NEW HAMPSHIRE MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
New Hampshire.
Current mortgage refinance rates in
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Compare mortgage refinance rates in New Hampshire.
Key Points
• Mortgage refinance rates are influenced by economic factors such as Federal Reserve policy, inflation, and the bond market, as well as a borrower’s financial credentials.
• Interest rates fluctuate considerably: In the early 2000s, they were around 7.00%. In 2021, they hit record lows of around 3.15%.
• Refinancing can offer such benefits as lower monthly payments, a different loan term, and cashing out home equity.
• FHA refinances, backed by the Federal Housing Administration, often come with more attractive rates, occasionally up to a full percentage point lower than conventional loans.
• Opting for a 15-year mortgage can be a game-changer, slashing the total interest you pay over time, even if it means steeper monthly payments.
• Before refinancing, you’ll want to consider the costs and benefits, including closing fees and how they might affect your long-term financial plan.
Introduction to Mortgage Refinance Rates
A mortgage refinance involves replacing your current home loan with a new one. The terms and interest rate on the new loan may be different, but the property securing the loan remains the same. Essentially, you use the new loan to pay off the old one and enjoy the benefits of your new mortgage, which might be lower monthlies or pulling some cash out of your home equity (more on that in a bit).
The reason for refinancing, and the type of refinance you want, will help determine the interest rate you get on your new loan. This guide will help you understand how mortgage refinance rates are set, and how you can get the best rate for you.
Also note that you want to focus on annual percentage rates (APRs) vs. interest rates alone when shopping around. With APRs, you get a more accurate picture of the cost of your loan, since they take into account fees and more.
💡 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.
Where Do Mortgage Refi Interest Rates Come From?
Mortgage rates are a product of various economic factors, such as Federal Reserve policy, inflation, the bond market, and housing inventory. Some specifics:
• If the Fed decides to raise its federal funds rate, mortgage refi rates are likely to climb as well.
• When bond prices rise, interest rates usually fall.
• In times of high inflation, rates typically rise, and vice versa.
• When housing inventory is tight, prices usually go up (and those notorious bidding wars can become more common). That may make it more expensive to borrow.
Your particular financial profile also has an impact. People with higher credit scores typically impress lenders as less risky, so they enjoy more favorable rates. People with lower credit scores appear less likely to pay what they owe in a timely manner (a key factor in your score), so lenders protect themselves by raising the interest rate they assess. A number to know: For a conventional home loan, you usually need a credit score of at least 620.
Being in the know about how rates are determined can empower you to make the right move when refinancing your mortgage.
How Interest Rates Affect Home Affordability
Just as with your current mortgage, the mortgage refinance rate is a key metric in the affordability of your refinance payment. Your monthly payment is a product of the amount of your home loan, the term over which you’re repaying, and the interest rate.
For instance, a $200,000 loan with a 6.00% interest rate and a 30-year repayment term would mean a $1,199 monthly payment. That same loan with an 8.00% interest rate would have you paying $1,467 each month. But here’s the kicker: The lower interest rate could save you nearly $100,000 over the life of the loan.
As you review your refi options, an additional fraction of a percentage point might seem insignificant in your monthly payment. However, in truth, it could accumulate to tens of thousands of dollars over the loan term.
Why Refinance in New Hampshire?
Refinancing your mortgage can be a smart financial move, but it does require some thought. If current interest rates are lower than your existing mortgage, it might be a good time to refi. Your specific reason for refinancing can determine what kind of refi to choose, and that can play into your rate.
Common Reasons to Refinance a Mortgage
Homeowners may refinance for several reasons:
• To take advantage of lower interest rates due to economic factors or after having built one’s credit.
• To adjust repayment terms, which can be a game-changer. Opt for a longer term to ease monthly payments, or a shorter one to clear the loan faster and save on interest.
• To cash out home equity. You can refinance to tap into your property’s rising value and then use the lump sum for a variety of reasons, from paying for a home renovation to financing a child’s education.
• To refinance from an adjustable-rate mortgage to a fixed-rate loan, which can provide stability and predictability in monthly payments. Or to do the opposite in order to lower monthly costs, as long as you plan on selling before the rate adjusts upward.
• To refinance an FHA loan once there’s 20% equity, thereby eliminating those permanent FHA mortgage insurance premiums.
How to Get the Best Available Mortgage Refi Interest Rate
Now that you know the reasons to refinance in New Hampshire, here’s some advice for securing a competitive mortgage refi rate:
• Build your credit score by always making payments on time, keeping your credit utilization ratio low (below 30% or, if possible, lower than 10%), and avoiding new debt.
• Be meticulous about paying your bills on time to help build your credit score.
• Strive for a debt-to-income ratio below 36%.
• Compare rates and fees from multiple lenders; shopping around can yield significant savings.
• Think about purchasing mortgage points, or discount points, to reduce rates. While it means you put down more money upfront, it can lower your monthlies and how much interest you pay over the life of the loan.
• Opt for a shorter-term loan for better rates. This will hike up your monthly payments but could yield significant interest savings over the loan’s term.
Understand Trends in New Hampshire Mortgage Interest Rates
Mortgage rates, as you’ve learned, are impacted by several factors, both big-picture economic ones and those more specific to your personal financial situation. It’s completely normal and expected for these rates to rise and fall. Here, you’ll learn more about how that happens at a national level and in New Hampshire. Understanding these trends can be key to making the right move for your finances. And if you’re considering refinancing, timing could be everything.
Historical U.S. Mortgage Interest Rates
Mortgage rates have been on a bit of a rollercoaster in recent years. In 2021, the average 30-year fixed mortgage rate in the U.S. was 3.15%. Fast forward to 2023, and it had soared to 7.00%. If you were hoping for a mortgage rate drop in 2024 and beyond (as many were), you were likely disappointed. Freddie Mac’s 2025 prediction suggests that these rates are here to stay for the time being.
These changes reflect broader economic conditions, such as Federal Reserve policies and market conditions. To give you more context, check out this graph showing how mortgage rates have varied over several decades. You may be surprised to see that they hit almost 20% in the early 1980s. In comparison, a 7.00% rate looks quite moderate.
Historical Interest Rates in New Hampshire
The chart below shows you how New Hampshire rates compare to the national average. As you’ll note, they are often a bit higher or lower than the norm. It’s likely worth your while to keep tabs on current mortgage rates when you are contemplating a refi; that way, you can be prepared to jump when rates hit a sweet spot. (Note: The data points below stop at 2018 since the Federal Housing Finance Agency stopped compiling state by state intel at that juncture.)
| Year | New Hampshire Rate | National Rate |
|---|---|---|
| 2000 | 8.17 | 8.14 |
| 2001 | 7.07 | 7.03 |
| 2002 | 6.60 | 6.62 |
| 2003 | 5.74 | 5.83 |
| 2004 | 5.55 | 5.95 |
| 2005 | 5.75 | 6.00 |
| 2006 | 6.39 | 6.60 |
| 2007 | 6.44 | 6.44 |
| 2008 | 6.05 | 6.09 |
| 2009 | 4.87 | 5.06 |
| 2010 | 4.65 | 4.84 |
| 2011 | 3.96 | 4.66 |
| 2012 | 3.70 | 3.74 |
| 2013 | 3.79 | 3.92 |
| 2014 | 4.01 | 4.24 |
| 2015 | 3.83 | 3.91 |
| 2016 | 3.72 | 3.72 |
| 2017 | 3.97 | 4.03 |
| 2018 | 4.59 | 4.57 |
Choose the Right Mortgage Refi Type
There are myriad mortgage refinance options out there, each with its own set of perks. Knowing your options is key to making a savvy financial move. Before getting into the specifics, two notes:
• Refinance rates are usually a tad higher than those for purchasing a home, though the actual interest rates can fluctuate based on the kind of mortgage refi you’re considering.
• Don’t move too fast when considering a refi. In terms of how soon you can refinance, you typically need 20% home equity before you can secure this kind of financing.
Conventional Refi
Also known as a rate-and-term refi, conventional refis come with higher rates than government-backed loans (FHA, VA, and USDA loans, each of which has specific qualifying criteria). They also usually require a credit score of 620 or higher and a lower debt-to-income ratio compared to government-backed loans.
Conventional loans are ideal for borrowers with strong credit and sufficient equity in their home. They can potentially help you secure a lower mortgage refinance rate, reduce monthly payments, or alter the loan term to suit your needs.
Cash-Out Refi
A cash-out refinance is a powerful tool that allows homeowners to leverage their home equity by receiving a lump sum of cash that can be used for a variety of purposes, such as home improvements, debt consolidation, or other major expenses. While the interest rates for cash-out refinances are typically higher than for traditional refinances, the flexibility they offer can be well worth it.
For example, if your home is worth $500,000 and you owe $300,000 on your mortgage, you might be able to borrow up to 80% of your home’s value, which would give you more than $100,000 after paying off your existing loan.
15-Year Mortgage Refi
Thirty years is a common term for a home loan; you might even consider it the standard length of repayment. But if you refinance with a 15-year mortgage refinance, it can slash the total interest you pay over the loan’s life, even though the monthly payments are higher. Take a closer look:
• Say you have a 30-year, $1 million loan at a 7.50% mortgage refinance rate. Your monthly payment is about $6,992, and the total interest you’d pay is $1,517,167.
• If you refinanced to a 15-year mortgage at a 7.00% rate, your monthly payment would jump to around $8,988. But here’s the kicker: You’d save nearly $900,000 over the loan term, with the total interest dropping to about $617,891.
That could make a major difference in your financial profile.
Adjustable-Rate Mortgage Refi
An adjustable-rate mortgage (ARM) starts with a lower rate than a fixed-rate loan, but the rate can change over time. If you’re planning to move before the rate adjusts, an ARM could be an affordable refinance option. Before you choose this type of loan, it’s important to consider how much your monthly payments could change and whether you can afford them if you don’t move. (Even if you think your plans are definite, life can throw you some unexpected situations, after all.)
Your lender can help you evaluate your specific situation and determine whether or not an ARM is the right choice for you.
FHA Refi
FHA refinances, insured by the Federal Housing Administration, offer lower mortgage refinance rates, sometimes a full point lower than conventional loans. These options are particularly beneficial for homeowners with existing FHA loans, who can opt for an FHA Simple Refinance or an FHA Streamline Refinance.
For those without an FHA loan, an FHA cash-out refinance or an FHA 203(k) refinance, which is designed for renovations, can be viable alternatives. Both options provide more accessible refinancing paths for a broader range of borrowers.
VA Refi
The VA offers some of the most competitive mortgage refinance rates around, and you could be eligible for a VA loan refinance, or IRRRL, if you have a VA loan. This refinance can help active and retired members of the U.S. military (and some spouses) save money on their loans, which is a great way to improve one’s financial standing.
💡 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.
Compare Mortgage Refi Interest Rates
Snagging a competitive rate can save you a bundle over the life of your loan. Even a small difference can add up to big interest savings. Here’s how to get a competitive rate in your area:
• Compare prequalification offers from several lenders to find the best rate and terms.
• Refinancing might not be the best move if your current rate is already a good deal. Do the math, and make sure a drop in interest rates is significant enough to be worth the effort and upfront costs.
• Remember, lower rates often mean higher costs.
• Pay attention to the annual percentage rate (APR), which factors in the interest rate, fees, and discount points.
• As you budget, don’t overlook mortgage refinancing costs. They aren’t insignificant. Typically, closing costs alone will amount to 2% to 5% of the loan amount.
Work closely with your lender or a mortgage professional to get the full picture before selecting your refi loan.
Use an Online Refinance Calculator
All that talk of calculations and interest rates can be intimidating. Fear not: Online refinance calculators are powerful tools that can help you estimate your new monthly payment and compare different refinance options. By using these calculators, you can see how changes in your mortgage refinance rate, loan term, and loan amount could affect your financial situation. This can help you make more informed decisions about your refinancing strategy and choose the option that best aligns with your financial goals and objectives.
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 be a smart financial move to lower your home loan interest rate, reduce monthly payments, or tap into home equity. But it’s important to weigh the costs and benefits, including closing fees and how they fit into your long-term financial goals. To fully understand your options, shop around for the best rates and terms, and make a plan that’s right for you.
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
When is it a good time to refinance your home?
It can be a wise financial decision to refinance your home when you can lock in a significantly lower mortgage refinance rate. That rate reduction should fairly quickly compensate for the closing costs you have to dole out, as well as fit in with your long-term financial plans. Refinancing could help you save a substantial amount over the life of the loan, potentially freeing up more of your monthly budget and giving you added financial flexibility.
Can I lower my interest rate without refinancing?
If you have some extra cash on hand, consider a mortgage recast. This involves making a large lump-sum payment toward the principal of your mortgage. Your lender then re-amortizes the loan. While this won’t change your mortgage refinance rate, it can lower your monthly payments and save you money on interest over the life of the loan. Another option is to request a loan modification if you are struggling to make your debt payments and then work with your lender to negotiate a better rate.
Can I ask my lender to lower my rate?
You can have a conversation with your lender to see if they are willing to lower your mortgage refinance rate. They don’t, however, have to honor the request. That said, if you have a strong payment history and a good credit score, your lender may be willing to lower your rate without you having to refinance. This could save you a lot of money over the life of your loan.
SoFi Mortgages
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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.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-184
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