Should I Refinance My Mortgage?
Enter your current loan details and instantly see your potential savings using today's live 30-year fixed rate. No login required.
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Get Exact Numbers for Your Situation
These are estimates based on national averages. Want exact numbers based on your credit profile and full financial picture? Book a complimentary refinance consultation with Xavier — a licensed REALTOR & Mortgage Originator (NMLS #1029190).
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Xavier will reach out within one business day with a personalized refinance analysis tailored to your exact situation.
Frequently Asked Questions About Refinancing
Should I refinance my mortgage?
Refinancing makes sense when you can lower your interest rate enough to offset closing costs within a reasonable timeframe. A common rule of thumb is that a rate reduction of at least 0.5% to 1% is worth exploring, but the real answer depends on your balance, remaining term, and how long you plan to stay in the home. Use the calculator above to see your specific numbers.
How much does it cost to refinance?
Refinance closing costs typically run 2% to 3% of the loan balance. On a $600,000 loan, that's roughly $12,000 to $18,000. This calculator uses a 2% estimate. Costs include appraisal, title insurance, origination fees, and recording fees. Some lenders offer "no-cost" refinances by rolling fees into a slightly higher rate.
What is a break-even point on a refinance?
The break-even point is how many months of savings it takes to recoup your closing costs. For example, if closing costs are $12,000 and you save $400/month, your break-even is 30 months. If you plan to stay in the home longer than your break-even period, refinancing is generally worthwhile.
Is it worth refinancing at today's rates?
It depends entirely on your current rate. If you locked in during 2022-2023 when rates peaked near 7-8%, today's rates could save you hundreds per month. If you have a rate from 2020-2021 in the 2-3% range, refinancing at current rates wouldn't make financial sense. Enter your specific rate above to find out.
What is the current 30-year mortgage rate?
This calculator pulls the latest 30-year fixed mortgage rate from the Federal Reserve Economic Data (FRED) database, which publishes the Freddie Mac Primary Mortgage Market Survey weekly. The live rate is displayed at the top of this page.