Compare mortgage refinance rates in Mississippi.

Introduction to Mortgage Refinance Rates

What Factors Influence Refi Rates?

Mortgage refinance rates are determined by a combination of outside economic factors and a borrower’s financial profile. When it comes to the economics part, the most important variables include Federal Reserve policy, inflation, and housing inventory.

The bond market — especially the performance of the 10-year U.S. Treasury Note — plays a key role in determining current mortgage rates. When the Treasury Note’s yield increases, mortgage interest rates generally rise, too. In times of rising inflation, mortgage rates often climb. When inflation is in check, you might see interest rates drop.

On top of all of this, don’t forget to consider your own financial situation. A strong credit score — determined by your history of on-time payments, your credit utilization ratio, and your responsible management of installment loans and credit lines — is an asset when you apply for a mortgage refi.

A refi can truly benefit your finances. Even a 1% drop in your mortgage interest rate after you refinance can slashing your monthly payments and the interest you will pay over the life of your mortgage loan.

How Interest Rates Affect Mortgage Refi Affordability

Interest rates are a huge deal, in Mississippi and everywhere. They help determine your monthly refinance payment, along with your loan amount and repayment term. A $200,000 loan carrying a 6.00% interest rate and a term of 30 years has a monthly payment of $1,199. But if that interest rate jumps to 8.00%, the monthly payment would be a less wallet-friendly $1,467. Over the life of the loan, the lower interest rate could amount to nearly $100,000 in savings.

Check out the chart below — a small change to your interest rate can have a substantial impact on your monthly budget and the overall affordability of your home loan.

Why Should You Refinance in Mississippi?

Depending on your financial goals, refinancing your Mississippi mortgage may give you multiple benefits. If current interest rates are lower than on your existing mortgage, refinancing may reduce your monthly payment. It can also save you money over the life of your loan. Alternatively, you can use a refi to switch from an adjustable-rate mortgage to a fixed-rate loan, offering you increased stability and predictability.

Whatever your reason for wanting to refinance, you’ll need to have 20% equity or more in your home before moving on it, especially if you are planning to cash out some equity in the process. Now, why and how to refinance a mortgage? Keep reading.

Common Reasons to Refinance a Mortgage

These are popular reasons why you, as a Mississippi homeowner, might choose to do a refi:

•   You know you will qualify for a lower interest rate, due to improved credit or market conditions.

•   You’d like to extend your repayment term to lower your monthly payments, or shorten the term so you can pay off the loan faster.

•   You’re wanting to tap into your home equity to fund a significant expense, like a child’s education or a home renovation.

•   Your adjustable rate mortgage (ARM) will reset soon, and you’re hoping to switch to a fixed-rate loan to control your monthly payment.

•   You have an FHA loan and 20% equity, and you want to stop paying the FHA mortgage insurance premium.

•   You’d like to release a cosigner on your current mortgage.

How to Get an Optimal Mortgage Refi Interest Rate

As mentioned, your financial history will impact your mortgage refinancing costs, including the interest rates lenders offer you. Homeowners with strong credit and a favorable debt-to-income ratio are likely to secure lower rates on average. Here’s what you need to do:

•   Work on building your credit score by paying bills and loan payments punctually every month.

•   If possible, reduce your debt-to-income ratio to 36% or less.

•   Shop around and look at multiple lenders, including brick-and-mortar banks, credit unions, and online institutions to compare offers.

•   Think about buying mortgage discount points.

•   Grab the shortest loan term you can afford. Switching to a 15-year mortgage could save you a lot in the long run, even if it means you’ll have higher monthly payments.

Mississippi Mortgage Interest Rate Trends

The rise and fall of mortgage rates can look like a rollercoaster. In 2021, the average 30-year fixed mortgage rate was just 3.15%. Fast-forward to 2023, and it had soared to 7.00%. In 2024, there was an expectation of a dip in rates, but in early 2025, experts are predicting that rates will stay elevated longer. If you’re considering a mortgage refi, it may still be a smart move.

Recommended: How Soon Can You Refinance a Mortgage?

Why You Should Compare Mortgage Refi Interest Rates

To ensure you’re getting the best deal, shop around. Look at multiple lenders and get prequalified to find out your borrowing power and what sort of rates you’re eligible for. MAke sure you focus on the annual percentage rate (APR), which will crunch the interest rate, fees, and discount points into one handy number for comparison. And remember that the lowest interest rate might not always mean the biggest savings.

Choose the Right Mortgage Refi Type

Mortgage refinance rates in Mississippi vary by loan type. Every loan option offers unique features, from fixed vs. variable rates to no closing costs. Knowing your options helps you select the refi with the features you need.

Compare Mortgage Refi Interest Rates

These pointers and tips can help you find and qualify for the best refi interest rates in Mississippi.

•   First, compare offers from multiple lenders. This takes time and energy, but pays off in terms of saving you money.

•   Look at the annual percentage rate (APR) — it incorporates fees and discount points. You’ll want to figure out both the total loan cost and your break-even point (that is, the juncture at which your refi savings cancels 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 the rates lenders will offer you.

•   If you are working to build your score and you qualify for a lower interest rate, aim to keep your debt-to-income ratio under 36% and your credit utilization rate below 30% (some financial pros even advise keeping it under 10%).

•   Be meticulous about paying debts on time. That is the single biggest contributing factor to your score. Automating payments is an easy way to avoid a slip-up.

Online Refinance Calculators

Online calculators are helpful tools that can assist you in computing all kinds of housing-related expenses. As you think about whether it makes good sense to refinance and how large a monthly payment you’ll be able to afford, an online refinance calculator will be a useful tool. Here are a few of our favorite calculators.

The Takeaway

Refinancing your mortgage in Mississippi can be a smart financial move. It does require thinking about your goals, though, along with doing your research on the costs involved. To make the best decision, it’s wise to explore various types of refinancing to see which one best suits your needs and 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.

FAQ

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.

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.

SOHL-Q125-179

Compare mortgage refinance rates in Minnesota.

Introduction to Mortgage Refinance Rates

Where Do the Rates Come From?

Mortgage refinance rates are influenced by an array of economic factors, as well as your personal financial profile. When it comes to economic factors, the most important considerations include Federal Reserve policy, inflation, and housing inventory. For instance, the bond market, and especially the performance of the 10-year U.S. Treasury Note, plays a key role in determining current mortgage rates. When the yield on the Treasury Note rises, mortgage interest rates generally increase as well.

Don’t forget to consider your own personal financial profile. Having a strong credit score, which is determined by such factors as your history of on-time payments, your credit utilization ratio, and your credit mix (say, having responsibly managed installment loans and credit lines) is a definite asset when you apply for a mortgage refi.

How Interest Rates Affect Home Affordability

If you’re looking to refinance your mortgage, interest rates are sure to play a major role in what you can afford. Your monthly payment is based on the loan amount, the term of the loan, and the interest rate you are offered. For example:

A $200,000 loan with a 6.00% interest rate and a 30-year term will require a monthly payment of $1,199.
The same home loan with an 8.00% interest rate has a monthly payment of $1,467.

A lower interest rate can save you tens of thousands of dollars over the loan term, which could have a big impact on your financial state. It could also play an important role in achieving your long-term goals, by helping you have enough money to, say, start your own business or finance the tuition for your child’s dream college

Why Refinance in Minnesota?

Refinancing your mortgage in Minnesota can be a smart move financially, but it does require some careful consideration. If current interest rates are lower than that of your existing mortgage, it might be a good time to go for it. Worth noting: You’ll typically want to have at least 20% equity in your home before going into a refi, especially if you plan to cash out equity.

How soon can you refinance a mortgage? It depends on a number of factors, including economics and your future plans.

Common Reasons to Refinance a Mortgage

These are some of the more common goals of homeowners who refinance their mortgages:

•   Lower interest rates due to market changes or credit you’ve worked to build.

•   A change in repayment term — either to move to lower monthly payments or to increase them for faster loan payoff.

•   Cashing out home equity to help cover expenses like education or home renovations.

•   A switch from an adjustable to a fixed-rate loan for more control, especially if it seems like rates are on the verge of rising.

•   To eliminate FHA mortgage insurance on loans when you hit 20% equity.

How to Get the Best Mortgage Refi Interest Rates

Your financial history will impact your mortgage refinancing costs, including the interest rates lenders offer you. Minnesota homeowners with strong credit and favorable debt-to-income ratios are likely to secure lower rates. Here’s what you need to do if you’re preparing to apply:

•   Build your credit score. Always paying bills and loan payments punctually.

•   Reduce your debt-to-income ratio. If you get it down to 36% or less, it will pay off.

•   Shop around with multiple lenders. That includes brick-and-mortar banks, credit unions, and online institutions. Always compare offers, and focus on the APR (which includes fees and closing costs) rather than just the interest rate.

•   Ponder buying mortgage discount points.

•   Grab the shortest loan term you can afford — 15 years will save you money over a 30-year term.

It’s also important to follow interest rate trends and have a sense of when they will rise or fall. Let’s start with a few things you should know before you go for it.

Understand Trends in Minnesota Mortgage Interest Rates

No one can predict with certainty where rates are headed, but if you understand where they have been, you’ll be better equipped to make a decision that is right for your situation.

Choose the Right Mortgage Refinance Type

It’s no secret that refinance rates are sometimes higher than mortgage rates on a home purchase. But the rate you get can vary a lot depending on the variety of refinance you choose.

How to refinance your mortgage? Start by understanding your refi options.

Compare Minnesota Mortgage Refinance Interest Rates

To get the best deal, it’s essential to compare rates from multiple lenders. Look beyond the interest rate to the annual percentage rate (APR). An APR incorporates fees and discount points, giving you a more complete picture of the cost and final figures of your mortgage loan refinance.

Take the time to calculate what your break-even point — when your refi savings cancel out the costs — will be, as well as your total loan cost. Take care of your credit score and your home’s current value. The higher they are, the more favorable rates you’re likely to be offered. And remember to monitor local refinance rates for favorable offers.

Online Mortgage Refi Calculators

Online refinance calculators are a helpful tool for figuring out what your new monthly payment will be, or to compare different refinance options. An online mortgage calculator can help you know exactly what you’ll need to pay each month, and understand the potential savings of refinancing. It will take into account your current loan balance, interest rate, and the terms of a new loan you qualify for. Using a refi calculator can help you weigh advantages and disadvantages, and make informed decisions about refinancing and if it’s right for you.

The Takeaway

Refinancing your mortgage can be a wise financial move. It can save you money through a lower interest rate or monthly payments, or by letting you tap into your home equity. It’s important, though, to consider the costs and benefits, and to think about how they align with your long-term financial goals. Whether you want to refinance to a 15-year mortgage, an adjustable-rate mortgage, or a cash-out refinance, understanding your options and getting your financial house in order can help you get the best rate and terms.

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.

FAQ

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.

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.

SOHL-Q125-178

Compare mortgage refinance rates in Michigan.

Introduction to Mortgage Refinance Rates

Where Do Mortgage Refinance Rates Come From?

The mortgage refinance rates you’re offered depend on both economic factors and your personal financial profile. The 10-year U.S. Treasury Note plays an important role in the setting of current mortgage rates. When the yield on the Treasury Note increases, mortgage interest rates often rise.

Housing market inventory is significant, too. If the market slows down and more homes become available than there are buyers to purchase them, lenders may lower rates to attract customers. A robust job market and economic growth are known to push interest rates higher, while a recession typically draws rates down.

By maintaining a strong credit score and a low debt-to-income ratio, you can increase your chances of securing the best rate.

How Interest Rates Affect Home Affordability

Interest rates are a big deal. They’ll help determine your monthly refinance payment, along with your loan amount and repayment term. A $200,000 loan that carries a 6.00% interest rate and a term of 30 years translates to a monthly payment of $1,199. If that interest rate jumps to 8.00%, however, the monthly payment would increase to $1,467. Over the life of the loan, the lower interest rate would give you nearly $100,000 in savings. As the chart below illustrates, even a small interest rate change can make a big difference in your monthly budget and the affordability of your home loan over time.

Why Refinance in Michigan

Depending on your financial goals, refinancing your Michigan mortgage may offer multiple benefits. If current interest rates are lower than what you have on your existing mortgage, refinancing can reduce your monthly payment and save you money over the life of your loan. Refinancing can also allow you to switch from an adjustable-rate mortgage to a fixed-rate loan, offering increased stability and predictability.

Whatever your reason for a refi, you should have 20% equity or more in your home before refinancing, especially if you are planning to cash out some equity.

Common Reasons to Refinance a Mortgage

Here are some reasons you, as a Michigan homeowner, may opt for a refi:

•   You qualify for a lower interest rate, due to improved credit or market conditions.

•   You want to extend your repayment term to lower your monthly payments, or shorten the term so you can pay off the loan in less time.

•   You want to tap into your home equity to fund a significant expense, such as a child’s education or major home improvement.

•   Your adjustable-rate mortgage will reset soon, and you want to switch to a fixed-rate loan to control your monthly payment.

•   You have an FHA loan and 20% equity, and you want to stop paying an FHA mortgage insurance premium.

•   You want to release a cosigner on your current mortgage.

How to Get the Best Available Mortgage Refi Interest Rate

As already mentioned, your financial history will impact your mortgage refinancing costs, including the interest rates lenders offer you. Homeowners with strong credit and a favorable debt-to-income ratio are likely to secure lower rates on average. Here’s what you need to do:

•   Build your credit score by always paying bills and loan payments punctually.

•   Reduce your debt-to-income ratio to 36% or less if possible.

•   Shop around with multiple lenders, including brick-and-mortar banks, credit unions, and online institutions, and compare offers.

•   Ponder buying mortgage discount points.

•   Grab the shortest loan term you can afford.

But it’s also important to follow interest rate trends and have a sense of when they’ll rise or fall. Here’s how.

Understand Trends in Michigan Mortgage Interest Rates

No one can predict with certainty where rates are headed, but by understanding where they have been, you’ll be better equipped to make a decision that’s right for your situation.

Choose the Right Mortgage Refi Type

Refinance rates in Michigan are often a little higher than purchase mortgage rates. But here’s something to consider: The actual rate you’ll get in the end depends on the type of refinance you pursue. Several different mortgage refinance options are available, each with unique features and potential benefits for your financial scenario.

By understanding the differences between the refi choices, you can make a more informed decision about which type of refinance would prove best for your situation, and get the best rate and terms to meet your needs. Keep in mind that refis almost always have closing costs. Although a no-closing-cost refinance sounds like a real find, they’re often too good to be true — those charges will probably get rolled into the new mortgage or you’ll pay a higher interest rate.

Recommended: How Soon Can You Refinance a Mortgage?

Compare Mortgage Refi Interest Rates

To ensure you get the best deal, always compare rates from multiple lenders. Hot tip: The annual percentage rate (APR) incorporates fees and any discount points.

Then calculate the total loan cost and the point where you’ll break-even (that is, when the amount you save cancels out the cost of the refinance). Watch your credit score and your home’s value. The higher they are, the more favorable rates you’ll be eligible for.

Online Refinance Calculators

An online refi calculator can be helpful in figuring out your new monthly payment or comparing different refinance options in Michigan. Try one to help yourself understand the potential savings from refinancing — you’ll need to plug in your current loan balance, interest rate, and the terms of the new loan. Using a refinance calculator will help you make an informed decision about whether or not refinancing is the right plan right now.

The Takeaway

Refinancing your mortgage in Michigan can be a smart financial move. It does require thinking about your goals, though, along with research on the costs involved. To make the best decision, it’s wise to explore different types of refinancing, including conventional, cash-out, FHA, and adjustable-rate mortgage options.

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.

FAQ

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.

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.

SOHL-Q125-177

Compare mortgage refinance rates in Louisiana.

Introduction to Mortgage Refinance Rates

Where Do Mortgagee Refi Rates Come From?

Mortgage refinance interest rates rise and fall depending on economic factors, as well as your individual financial profile. The bond market — and particularly the performance of the 10-year U.S. Treasury Note — plays an important role in setting current mortgage rates. When the Treasury Note yield increases, mortgage interest rates tend to rise as well.

Housing market inventory in Louisiana is also significant. If the market slows down and more homes are available than there are buyers, lenders might lower their rates to attract customers. The overall economic environment is another factor: A robust job market and resulting economic growth can push interest rates higher, while a recession typically results in lower rates.

As a borrower or mortgage applicant, a strong credit score and a low debt-to-income ratio can help you secure the best possible rate.

How Interest Rates Affect Home Affordability

Interest rates are super important because they help determine your monthly refinance payment. (Of course, your payment is influenced by your loan amount and the term over which you’ll repay it, too.) Here’s an example of how much your interest rate impacts your payment:

A $200,000 loan with a 6.00% interest rate and a 30-year term translates to a monthly payment of $1,199. If that interest rate jumps to 8.00%, the monthly payment increases to $1,467. Over the life of the loan, you’d pay almost $100,000 less with the lower interest rate. Even a small change can make a big difference in your savings and your home loan’s ultimate affordability, as this chart illustrates.

Why Should You Refinance Your Mortgage in Louisiana

Refinancing your mortgage can offer a number of different benefits, depending on your financial goals. If current interest rates are lower than that on your existing mortgage, refinancing can reduce your monthly payments and save you money over the life of the loan. Refinancing can also help you switch from an adjustable-rate mortgage to a fixed-rate loan for long-range savings.

Whatever your reason, you should have at least 20% equity in your home before you embark on a refinance, especially if you want to cash out some equity in the process.

Common Reasons to Refinance a Mortgage

These are common reasons for homeowners to refinance mortgages:

•   You qualify for a lower interest rate due to improved credit or market conditions.

•   You’re considering adjusting your repayment term so you can lower your monthly payments or pay off the loan more swiftly.

•   You want to tap into your home equity to fund a significant expense, like a home remodel.

•   Your adjustable-rate mortgage is going to reset soon, and you want to switch to a fixed-rate loan.

•   You have an FHA loan and 20% equity, and you want to get mortgage insurance out of your life.

•   You’re considering a debt consolidation, or releasing a cosigner.

Recommended: How Soon Can You Refinace a Mortgage?

How to Get the Best Available Refi Interest Rate

Your financial history has an impact on the interest rates that lenders offer you. Homeowners with strong credit and a low debt-to-income ratio may secure lower-than-average rates.

To secure a competitive mortgage refinance rate, here’s what to work on:

•   Bolster your credit score by paying your bills on time, and steer clear of new debt.

•   Maintain a debt-to-income ratio that is under 36%.

•   Look at offers from multiple lenders, focusing on the APR rather than just the interest rate.

•   Consider buying mortgage discount points, which can help you lower your interest rate.

•   If you can manage the higher payments, go for a shorter mortgage term.

Once you’ve achieved an optimal credit history, it’s time for a deep dive into interest rate trends.

Trends in Louisiana Mortgage Interest Rates

As the national trend shows, the rise and fall of mortgage rates can feel like riding a rollercoaster. In 2021, the average 30-year fixed mortgage rate in Louisiana was 3.15%. Fast-forward to 2023, and rates had soared to 7.00%.

Last year brought an expectation of a dip in mortgage refi rates. But for 2025’s first half, experts predict that rates will remain elevated longer. You don’t need to let those forecasts deter you, though. A mortgage refinance might still be a smart move for you.

💡 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.

Choose the Right Mortgage Refinance Type

It’s no secret that refinance rates can be higher than purchase mortgage rates. But the actual rate you’ll get may vary a lot depending on the type of refinance you choose. How to refinance your mortgage? Several different refi options are available to consider, each with its own features and potential benefits.

By understanding their differences, you can make an informed decision about which type of refinance is the best fit for your situation, and get the best rate and terms to meet your needs.

Compare Mortgage Refi Interest Rates

To ensure you get the best deal, always compare rates from multiple lenders in your state. Look at more than the interest rate and consider the annual percentage rate (APR) — it incorporates fees and any discount points. Calculate the total loan cost and the point where you’ll break even (that is, when the amount you save cancels out the cost of the refinance). Watch your credit score and your home’s value. The higher they are, the more favorable rates you’ll be eligible for.

Online Refinance Calculators

An online mortgage calculator can be helpful in figuring out your new monthly payment or comparing different refinance options in Louisiana. It can help you understand the potential savings you’ll get from refinancing — you’ll need to plug in your current loan balance, your interest rate, and the terms of the new loan. Using a refinance calculator will help you make an informed decision about whether or not refinancing is the right plan. /p>

The Takeaway

Refinancing your mortgage in Louisiana can be a smart financial move. It does require thinking about your goals, though, along with research on the costs involved. To make the best decision, be sure to explore different types of refinancing options, including a cash-out, FHA, VA, and adjustable-rate mortgage options.

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.

FAQ

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.

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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