The current average refinance rate on a 30-year, fixed-rate home loan is 6.34%, according to data from the popular real estate marketplace Zillow. If you’re a homeowner hoping to refinance your mortgage for a lower rate or perhaps to tap home equity, read on to see average refi interest rates for a variety of loan types and terms. You can also see the prior day’s report here.

Mortgage refinancing essentially involves paying off your existing home loan with a new one. Similar to when you applied for a mortgage the first time, you’ll need to apply for the refinance loan and meet lender criteria regarding your credit profile, proof of income, your debt-to-income (DTI) ratio, and more.

This process generally means there will be a small hit to your credit score due to the hard inquiry. And, you should be aware there’s a risk of denial if you don’t meet the lender’s requirements.

 

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