Top 10 Mortgage Refinance Companies with Lowest Rates

Refinancing your mortgage can reshape your financial future, by lowering monthly payments, reducing interest costs, or unlocking your home’s equity. As of August 2025, average refinance rates have dipped to 6.63% for 30-year loans and 5.75% for 15-year loans, offering some relief to homeowners after a stretch of high borrowing costs.

Below, I’ve highlighted the top 10 U.S. mortgage refinance lenders offering the lowest rates, based on the latest industry rankings and consumer data:

1. Summit Credit Union

Reports show Summit Credit Union leads nationwide with an average refinance rate of 5.38%, making it the most affordable option available.

2. Wells Fargo

Wells Fargo offers highly competitive rates, averaging 5.94%—a strong choice for conventional refinancing.

3. loanDepot

loanDepot’s average rate clocks in at 6.20%, placing it among the best for borrowers focused on rate savings.

4. Chase Bank

At 6.23%, Chase ranks closely behind, with broad national reach and trustworthy brand strength.

5. United Shore Financial Services

This lender offers a 6.25% rate, putting it squarely among top competitive options. The Mortgage Reports

6. PennyMac

With an average rate of 6.31%, PennyMac rounds out the lower-cost side of mid-range lenders.

7. Rocket Mortgage

Rocket Mortgage stands at 6.35%, offering a seamless online process and excellent customer experience alongside good rates.

8. Guaranteed Rate

Known for transparency and user experience, Guaranteed Rate’s average stands at 6.50%.

9. Guild Mortgage

Guild Mortgage comes in at an average of 6.54%, maintaining a position among the reliable choices.

10. NewRez

With a 6.55% rate, NewRez completes our list of most rate-efficient lenders.

Why These Lenders Stand Out

Summit Credit Union offers excellent rates but may have geographic or membership limits—check eligibility if you’re not already a member.
Major banks like Wells Fargo and Chase deliver consistency, branch access, and digital tools, albeit with slightly higher rates.
Direct lenders such as Rocket Mortgage and Guaranteed Rate stand out for speed, online convenience, and strong customer service.
PennyMac, United Shore, and NewRez deliver mid-tier rates that may shine when combined with strong customer service and flexibility.
The overall average 30-year refi rate of 6.79% underscores how these lenders offer real savings.

Refinancing Strategy: How to Save More

Shop rates broadly
Different lenders rate you differently, depending on your credit score, equity, and loan details. Comparing at least three offers helps uncover the best deal.
Calculate your break-even point
Factor in closing costs—typically 2–5% of your loan amount—when deciding if refinancing will pay off within a few years.
Consider “no-closing-cost” options
These trades offset upfront fees with slightly higher rates—worth exploring if you plan to refinance again soon.
Watch rate trends
Analysts expect 2025 rates to hover near 6.5%, possibly dropping to 6.4% by year-end. Timing can influence cost savings. AP News
Explore specialized products
- Veterans: Navy Federal Credit Union offers strong VA refi options with lower rates and streamlined processes.
- Low upfront costs: Institutions like Bank of America may charge less initially, although they may offer slightly higher rates.
- Cash-out refinances: Rocket tends to lead in this category with competitive rates and strong digital tools.

Final Thoughts: Pick a Refinancing Partner, Not Just a Rate

Getting the lowest rate matters, but your experience—customer service, speed, and trust—also counts. Rocket earns consistently high marks for customer satisfaction. MoneyAxios Navy Federal provides strong service for military families. CrossCountry Mortgage offers rapid closings and flexibility.

If you’re eligible for Summit Credit Union, that low 5.38% rate is compelling. Otherwise, banks like Wells Fargo or Chase may offer dependable blends of offer quality and service.

Suggested Next Steps for Refinancing

Check your credit score—you’ll generally need 620+ for conventional loans.
Use rate comparison tools on Bankrate, Money, or U.S. News to compare lenders quickly.
Run breakeven and monthly savings calculations to ensure refinancing makes sense.
Reach out for personalized rate quotes with top lenders—rates vary based on your specific profile.

In summary, if you’re on the hunt for the lowest refinance rates in the U.S., start with:
Summit Credit Union, Wells Fargo, loanDepot, Chase, United Shore, PennyMac, Rocket Mortgage, Guaranteed Rate, Guild Mortgage, or NewRez.

Armed with this insight, you can confidently compare offers—and steer your financial strategy toward smarter savings, faster.