home refinance interest rates today: what borrowers should know

What moves today’s numbers

Rates can shift within hours as markets react to inflation reports, jobs data, and Fed guidance. Lenders also price for risk: higher loan‑to‑value ratios, cash‑out requests, and lower credit scores usually add cost. Points matter too-one quote may include discount points, another may not-so the “lowest rate” might actually be pricier. Expect different offers because funding sources and margins vary day to day.

How to compare offers

Collect quotes on the same day, for the same lock period and points. Use APR and a break‑even calculation: divide total costs by monthly savings to see how long recovery takes. Weigh lender credits versus discount points, and remember closing costs recur if you refinance again.

Common concerns, quick answers

If rates fall later, a float‑down or short lock can help; otherwise, locking removes risk. Refinancing with PMI may still pay if savings exceed premiums. Credit bruised? Compensating factors-equity and reserves-can soften pricing.

• Check credit and dispute errors before applying.
• Gather income, asset, and mortgage statements.
• Model 15‑ vs 30‑year terms and prepayment.
• Shop at least three lenders or a broker.
• Ask about rate locks, extensions, and float‑downs.