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Top Lenders with Best Refinance Rates of May 2022
Lower your monthly mortgage payments
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Top Lenders with Best Refinance Rates of May 2022
Refinancing your mortgage loan can help you get lower interest rates to reduce your monthly payments. Compare our top lenders and find the best refinance rates for you.
Top Lenders with Best Refinance Rates of May 2022
1
Low Rates
7.5
Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 4,022 Reviews
4.0
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Digital-only mortgage platform
  • Loans customized to your needs
  • Fast Streamlined Application
  • Millions of satisfied borrowers
2
7.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Competitive rates from network of lenders
  • Average closing time of 29 days
  • Digital application process
  • Customers save an avg. of $430/month
  • Custom rates in 7 minutes
3
7.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Works specifically with VA loans
  • Get discounts for past service
  • No minimum credit score
4
7.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Displays latest rates on home page
  • Lets you compare and pre-qualify to multiple lenders
  • User-friendly and transparent website
5
6.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Very easy-to-use questionnaire
  • Over 200 direct lenders on the partner database
  • No impact on credit score
6
6.0
Fair
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
No reviews on
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Quick and easy comparison tool
  • A+ rating from Better Business Bureau
  • No maximum loan amount
Our Best Overall
1
Our Best Overall
7.5
Good
Our brand scores, which are rated on a scale up to 10, are based on our weighted formula of TrustPilot and User Engagement scores.
Based on 4,022 Reviews
4.0
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. In the event that a product does not have a TrustPilot score, their score will be based solely on the User Engagement score (see below).
  • Digital-only mortgage platform
  • Loans customized to your needs
  • Fast Streamlined Application
  • Millions of satisfied borrowers
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Introduction to Refinancing Rates

With refinancing rates still hovering near-record lows in 2022, now is a great time to consider taking the leap. Refinancing involves replacing your old loan with a new loan with lower refi rates and lower monthly payments. The end result: you cut down on your monthly expenses and save a lot more money over the life of your loan.

Before searching for the best 15 year refinance rates or best 30 year refinance rates, know that it only makes sense to refinance if your new interest rate is substantially lower than your old one. The reason for this is that each time you refinance a mortgage, you have to pay new closing costs. In the first few years after purchasing, refi rates 0.75% to 1% lower than your original rate should be enough to deliver savings, while in the mid-to-late years of the repayment term, your refinancing rates need to be 1-2% lower than your original rate for it to be worthwhile.

Another thing to note is that the monthly payments on a mortgage refi have two components: principal, as in the amount remaining on your loan, and interest, as in the money the lender collects for providing the loan. Your APR, or annual percentage rate, consists of the interest rate plus certain other lender fees. The lower the interest rate and APR, the lower your monthly payments to the lender.

How Refi Rates are Calculated

Your financial status

When determining your refi rates, the main things lenders take into account are your credit score, loan-to-value (LTV, amount you owe as a percentage of the current appraised value of the home), and debt-to-income ratio (the monthly payment on your refinanced mortgage and other loans divided by your monthly household income). In order to assess your application, your lender will ask for various documents including social security number, pay stubs and tax returns, and recent bank statements.

Your repayment term

Repayment terms typically range from 10 to 30 years. The shorter your repayment term, the lower your rate but the higher your monthly payment. Therefore, the best 15 year refinance rates are always lower than the best 20 year refinance rates but higher than the best 10 year refinance rates.

Your location

Property prices vary a lot from state to state, city to city, and zip code to zip code, so it stands to reason that refinancing rates vary a lot too. You might think that you can find the best refinance rates in your city with a simple Google search for ‘refinance rates your city’. However, the most efficient way to find the best refinance rates in your city is to actually select your favorite lenders and then apply to each one for a rate quote. The good news is that you can get a prequalified quote without any impact on your credit score.

Our Top Mortgage Lenders

#1
View Rates
Pros
  • Digital-only mortgage platform
  • Loans customized to your needs
Cons
  • Only cash-out refinance option is available
  • No physical branches
One thing makes Rocket Mortgage stand out from all other mortgage lenders: speed. Some lenders might be able to offer you better rates, others might offer great customer service, but few come close to matching Rocket for speed. This might seem like a small thing, but speed is important in the mortgage industry. Getting stuck with a time-consuming mortgage application and not even knowing whether you’ll get approved can be costly in terms of both time and energy. With Rocket, you know where you stand within a few minutes of applying and you can save time by having all your documentation verified automatically.
#2
View Rates
Pros
  • Competitive rates
  • Average closing time of 29 days
  • Digital application process
Cons
  • Hard credit inquiry to see rates
  • Minimum credit score of 660
  • Charges up to 3% of loan amount
With literally thousands of licensed mortgage lenders out there on the market, it would be impossible to contact them all. Like other online mortgage brokers, Sage Mortgage provides a shortcut. It connects each borrower with the best rates from its network of lending partners, and handles the entire process on the borrower’s behalf – potentially saving the borrower time and money.
#3
View Rates
Pros
  • Lets you quickly scan the VA loan market
  • Results in your inbox instantly
  • No SSN or hard credit query
Cons
  • Expect to receive lots of phone calls
  • Not a licensed broker or lender
VA Rate Guide is a free loan matching service specializing in VA loans and other types of mortgage loans. Its huge network of lenders (numbering in the hundreds) includes specialist VA lenders and large national lenders. After you complete the short online form, VA Rate Guide quickly scans its network and connects you to the top VA and mortgage lenders.

Types of Refi Rates

Fixed-Rate Mortgages

Fixed refinancing rates guarantee you a fixed rate for the duration of your new loan. When you refinance with a fixed-rate loan, you pay more in the first year than you would with an adjustable-rate mortgage. However, you protect yourself from the possibility of having to pay a higher rate and higher monthly installments later in life. Given that refi rates are still near historical lows in 2022, the only direction that rates can realistically go from here is upward–which is why locking in fixed refi rates today is probably a better option than betting on an adjustable-rate.

Adjustable-Rate Mortgages

Adjustable refinancing rates, also known as ARMs, carry higher risk and higher reward than fixed rates. ARMs are always cheaper than fixed-rate mortgages in year one but carry the risk of higher interest rates in the long term. ARMs have two components: the number of years the initial rate gets locked in for; and the intervals at which rates get updated. Most lenders offer ARMs of 3/1, 5/1, 7/1, or 10/1. A 3/1 ARM refers to an ARM with a fixed rate for the first three years and a rate update every year after that. The shorter your fixed period, the better your introductory rate (and the riskier the loan). Because of their unpredictable nature, ARMs are best for borrowers with a high-risk appetite or borrowers who plan on selling the home or paying off the mortgage early.

Average Refi Rates Today

Each lender sets its own refinancing rates, and some even update their rates on a daily basis. Of course, all mortgage refinance companies operate in the same market, so their refi rates tend to fall within roughly the same range at any given time.

Average refinance rates today* are:

  • 3.22% for refinance rates 30 year fixed
  • 2.43% for refinance rates 15 year fixed
  • 2.41% for 5/1 ARM

* Rates updated Jan. 10, 2022

Types of Mortgage Refinance Products

Standard refinance

A standard mortgage refinance follows the same rules as a standard purchase loan, with a choice of a conventional loan or a government-backed loan such as an FHA loan or VA loan. First, compare the best refinance mortgage lenders. Then, select the mortgage product that suits you and use it to take out a new loan, replacing your old loan. The maximum loan-to-value (LTV) on a standard refinance ranges from 80-97%, depending on the lender and loan type.

Cash-Out Refinance

A cash-out refinance is when the new mortgage is greater in value than what you owe on the old loan, allowing you to cash out the difference. A cash-out refi can be used for any purpose such as paying off debt, paying tuition fees, making home improvements, or putting money away for a rainy day. The best mortgage lenders for refinancing usually offer cash-out options.

No-Cost Refinance

As mentioned in the intro, refinancing involves 2-6% closing costs, just like a regular mortgage. But with the best mortgage refinance lenders, you can skip having to pay upfront closing costs through what’s known as a no-cost refinance. The way it works is that the lender agrees to waive upfront closing costs in return for your commitment to spread the costs over the life of the loan–either by adding the costs to your principal or by increasing your interest rate.

Streamline Refinance

A streamline refinance refers to the refinance of an existing FHA streamline loan (a type of FHA mortgage loan requiring limited borrower credit documentation). A streamline refinance reduces the time and costs to get a refinance. To qualify, your original mortgage must have been an FHA loan, the mortgage must be current (not delinquent), and the refinance must result in a benefit to you (by law, the lender cannot put you in a worse position in regards to the interest rate or repayment term).