5% of loan |
