Refinance terms and rates

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How mortgages work

Choosing a loan is an important step in the refinancing process. Here are a few things to consider.

Types of interest rates

Fixed-rate mortgage

A fixed-rate mortgage offers a consistent interest rate for as long as you have the loan, instead of a rate that adjusts or floats with the market. A consistent interest rate usually means you'll have a consistent mortgage payment, too.

Things to consider:
While fixed-rate loans offer a steady mortgage payment, they typically have a higher interest rate. As you weigh your options, you may want to ask yourself, "Is this my forever home, or just a place where I'll live for a few years?" That may help you determine if a fixed-rate loan is right for you.

Adjustable-rate mortgage (ARM)

An ARM has an interest rate that stays the same for a set period of time, then changes to a variable rate that adjusts periodically. For example, a 7/6 ARM has an introductory interest rate for the first seven years and then resets every 6 months after that for the loan term.

Things to consider:
While you'll likely pay a lower interest rate during the introductory period, your payment could increase quite a bit once this period ends — possibly hundreds of dollars a month. Rate caps limit the amount your interest rate can rise, but make sure you know what your maximum payment could be.

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Current rates for refinance

Our competitive mortgage rates are backed by an experienced staff of mortgage professionals. Our interest rates are updated daily, Monday through Friday, to give you the most current refinance rates when choosing a home loan. Use our mortgage rates page to get a customized estimate.

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Refinance terms and rates

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