NEBRASKA MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Nebraska.
Current mortgage refinance rates in
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Nebraska.
Key Points
• Current mortgage refinance rates in Nebraska are influenced by a variety of factors, the bond market, housing inventory levels, and the strength of the general economy.
• Even a 1% drop in your mortgage rate can translate to substantial monthly savings — sometimes as much as hundreds of dollars.
• Homeowners refinance for a variety of reasons, such as securing a lower mortgage rate, changing the loan’s term, cashing out home equity, or moving from an adjustable-rate to a fixed-rate mortgage.
• FHA refinances often come with more attractive interest rates, which is good news for homeowners with existing FHA loans.
• When considering a refinance in Nebraska, remember to account for closing costs, which are typically between 2% and 5% of the loan amount.
• Opting for a 15-year mortgage to replace a 30-year loan can slash the total interest you pay over the loan’s life, even though your monthly payments will be higher.
Introduction to Mortgage Refinance Rates
Simply put, refinancing your mortgage means taking out a new mortgage to replace your existing one. Why do it? In many cases, refinancing could let you get a better interest rate and more favorable terms. But the specific type of refinance loan you choose will be a big factor in the rates you’re offered. Whether you’re looking to lower your monthly payments, pay off your loan sooner, or get cash out of the equity in your home, this guide will help you understand what goes into your mortgage refinance rate and what you can do to get the best rate for your financial situation.
💡 Quick Tip: How soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Mortgage Refi Rates Come From?
The rates available on your mortgage refinance are influenced by a variety of economic factors as well as your personal financial situation.
The bond market has historically been the strongest indicator of where mortgage interest rates were headed -– specifically the performance of the 10-year U.S. Treasury Note. When the rates on the note go up, mortgage interest tends to rise as well.
Not surprisingly, housing market performance is also key. When there are more homes available than there are buyers, mortgage lenders may lower their rates to attract more customers. Last, the overall economy also plays a role: A healthy job market and economic growth can lead to rising interest rates, while recession is generally accompanied by lower interest rates.
How Interest Rates Affect Home Affordability
Interest rates are important in determining the affordability of a mortgage refinance, though they’re not the whole story. Your monthly payment is the product of your loan amount, the time you have to repay it, and the interest rate, in addition to mortgage refinancing costs.
For example, a $200,000 home loan with a 6.00% mortgage refinance rate and a 30-year term results in a monthly payment of $1,199. But if the mortgage refinance rate rises to 8.00%, the monthly payment would jump to $1,468. Over the life of the loan, getting a lower rate could save you a significant amount of money, often tens of thousands of dollars. The lower rate would also mean you’d pay close to $100,000 less in interest over the lifetime of the loan.
| Interest Rate | Monthly Payment | Total Interest |
|---|---|---|
| 6.00% | $1,199 | $231,677 |
| 6.50% | $1,264 | $255,085 |
| 7.00% | $1,330 | $279,021 |
| 7.50% | $1,398 | $303,403 |
| 8.00% | $1,467 | $328,309 |
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Why Refinance in Nebraska?
There are many different reasons you could be interested in refinancing your home. If your current mortgage interest rate is high, you might want to try to secure a lower one to save money. You might switch to a shorter loan term or change an adjustable rate to a fixed rate. Or you could be looking to tap into your home equity in order to finance a large purchase or consolidate debt.
Common Reasons to Refinance a Mortgage
Here are some reasons why homeowners refinance their mortgages:
• To lower their interest rate: If their credit has improved or market conditions have changed since they got their existing mortgage, they might be eligible for a better mortgage refinance rate.
• To adjust their repayment term: A refi can let homeowners tailor their loan term to their needs, whether they want to lower monthly payments or pay off the loan sooner.
• To cash out equity: Homeowners who need some extra funds for a big project like a home renovation or to consolidate debt can draw on their home if they’ve built up home equity with their first mortgage.
• To switch to a fixed rate: Those with adjustable-rate mortgages may want to convert them to fixed-rate loans to stabilize their finances.
How to Get the Best Available Mortgage Refi Interest Rate
Here are some tips that may help you secure a competitive mortgage refinance rate:
• Work to strengthen your credit score by staying on top of payments and steering clear of new debt.
• Lower your debt-to-income ratio (DTI) to no more than 36%.
• Compare the interest rates and fees available from multiple lenders.
• Think about buying mortgage points (also called discount points) to lower your rate.
• If you can afford the monthly payment, select a shorter loan term, which typically comes with better rates and lets you pay less total interest over the duration of the loan.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Mortgage Interest Rates in Nebraska
The past few years have seen Nebraska mortgage rates change significantly, in line with the national average dropping during the pandemic and jumping up again by 2023. As of April 2025, the average Nebraska mortgage rate for a 30-year fixed-rate loan was 6.94%, just slightly higher than the national average of 6.81%.
By keeping an eye on the trends, you can make the best decision about when to refinance your mortgage and get the best mortgage refinance rates for you.
Historical U.S. Mortgage Interest Rates
In the early 2000s, mortgage refinance rates hovered in the 6.00-7.00% range. Fast forward to 2020 and 2021, and the rates bottomed out around 3.00%. But by 2023, those rates had bounced back up to about 7.00% and current mortgage rates remain in this general range.
Historical Interest Rates in Nebraska
Nebraska mortgage rates have tended to stay close to the national trends, following their significant fluctuations in recent years. Rates hit historic lows in early 2020 but have since increased.
| Year | Nebraska Rate | National Rate |
|---|---|---|
| 2000 | 8.17 | 8.14 |
| 2001 | 7.05 | 7.03 |
| 2002 | 6.68 | 6.62 |
| 2003 | 5.90 | 5.83 |
| 2004 | 5.93 | 5.95 |
| 2005 | 5.99 | 6.00 |
| 2006 | 6.55 | 6.60 |
| 2007 | 6.42 | 6.44 |
| 2008 | 6.19 | 6.09 |
| 2009 | 5.27 | 5.06 |
| 2010 | 5.08 | 4.84 |
| 2011 | 4.81 | 4.66 |
| 2012 | 3.88 | 3.74 |
| 2013 | 4.02 | 3.92 |
| 2014 | 4.44 | 4.24 |
| 2015 | 4.09 | 3.91 |
| 2016 | 3.97 | 3.72 |
| 2017 | 4.10 | 4.03 |
| 2018 | 4.70 | 4.57 |
Choose the Right Mortgage Refi Type
Different mortgage types have different eligibility criteria, suit different needs, and may offer different loan rates. Here’s what to bear in mind as you look at refinance mortgage loans in Nebraska:
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, involves swapping your current mortgage for a new one, ideally one with terms that are more favorable for you. These loans typically have higher rates than government-backed loans such as FHA, VA, or USDA loans. Conventional refinances are generally best-suited for you if you’re looking to lower your interest rate, change your loan term, or decrease your monthly payments. Be aware that they usually require that you have a strong credit profile and at least 20% equity in the property.
15-Year Mortgage Refi
If you have a 30-year mortgage, a 15-year mortgage refi can let you cut down the total interest you pay over the loan’s life, though your monthly payments will be higher. For example, with a 30-year $1 million mortgage at a 7.50% interest rate, you’d be looking at a monthly payment of about $6,992 and total interest of around $1,517,172. If you refinanced to a 15-year mortgage at a 7.00% rate, your monthly payment would jump to around $8,988. However, the total interest you’d pay would be approximately $617,891, saving you nearly $900,000.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) start with a lower initial mortgage refinance rate than fixed-rate loans. However, after a defined period, your rate and payment can rise. If you’re planning to move before that initial rate is scheduled to adjust, refinancing to an ARM could help you save on your monthly payments. But before you decide, it’s wise to be absolutely sure that you’ll be selling the house before your initial interest rate goes up.
Cash-Out Refi
A cash-out refinance can be a strategic way to leverage your home’s equity by refinancing for more than you currently owe and pocketing the difference. This financial move is often used to fund home improvements, consolidate high-interest debt, or cover major expenses.
Consider this scenario: If your home is valued at $500,000 and your mortgage balance is $300,000, you could potentially refinance up to 80% of your home’s value, which is $400,000. After paying off your existing mortgage, you’d walk away with a cool $100,000. Just keep in mind that cash-out refis usually come with higher refinance rates than the standard options and that you’ll be paying off a higher amount again.
FHA Refi
FHA refinances, backed by the United States Department of Housing and Urban Development, often offer more attractive mortgage refinance rates than conventional loans to those who meet the eligibility criteria. These refinances are primarily available to homeowners who currently have an FHA loan, including the FHA Simple Refinance and FHA Streamline Refinance. However, even if you don’t have an FHA loan, you can still take advantage of FHA options such as the FHA cash-out refinance or the FHA 203(k) refinance, which is specifically designed for home renovation and rehabilitation projects.
VA Refi
VA refinances, a refinancing option backed by the U.S. Department of Veterans Affairs, generally offer highly competitive mortgage refinance rates. To be eligible for a VA refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. This type of refinance can help you get a more favorable interest rate on your original VA loan, potentially lowering your monthly payments. A VA refi can be a valuable option for service members and veterans who meet the eligibility criteria.
Compare Mortgage Refi Interest Rates
To ensure you’re getting the best deal, you’ll want to compare rates from multiple lenders in Nebraska. In fact, it’s smart to look beyond interest rates to the annual percentage rate (APR).
APR is a handy equation that incorporates both fees and any discount points you’ve got. Calculate the total loan cost, as well as your break-even point (that is, how long it takes for the money you save to cancel out the out-of-pocket cost of the refinance). Keep an eye on your credit score and your home’s value — the higher they are, the more favorable rates you’ll receive offers for. Don’t forget to peruse local refinance rates for the best deal.
How to Compare Mortgage Refi Interest Rates
Getting a really good mortgage refinance rate can save you a bundle. Here’s how to maximize your chances:
• Compare multiple offers from different lenders to find the best rate.
• Go through the prequalification process to understand your borrowing capacity and the rates available to you.
• Look closely at the annual percentage rate (APR) for loans you’re interested in to get a comprehensive view of costs.
• Consider whether it might be a good move to purchase discount points to lower your mortgage refinance rate.
• Do your best to strengthen your credit score, debt-to-income ratio, and home value to secure the best rates.
Online Refinance Calculators
Using a good mortgage calculator can help you assess what your new monthly payment might be so you can compare different refinance options.
A calculator takes into account your current loan balance, the new interest rate, and the term of the loan to show you what your potential savings could be. This information can help you make a more informed decision about whether refinancing is right for you.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can provide you with significant financial benefits, like the potential to reduce your monthly payment, or the ability to pay off your loan faster. But, it’s important to weigh the costs and long-term impact. To help you get the best deal, consider improving your credit score, lowering your debt-to-income ratio, and comparing multiple lenders’ current mortgage refinance rates in Nebraska. You can also use online calculators to estimate your potential savings and see if refinancing fits into your financial goals.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
How much does 1 percent lower your monthly payment?
A 1% reduction in your mortgage interest rate can lead to a significant decrease in your monthly payment. For example, on a 30-year $300,000 loan, a 1% drop from 7.00% to 6.00% could reduce your monthly payment by almost $200.
Can I lower my interest rate without refinancing?
One way to lower your interest rate without refinancing is through a mortgage recast, which involves paying a lump sum toward your loan principal. This can help lower your monthly payments and save you money on interest. If you’re facing financial hardship, you can also ask your lender for a loan modification to help avoid foreclosure.
Can I get equity out of my house without refinancing?
You may be able to pull some equity from your home without refinancing. Two ways to do this are through a home equity line of credit (HELOC) and a home equity loan. Both options allow you to access the equity in your home without changing your current mortgage. These may be good choices if you already have a low mortgage rate or don’t want to refinance.
Will refinancing impact your credit score?
Refinancing can cause a small, temporary dip in your credit score. That’s because when you apply for a new loan, the lender will do a hard inquiry into your credit history to determine your creditworthiness. Additionally, taking out your new loan will add a new account to your credit report. But the impact is usually minimal and may be offset by the benefits of your refi.
Will I have to pay closing costs when I refinance my mortgage?
You will have to pay closing costs when you refinance your mortgage. These costs cover the various fees and processing costs associated with your new loan. Closing costs usually run between 2% and 5% of the loan amount.
How many times can you refinance your home loan?
There are no set limits on how many times you can refinance your home. However, every time you do, you’ll need to pay closing costs and the new loan will affect your credit score. That’s why it’s important to make sure that refinancing makes sense for your long-term financial goals and that the savings you’ll get will more than make up for the cost of the new loan.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance