2025 Refinance Rate Benchmarks by Credit Score
Estimated 2025 refinance rates by credit score — actual rates vary by lender and market conditions
| Credit Score | 30-Year Fixed Rate (Est.) | 15-Year Fixed Rate (Est.) |
|---|---|---|
| 760+ | 6.40–6.80% | 5.85–6.25% |
| 720–759 | 6.60–7.00% | 6.05–6.45% |
| 680–719 | 6.90–7.35% | 6.30–6.75% |
| 640–679 | 7.25–7.80% | 6.65–7.20% |
| Below 640 | 7.75%+ | Often not approved |
A 100-point credit score improvement (from 680 to 780) reduces refinance rates by approximately 0.5–0.8%. On a $350,000 loan over 30 years, that gap saves $35,000–$56,000 in total interest.
Rate Benchmarks by Loan-to-Value (LTV)
LTV ratio and its effect on refinance rates
| LTV Ratio | Equity | Rate Premium |
|---|---|---|
| 60% or less | 40%+ equity | Lowest rates — preferred tier |
| 61–80% | 20–39% equity | Standard rates — no PMI |
| 81–90% | 10–19% equity | 0.2–0.5% premium; PMI required |
| 91–95% | 5–9% equity | 0.5–1.0% premium; PMI required |
| Above 95% | Under 5% equity | Limited programs available |
How to Know if Your Rate Offer Is Competitive
The best test: get quotes from at least 3 lenders within a 2-week window (credit scoring treats multiple mortgage inquiries in this window as one). Compare APR (not just rate) — APR includes fees and gives a true cost comparison. A competitive offer should be within 0.25% of the median rate for your credit profile.
The Freddie Mac Primary Mortgage Market Survey (published weekly) provides the national average for 30-year and 15-year conforming loans. Your rate should be at or below that average for your credit tier to be considered good.
Points and Lender Credits: The Rate Trade-off
Lenders offer a menu of rates at different costs: pay 1 point (1% of loan amount) upfront to buy down the rate by 0.25%. Or accept a higher rate in exchange for lender credits that offset closing costs. The break-even analysis determines whether buying points makes sense — typically only if you stay 7+ years.
See If Your Rate Offer Pays Off
Calculate your break-even and total savings with your actual rate quote.