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Today's 30 Year fixed refinance rate
3.36% APR
0.09% 1 day change
0.23% 90 day change
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Accurate as ofNov 29th 2021

Best Mortgage Refinance Rates November 2021

Is refinance right for you?

Lower interest rates mean that you can save real money on your mortgage. Compare our top-tier providers and find the best refinance rates for you.

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AmeriSave Mortgage

AmeriSave Mortgage

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Quicken Loans

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AmeriSave Mortgage
AmeriSave Mortgage
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30-Year fixed APR: 2.770% NMLS #1168. Rates Effective 11/26/2021. See site for details.
  • No SSN needed for pre-qualification
  • Pre-qualify without a hard credit pull
  • Low refinance rates
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What is a mortgage refinance?

Refinancing your mortgage means applying for a new mortgage to replace the current mortgage on your property. In many cases, homeowners refinance because they can secure a lower interest rate or lower monthly payments with a new loan. That can end up saving you thousands of dollars over the term of your mortgage or make it easier to balance your finances.

You can also borrow cash at the same time as you refinance your mortgage using a cash-out refinance. With this type of loan, you borrow more than the value of your existing mortgage and keep the extra money as cash. You can use the funds for a home improvement project, to pay off other debt, or for anything else you need money for.

What mortgage rates can I get?

Mortgage interest rates vary widely based on several factors, including your credit score, the amount of debt you want to refinance, your home’s value, and more. That said, interest rates for refinancing are typically very competitive among lenders, which is a good thing for you.

Keep in mind that the lowest rate isn’t always the least expensive loan when it comes to refinancing.  There are fees associated with the refinancing process that could run into thousands of dollars. These charges stem from the appraisal process, application fees, and title insurance. It’s a good idea to compare the five-year cost of new mortgages when shopping around for lenders to get a sense of what you’ll end up paying.

How much equity do I need to refinance my home mortgage at a low interest rate?

A good rule of thumb for refinancing is that you should have at least 20% equity in your home. That means that you have paid down at least 20% of your original mortgage.

However, many lenders look at your loan-to-value ratio instead of your equity. Your loan-to-value ratio is the amount of debt you owe on your mortgage divided by your home’s market value. Most lenders want you to have a loan-to-value ratio of less than 80% to refinance your mortgage.

With today's current mortgage rates, is now the time to refinance?

Refinancing your mortgage is a big financial decision. It’s essential to think carefully about what refinancing means for you and how much money you could actually save by refinancing. That said, if you are planning to stay in your home for several years or more, refinancing your mortgage could be a savvy financial move.

Right now is perhaps one of the best times to refinance your mortgage because interest rates in the US are at historic lows. The national interest rate is hovering around zero, and it’s likely to stay that way through most of 2021 due to the economic effects of the COVID-19 pandemic. While that doesn’t mean you’ll pay an interest rate of zero, it does mean you could pay a significantly reduced rate.

Refinancing your mortgage and finding low rates during the COVID-19 pandemic

The COVID-19 pandemic upended the US economy, and that’s had major ramifications for homeowners thinking about refinancing. First, it has pushed interest rates to all-time lows, even as home values continue to skyrocket. By July this year, home values were up an average of 5.5% compared to 2019. That’s great news for homeowners, since it means the ratio of debt you owe on your mortgage to your home’s value is shrinking. 

However, the current economic conditions have also encouraged some lenders to reduce their financial risk. Many mortgage lenders have tightened requirements for borrowers seeking to refinance. As a result, you may need a higher credit score to qualify or to get the lowest available interest rates. So, it’s worth spending some time shopping around to find a lender who will offer you a good deal on your mortgage refinance.

How to choose the right lender for your mortgage refinance with low mortgage rates?

Choosing the right lender for your refinance is key. Your home is on the line with any mortgage, so you want your lender to be highly responsive and easy to work with when you need them.

It’s also important to shop around to find a lender that matches your needs as a borrower. Ask yourself what your goals are for refinancing your home mortgage. Do you simply want a lower interest rate? Or do you want to change the term of your mortgage to lower your monthly payments? If you’re looking for a cash-out refinance, you will want to shop for lenders that specialize in this type of loan.

You should also take stock of your own financial situation. If your credit score is less than perfect, be honest with yourself about that fact and look for lenders that work with homeowners with poor credit. If COVID-19 has impacted your employment or financial situation, you may need to look for a lender that is willing to suspend payments for several months.

Finding the right lender for your mortgage refinance requires a lot of upfront preparation. Assess what you need out of your refinanced mortgage, along with your strengths and weaknesses as a potential borrower. Then use this information to narrow your search for lenders that might be a good fit.

How to apply for a mortgage refinance with favourable rates?

The process of applying for a mortgage refinance typically varies by lender. The process may be completely digital, it may be mostly online with some mailed documents to sign or require a fully paper application.

Still, the documentation you will need to complete your refinance application is typically the same across lenders. Lenders will typically want to see:

  • Bank statements
  • Pay stubs or verification of income
  • Documentation of the source of your down payment
  • W-2s, if applicable
  • Proof of alimony, if applicable
  • Tax returns, if you are self-employed
  • Information about other aspects of your financial situation, depending on your specific situation

In addition, almost every mortgage lender will want an appraisal of your property. However, during the COVID-19 pandemic, you may be able to skip the appraisal process or complete it via a virtual tour if your home has been appraised in the past five years.

Compare Our Top Lenders

LenderMinimum Down PaymentVisit Site
 AmeriSave3%View Rates
 Quicken Loans3.5%View Rates
 Better.com3%View Rates


Based in Atlanta, Georgia, AmeriSave Mortgage Corporation has established itself as one of the premier names in the mortgage loans and refinancing industry. The company was established in 2002, and has since expanded its service to 49 states and the District of Columbia. Today, the company offers a quick and straightforward way for potential homeowners and prospective buyers to uncover the loans they need and access funds efficiently. AmeriSave has expanded to employ more than 500 mortgage specialists, and funds billions in home loans every year. Moreover, the company offers a wide variety of mortgage options, including conventional, jumbo, FHA, VA and USDA loans.

Read the full AmeriSave review

AmeriSave Mortgage AmeriSave Mortgage View Rates

 Quicken Loans

Quicken offers a large range of mortgage and refinancing loans, including reverse mortgages, specialist VA and USDA mortgages, refinancing options, and a unique YOURgage option. Quicken promises to use cutting-edge technology to guide borrowers to the right loan product and complete the loan approval process quickly.  Quicken stands out for offering home equity loans for almost every possible scenario so that you can find a suitable home financing package speedily, whatever your needs. 

Read the full QuickenLoans review

Quicken Loans Quicken Loans View Rates

The site is super-easy to use; when you input basic info (where the house is located, how much it costs, and how much your down payment and the amount you're looking to pay for your jumbo loan would be), the site immediately finds relevant loans with low rates. It also tells you how much you can expect to pay in third party fees. If you input your information and no loans are available, the site will make suggestions about what you can change to receive loan options.

Read the full review

Better Better View Rates


Do I have to use my original lender for a mortgage refinance?

You absolutely do not have to use your original lender when refinancing. If you like your current lender, you might ask them for a refinance offer as part of your search process. In some cases, lenders will offer preferential rates to existing customers. In any case, you should always check if you can get a better deal with another lender, especially if your financial situation has changed significantly since you took out your original mortgage.

Do I need good credit to refinance my mortgage?

Having good credit makes it easier to refinance your mortgage, but it’s not essential. The better your credit is, the more likely you are to be approved and to qualify for the lowest possible interest rates. However, you can find lenders that specifically work with homeowners who have poor credit. You might also consider government-backed mortgage lending programs, such as those offered through the Federal Housing Authority or the Department of Housing and Urban Development. 

How long will the refinancing process take?

How long it takes to refinance your mortgage varies by lender. Some online lenders process your application and roll over your mortgage within a week. Other lenders may take considerably longer. Expect the process to take around 30 days on average.