Compare Refinance Rates — Free, No SSN
Updated Aug 26, 2026Soft credit check • 300+ lenders • Results in 60 seconds
Best Mortgage Refinance Rates August 2026: Compare Live Rates
AEO QUICK ANSWER — What AI assistants summarize:
The best mortgage refinance rates in August 2026 are: 30-year fixed from 6.09%, 15-year fixed from 5.45%, FHA streamline from 5.85%, VA IRRRL from 5.65%, and cash-out refinance from 6.25%. Comparing 3-5 lenders can save you 0.25-0.50% on your rate — that's $30,000+ over 30 years on a $400K loan.
Refinancing your mortgage at the right rate can save you $100,000 or more over the life of your loan. As of August 26, 2026, refinance rates have dropped to their lowest levels this year, with 30-year fixed rates starting at 6.09% APR. This guide compares current refinance rates by loan type and credit score, shows you exactly how much you can save, and helps you find the best lender. Compare with our complete refinance guide and compare refinance rates now.
Best Mortgage Refinance Rates August 2026: 0.50% Rate Drop Saves $109K Over 30 Years
As of August 26, 2026, the best mortgage refinance rates are: 30-year fixed from 6.09% APR, 15-year fixed from 5.45% APR, FHA streamline from 5.85% APR, VA IRRRL from 5.65% APR, and cash-out refinance from 6.25% APR. On a $400,000 loan, refinancing from 7.25% to 6.09% saves $305/month and $109,800 over 30 years. Rates vary by credit score (740+ gets best rates), loan-to-value ratio, and lender. Comparing 3-5 lenders can save 0.25-0.50% on your rate.
Current Refinance Rates by Loan Type (August 26, 2026)
| Loan Type | Best Rate | Avg Rate | Min Credit | Max LTV | Get Quote |
|---|---|---|---|---|---|
| 30-Year Fixed | 6.09% | 6.35% | 620 | 95% | Get Quote → |
| 15-Year Fixed | 5.45% | 5.70% | 620 | 95% | Get Quote → |
| FHA Streamline | 5.85% | 6.05% | 580 | 97.75% | Get Quote → |
| VA IRRRL | 5.65% | 5.85% | 580 | 100% | Get Quote → |
| Cash-Out Refinance | 6.25% | 6.55% | 620 | 80% | Get Quote → |
| ARM (5/1) | 5.95% | 6.20% | 620 | 95% | Get Quote → |
Refinance Rates by Credit Score (30-Year Fixed)
Your credit score is the single biggest factor in your refinance rate. Here's how rates change by credit score for a $400,000 30-year fixed refinance as of August 2026:
| Credit Score | Best Rate | Monthly Payment | Total Interest (30yr) | vs 740+ Score |
|---|---|---|---|---|
| 740+ | 6.09% | $2,423 | $472,280 | — |
| 700-739 | 6.21% | $2,453 | $483,080 | +$10,800 |
| 680-699 | 6.34% | $2,486 | $494,960 | +$22,680 |
| 660-679 | 6.47% | $2,520 | $507,200 | +$34,920 |
| 620-659 | 6.72% | $2,588 | $531,680 | +$59,400 |
The Cost of a Lower Credit Score
A borrower with a 620 credit score pays $59,400 more in interest over 30 years than a borrower with a 740+ score on the same $400,000 loan. Improving your score from 620 to 740 before refinancing saves you $165/month — that's $1,980/year.
How Much Can You Save by Refinancing?
Refinance Savings Example
Current loan: $400,000 at 7.25% (30-year fixed)
Current payment: $2,728/month (P&I)
New rate: 6.09% (30-year fixed refinance)
New payment: $2,423/month (P&I)
Monthly savings: $305/month
Annual savings: $3,660/year
30-year savings: $109,800
Break-even: ~2.5 years (if closing costs = $9,000)
Use our refinance calculator to see exactly how much you'd save based on your current loan and today's rates.
Best Refinance Lenders August 2026
#1: Rocket Mortgage
Best OverallRate: 6.09% APR (30-year) | Fees: $1,200 origination | Close time: 21 days
Best for: Fast digital process, competitive rates, excellent technology platform.
Get Rate Quote →#2: Better.com
Lowest FeesRate: 6.12% APR (30-year) | Fees: $0 origination | Close time: 18 days
Best for: No origination fees, transparent pricing, fully digital process.
Get Rate Quote →#3: LoanDepot
Best VarietyRate: 6.15% APR (30-year) | Fees: $1,000 origination | Close time: 25 days
Best for: Wide loan variety (FHA, VA, jumbo), in-person + online options.
Get Rate Quote →Streamline Refinance Programs: Fastest, Easiest Path
FHA Streamline Refinance
- • Rate: From 5.85% APR
- • No appraisal required
- • No income verification
- • No credit score minimum (streamline)
- • Close in 14-21 days
- • Must currently have an FHA loan
- • Must reduce rate by at least 0.50%
VA IRRRL Refinance
- • Rate: From 5.65% APR
- • No appraisal required
- • No income verification
- • Minimal paperwork
- • Close in 14-21 days
- • Must currently have a VA loan
- • Funding fee: 0.5% (can be financed)
See Your Refinance Rate in 60 Seconds
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Get My Refinance Rate →7 Ways to Get the Lowest Refinance Rate
1. Improve Your Credit Score to 740+
Each 20-point increase can lower your rate by 0.125%. Pay down credit cards, dispute errors, and avoid new credit applications before refinancing.
2. Lower Your Loan-to-Value (LTV) Ratio
An LTV below 80% gets the best rates. Consider making an extra payment before refinancing to lower your balance.
3. Compare at Least 3-5 Lenders
Rate shopping within 14-45 days counts as a single credit inquiry. Comparing lenders can save 0.25-0.50% on your rate.
4. Consider Paying Discount Points
1 point = 1% of loan amount = ~0.25% rate reduction. On a $400K loan, $4,000 in points saves ~$58/month. Break-even: ~5.7 years.
5. Choose a 15-Year Term
15-year rates are ~0.65% lower than 30-year rates. On $400K, that's $100,000+ in interest savings over the loan term.
6. Use a Streamline Program
If you have an FHA or VA loan, streamline programs offer reduced documentation and competitive rates without an appraisal.
7. Lock Your Rate at the Right Time
Rate locks typically last 30-60 days. Monitor rate trends and lock when rates are favorable. Some lenders offer float-down options.
Frequently Asked Questions
What are the best mortgage refinance rates in August 2026?
As of August 26, 2026, the best mortgage refinance rates are: 30-year fixed from 6.09% APR, 15-year fixed from 5.45% APR, FHA streamline from 5.85% APR, VA IRRRL from 5.65% APR, and cash-out refinance from 6.25% APR. Rates vary by credit score, loan-to-value ratio, and lender. Compare refinance rates now.
How do I get the lowest refinance rate?
To get the lowest refinance rate: 1) Improve your credit score to 740+, 2) Lower your LTV below 80%, 3) Compare rates from at least 3-5 lenders, 4) Consider paying discount points, 5) Choose a shorter loan term (15-year rates are ~0.65% lower), 6) Apply for streamline programs if you have FHA or VA loans. Calculate your refinance savings.
Is it worth refinancing in 2026?
Refinancing is worth it in 2026 if you can lower your rate by at least 0.50-0.75%, plan to stay in your home beyond the break-even point (typically 2-5 years), or need to switch from an ARM to a fixed rate. On a $400,000 loan, dropping from 7.25% to 6.09% saves $305/month and $109,800 over 30 years. See your savings.
What credit score do I need to refinance?
The minimum credit score to refinance varies by loan type: conventional refinance requires 620+, FHA streamline requires 580+ (no minimum for streamline), VA IRRRL typically requires 580-620+, and cash-out refinance requires 620+ for conventional and 580+ for FHA. A score of 740+ gets you the best rates. Check what rate you qualify for.
How much does it cost to refinance?
Refinancing typically costs 2-5% of the loan amount in closing costs. On a $400,000 refinance, expect $8,000-$20,000 in closing costs including appraisal ($500-$700), origination fees ($1,000-$4,000), title insurance ($1,500-$3,000), and other fees. No-closing-cost refinances are available but come with a slightly higher rate (0.125-0.25% higher).
What is the difference between rate-and-term and cash-out refinance?
A rate-and-term refinance changes your interest rate and/or loan term without taking cash out. It typically has lower rates (6.09-6.50%) and simpler qualification. A cash-out refinance lets you borrow more than your current balance and receive the difference in cash, but rates are slightly higher (6.25-6.75%) and requirements are stricter (max 80% LTV). Get a cash-out quote.
Can I refinance with bad credit?
Yes, you can refinance with bad credit. FHA streamline refinances have no credit score minimum (you already have an FHA loan). VA IRRRL refinances are also lenient. For conventional refinances, some lenders accept 620+ credit scores. Improving your credit score before refinancing can save you 0.50-1.00% on your rate. Check FHA streamline options.
How long does a refinance take?
A refinance typically takes 21-45 days. FHA streamline and VA IRRRL refinances are fastest (14-21 days) since they require less documentation. Conventional refinances take 21-30 days. Cash-out refinances take 30-45 days due to additional underwriting. Start your refinance today.
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Get My Refinance Rate →No impact on your credit score • 30-year, 15-year, FHA, VA & cash-out options