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Local Mortgage Refinance Rates

Because interest rates fluctuate, many homeowners opt to refinance their original mortgage in order to lock in a lower interest rate than what was previously available when they started their mortgage. Various factors will determine local mortgage refinance rates, including the economy and your credit score. With a trustworthy, experienced lender, you can smoothly refinance your loan and get a better interest rate or loan terms.

    Lender

    Rate

    APR

  • 4.125%

    4.172%

  • 4.250%

    5.322%

  • Citizens Bank Logo

    4.250%

    4.750%

  • Caliber Home Loans

    4.375%

    5.382%

Refinance Your Mortgage with the Best Local Mortgage Refinance Rates

Since mortgage rates constantly change and different lenders offer different rates, it can be confusing to know when to refinance. Choosing the right time to refinance can make a big difference when it comes to the total costs you’ll pay overall. Take out the guesswork and sign up for our rate updates email to get the latest average mortgage rates right to your inbox.


Why Homesite Mortgage for Your Refinance?

As a consumer-direct mortgage company, we put our customers’ best interests first when it’s time to refinance. We’ll work with you to help you get the best local mortgage refinance rates available. We have years of successful experience helping homeowners save thousands of dollars through refinancing their mortgage to a lower interest rate.

Have questions or want to speak with a refinance specialist? Schedule an appointment with a banker using the button to the left.

Local Mortgage Refinance Rate FAQs

How often can I refinance my mortgage?

There is no official limit on how many times you’re allowed to refinance your mortgage. The main questions to keep in mind are “will this refinance save me money, and how many years will it take to reach those savings after closing costs are accounted for?” If you refinance and interest rates drop significantly in the next year, work with your lender to figure out if refinancing again is a wise option.

Do different types of homes affect my refinance rate?

All homes are not created equal when it comes to your refinance. Single family homes and townhouses are traditionally the safest option when it comes to locking in the lowest refinance rate. Condos often come with a higher refinance rate of .125–.25%. There is also an adjustment to the interest rate you qualify for if the home is a second home (versus a primary residence). The interest rate on investment properties are typically about 1/4 to 1/2 percent higher  because homeowners are more likely to let those types of homes go into default versus their primary residence

How long does the refinance process take?

Typically, a refinance will take two to four week—it’s a much more streamlined process compared to taking out a purchase loan for buying a home. Refinancing involves getting an appraisal of your home, and that is often the portion of the refinance that takes the longest period of time. Take advantage of the historically-low interest rates now by scheduling your appraisal in order to lock in a low rate.

What is the 2% rule on refinancing?

The 2% rule refers to aiming for a lower interest rate of at least 2% when refinancing. If the interest rate is less than 2% of what you’re currently paying for on your home loan, the hassle and new closing costs may not be worth the savings. The 2% rule applies if you plan to live in your home for the next two years. If you think you’ll be in your current home for more than five years, even a 1% interest rate reduction will likely be worth the cost of refinancing.

How much does refinancing cost?

Closing costs for a refinance typically fall between 1–2% of the total loan amount. If you are interested in lowering your interest rate to reduce your future mortgage payments, you may have the ability to purchase points (also known as discount points). Points can be purchased by paying 1% of the total loan amount upfront—resulting in a lower interest rate of around 1/8—1/4%.