If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
{/* ECR ITA 4/15/2025 */}
{/* https://www.sofi.com/credit-card/ecr-lp-15tt/ */}
{/* Hero */}
Your Exclusive Invitation!
While we don’t have any prequalified offers for you at this time, as a valued SoFi member, we’d like to extend an exclusive invitation to apply for the SoFi Everyday Cash Rewards Credit Card. Enjoy unlimited 3% cash back rewards on dining, 2% at grocery stores, and 1% on all other eligible purchases1*-all with no annual fee.† Offer ends 1/7/2026.
Earn 3% on all things dining, including takeout and delivery apps.
Earn 2% at grocery stores and online grocery delivery.
Earn 1% on all other eligible purchases.
+Enjoy no caps on earnings or minimums to redeem rewards. And you can apply your rewards as statement credit—or toward saving, investing, and paying down eligible SoFi debt.*
Earn 3% cash back rewards when you book trips through SoFi Travel.
{/* Consider this your credit card cheat sheet */}
Consider this your credit card cheat sheet.
See more articles
{/*FAQs*/}
FAQs
Will applying to a SoFi Credit Card impact my credit score?
The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.
How do I earn cash back rewards?
You will earn unlimited 3% cash back rewards on a wide variety of dining out and dining in options:
Dining out includes a wide variety of categories like restaurants, cafes, bars, lounges, fast food chains, and bakeries. Dining in includes food delivery platforms like DoorDash and UberEats.
You will earn unlimited 2% cash back rewards on everyday grocery shopping at a wide variety of grocery stores, online grocery delivery, and convenience stores nationwide.
You will earn unlimited 1% cash back on all other purchases. This is automatically applied to every purchase you make – whether you swipe, dip, tap, or pay online. See more details at https://www.sofi.com/card/rewards?cardType=h
What are the requirements to get a SoFi credit card?
To be eligible for a SoFi credit card, you must be at least 18 years old (or the legal age required by your state of residence), have a physical U.S. mailing address, and possess a valid Social Security number. The SoFi Everyday Cash Rewards card is designed for those with good to excellent credit.
How do I get started applying for a SoFi credit card online?
If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!
How can I redeem the cash back rewards on my credit card?
You can redeem rewards as statement credits or distribute them in other SoFi products including SoFi Checking & Savings, Invest, and eligible SoFi loan payment products.
How do ID Theft Protection and Zero Fraud Liability work?
At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.
By SoFi |
Uncategorized |
Comments Off on SoFi and The Jayson Tatum Foundation Host The First of Many Financial Literacy Workshops For First-Time Homebuyers in St. Louis
Last year, we set out a mission to democratize access to family-sustaining wealth by establishing the SoFi Generational Wealth Fund. Through these initiatives, we focus on empowering underserved communities to get their money right and achieve their ambitions so we can help close the generational wealth gap in America.
What can be said about Miami? For starters, the amazing beaches, the thrilling nightlife, or the art and culture the city has become known for. From authentic Cuban cuisine to outdoor adventures, Miami is a hot spot for both tourists and residents.
According to recent data from the U.S. Census Bureau, the population of Miami-Dade County is roughly 2,838,000, a slight increase from the year prior. Miami also has the second largest population in Florida (after Jacksonville), a state that has seen overall population growth in recent years.
Miami’s popularity as a travel destination stems from the fact that it enjoys more than 240 sunny days a year and has been ranked as one of the most fun cities in America.
Keep reading to learn more about home prices, popular neighborhoods, and Miami real estate market predictions for 2025 and beyond.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
The Miami housing market is typically considered a hot market, but with inventory increasing and homes selling for below list price, it’s slowly becoming more of a buyer’s market.
And while there are many reasons to live in Miami (year-round sunshine, beautiful beaches, and a vibrant nightlife), the cost of living is 20% higher than the state average and 18% higher than the national average.
Between the cost of living and rising home prices, Miami has been named the third most expensive city to live in by U.S. News & World Report.
Demographics of the Miami Market
Miami is an extremely diverse city that can suit a variety of lifestyles. Each neighborhood has its own housing trends and attracts different types of residents.
It can be smart to brush up on the demographics of the overall Miami city real estate market before you take a closer look at specific neighborhoods.
Median Household Income: $68,694
Median Age: 39
College Educated: 33.2%
Homeowners: 52.2%
Married: 40.35%
Popular Miami Neighborhoods
From upscale coastal enclaves to artsy urban hubs, each Miami neighborhood offers its own lifestyle, architecture, and atmosphere. Whether you’re looking for luxury high-rises, family-friendly streets, or nightlife hot spots, exploring Miami’s most popular neighborhoods can help you find the perfect place to call home.
Here are some fast facts about five of the most popular neighborhoods in Miami.
Brickell
Voted by Niche as the best neighborhood in Miami, Brickell is Miami’s bustling financial district and one of its most upscale urban neighborhoods. Skyscrapers housing luxury condos, corporate offices, and high-end hotels define its skyline. It’s a walkable, cosmopolitan hub with trendy rooftop bars, award-winning restaurants, and stylish boutiques.
Despite its urban vibe, it’s near the waterfront, with scenic views of Biscayne Bay. Young professionals, international residents, and those seeking a lively city lifestyle are especially drawn to this vibrant, fast-paced part of Miami.
Quick Facts
Population:
13,894
Median Age:
37
Housing Units:
9,395
Bike Score:
83/100
Walk Score:
94/100
Transit Score:
82/100
Median Household Income:
$137,778
Brickell Housing Market
The Brickell housing market is not very competitive, according to Redfin. The median sale price is down 8.9% since February of last year, and the average home takes about 99 days to go under contract. Homes typically sell for 5% below list price.
Highly desirable homes in Brickell sell for 2% under list price, on average, in about 59 days.
Median Sale Price
$640,000
Median Price Per Sq. Foot
$627
Northeast Coconut Grove
Northeast Coconut Grove, often referred to simply as “The Grove,” is one of Miami’s oldest and most picturesque neighborhoods, celebrated for its lush greenery and waterfront charm.
Residents enjoy easy access to a variety of parks, marinas, and waterfront activities, making it a haven for outdoors enthusiasts. The community is also known for its eclectic dining scene, boutique shopping, and cultural events.
Quick Facts
Population:
11,024
Median Age:
41
Housing Units:
5,563
Bike Score:
85/100
Walk Score:
92/100
Transit Score:
51/100
Average Household Income:
$161,304
Northeast Coconut Grove Housing Market
Considered not very competitive, Northeast Coconut Grove saw prices decrease 15.7% in February 2025 compared to last year. The average current home sells for about 7% below list price and sits on the market for about 100 days.
Popular homes can sell an average of 2% below list price and get scooped up in around 44 days. Multiple offers on all homes in Northeast Coconut Grove are rare.
Median Sale Price
$1,522,500
Median Price Per Sq. Foot
$910
Edgewater
Edgewater is a vibrant neighborhood located between Downtown Miami to the south and the Upper Eastside to the north.
Historically a residential area with early 20th-century homes, Edgewater has undergone significant transformation since the early 2000s. The neighborhood now features numerous high-rise residential towers along Biscayne Bay, offering residents stunning waterfront views. Its proximity to cultural hubs like the Design District, Wynwood, and Midtown has further enhanced its appeal, making it a sought-after location for young professionals and families.
Quick Facts
Population:
3,742
Median Age:
34
Housing Units:
2,189
Bike Score:
78/100
Walk Score:
87/100
Transit Score:
64/100
Median Household Income:
$122,896
Edgewater Housing Market
Home prices in Edgewater have not changed at all within the past year, with the median home selling for $680,000. The market is not very competitive, with homes typically taking 114 days to go under contract.
It’s uncommon for a home in this neighborhood to receive multiple offers, and most sell for around 5% less than list price.
Median Sale Price
$680,000
Median Price Per Sq. Foot
$650
Coral Gables
Coral Gables, often called “The City Beautiful,” is located southwest of downtown Miami. Known for its Mediterranean Revival architecture, tree-lined boulevards, and charming ambiance, Coral Gables is one of Miami’s most elegant and well-preserved communities. It was master-planned in the 1920s by George Merrick and continues to exude old-world charm mixed with modern sophistication.
Coral Gables offers a blend of luxury living and timeless beauty, attracting professionals, families, and retirees. With top-rated schools, low crime rates, and proximity to downtown Miami and Miami International Airport, it remains a highly desirable place to live.
Quick Facts
Population:
49,243
Median Age:
39
Housing Units:
21,906
Bike Score:
65/100
Walk Score:
98/100
Transit Score:
40/100
Median Household Income:
$209,687
Coral Gables Housing Market
The Coral Gables housing market isn’t a super competitive one, though home prices were up 39.6% in February 2025 compared to last year. Homes for sale rarely receive multiple offers, and they typically sell 6% below list price in roughly 110 days.
Median Sale Price
$1,437,500
Median Price Per Square Ft.
$789
Downtown
Downtown Miami blends business, entertainment, and residential living. It’s home to major financial institutions, luxury high-rises, and cultural landmarks like the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center for the Performing Arts.
Downtown Miami appeals to young professionals, investors, and urban dwellers who thrive in fast-paced, energetic environments. With ongoing development and an influx of businesses and residents, it’s becoming one of the most exciting places to live and work in South Florida.
Quick Facts
Population:
12,579
Median Age:
36
Housing Units:
7,936
Bike Score:
75/100
Walk Score:
91/100
Transit Score:
94/100
Median Household Income:
$117,623
Downtown Housing Market
If you’re dreaming of buying a home in Downtown Miami, now could be a great time. According to Redfin, the market is not very competitive and multiple offers are rare.
Most homes in Downtown Miami sell for around 4% below list, and it takes as long as 118 days for homes in this neighborhood to go under contract.
Median Home Price
$605,000
Median Price Per Sq. Foot
$601
SoFi Home Loans
Miami sizzles with beaches, diverse menus, nightlife, and interesting neighborhoods. And the Miami real estate market appears to be solid.
If you think Miami could be your home sweet home, then you may need to consider your mortgage financing options.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
According to Zillow, the average Miami home value in 2025 is $585,611, up 3.3% over the past year. The median sale price during the same period was $632,000, up 5.3% year-over-year.
Is Miami a buyer’s market or a seller’s market?
As of 2025, Miami is considered a buyer’s market because of home supply exceeding demand, homes staying on the market for longer, and homes selling for under list price.
What are the best neighborhoods in Miami?
There are dozens of neighborhoods in Miami, each one offering pros and cons depending on your lifestyle. According to Niche, the best neighborhoods in Miami are Brickell, Coconut Grove, Downtown, Omni, and Edgewater.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*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.
‡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.
Chicago, aka “The Windy City,” is known for its beautiful architecture, access to world class art and entertainment options, and delicious pizza. While deep dish pizza may not be reason alone to move to Chicago, perhaps the current Chicago housing market is enough to entice you.
The median home sale in the U.S. in February 2025 was $424,429, according to Redfin. In Chicago, the median home sale in the same time period was just $362,500. While home values are up nationwide across the board, home values are lower in Chicago compared to the rest of the country.
And for those that prefer cold weather and snow, you may find Chicago’s chillier weather appealing. Chicago has 38 inches of rain per year, 37 inches of snow, and 84 sunny days per year.
What the city of Chicago lacks in sunny days, it makes up for in education opportunities. Illinois landed the 16th spot (out of all 50 states) on U.S. News’ Best States for Education list.
Overall, Chicago offers a diverse culture, robust job market, and renowned culinary and arts scenes. Residents enjoy access to world-class museums, theaters, and music venues, alongside a passionate sports culture. The city’s extensive public transportation system, including the “L” train, enhances connectivity across its numerous neighborhoods.
Keep reading to learn more on the Chicago housing market, including home prices, popular neighborhoods, and Chicago real estate market predictions for 2025.
Overall Chicago Market Trends
The real estate professionals at Redfin view the Chicago real estate market as “somewhat competitive,” likely due to the fact that some houses for sale in Chicago receive multiple offers. However, they do sell for around 1% below their list price, on average.
$362,500
Median Home Price
$280
Median Price Per Square Foot
75 days
Median Time on Market
Chicago Housing Market Forecast
Chicago house prices went up by 7.4% in February 2025 compared to the past year, and Zillow projects they will rise by another 1.2% in the coming year.
As the chart below illustrates, after a decline in 2023, Chicago’s housing home values are on the rise again so far this year.
The demographics of Chicago vary greatly by neighborhood. Before you dive deeper into which part of town you want to call home, you should familiarize yourself with demographics of the entire Chicago real estate market.
Median Household Income: $75,134
Median Age: 35
College Educated: 43.3%
Homeowners: 45.5%
Married: 37.85%
Popular Chicago Neighborhoods
From walkable neighborhoods on the Southwest Side to the tree-lined streets of Hyde Park, there is a neighborhood for everyone in Chicago to love.
There are almost too many great neighborhoods to choose from, which is why we’re breaking down the fast facts you need to know about five of the most popular neighborhoods in Chicago.
Hyde Park
Hyde Park, located on Chicago’s South Side along the shores of Lake Michigan, is a neighborhood rich in history, culture, and academic influence. Approximately seven miles south of downtown Chicago, it offers a blend of residential charm, intellectual vibrancy, and cultural attractions, making it a highly desirable place to live.
Residents enjoy a variety of dining options, from local favorites like Valois Cafeteria to international cuisines reflecting the neighborhood’s diverse population. The area also hosts numerous events and festivals, such as the Hyde Park Jazz Festival, fostering a strong sense of community and cultural engagement.
Quick Facts
Population:
13,326
Median Age:
33
Housing Units:
7,356
Bike Score:
91/100
Walk Score:
87/100
Transit Score:
64/100
Median Household Income:
$84,933
Hyde Park Housing Market
The Hyde Park housing market isn’t the most competitive in the Chicago market, as multiple offers are rare here and homes typically stay on the market for 84 days.
Compared to last year, home prices are exactly the same. They sell for an average of 4% below list price, with hot homes selling about 1% below list price.
Median Home Price
$270,000
Median Price Per Square Ft.
$186
Logan Square
If you have an artistic spirit, then you’ll feel right at home in Logan Square. This neighborhood is known for its creative energy and urban vibe, as well as being home to some major Chicago landmarks and architecture.
Logan Square boasts an array of locally owned shops, trendy cocktail bars, intimate music venues, and a diverse culinary scene. Notable establishments include Café Mustache, a popular spot for breakfast and live music, and Daisies, known for its innovative pasta dishes. All this creative energy contributes to Logan Square’s reputation as one of Chicago’s most dynamic communities.
Quick Facts
Population:
85,589
Median Age:
32
Housing Units:
41,975
Bike Score:
93/100
Walk Score:
91/100
Transit Score:
68/100
Median Household Income:
$144,749
Logan Square Housing Market
Homebuyers should note that home values in the Logan Square neighborhood went up 24.6% in February 2025 compared to last year.
Some homes in Logan Square are getting multiple offers, which could be the reason for the price increase. The average home sells for around list price in about 64 days. Highly desired homes typically sell for 2% above list price in about 34 days.
Median Home Price
$645,000
Median Price Per Square Ft.
$359
Lincoln Park
Lincoln Park is located just north of downtown Chicago. It is one of the city’s most prestigious and picturesque neighborhoods, known for its tree-lined streets, historic brownstones, and vibrant atmosphere.
Lincoln Park blends urban convenience with natural beauty. At the heart of the neighborhood lies its namesake park — over 1,200 acres of green space that includes the Lincoln Park Zoo, conservatory, and scenic lakefront trails. This makes the area especially attractive to families, joggers, and outdoors enthusiasts.
Quick Facts
Population:
70,444
Median Age:
31
Housing Units:
38,089
Bike Score:
92/100
Walk Score:
94/100
Transit Score:
79/100
Median Household Income:
$227,916
Lincoln Park Housing Market
Home prices in Lincoln Park rose by 1.2% in February 2025 compared to last year, and typically homes sell for around their list price in this neighborhood.
It can take around 38 days for a home to go pending, but that should give buyers a little more time to mull over their options than in more competitive neighborhoods. Keep in mind, though, that hot homes typically are pending within 24 days and go for 4% above list price.
Median Home Price
$733,750
Median Price Per Square Ft.
$429
Bridgeport
Bridgeport is one of the oldest and most politically influential neighborhoods in Chicago. Baseball fans will appreciate that this neighborhood is home to the Chicago White Sox, which will make for plenty of fun family outings to the ballpark.
The community also boasts several parks and recreational areas, providing residents with ample green spaces.
Quick Facts
Population:
27,101
Median Age:
35
Housing Units:
11,475
Bike Score:
83/100
Walk Score:
82/100
Transit Score:
61/100
Median Household Income:
$88,977
Bridgeport Housing Market
Housing prices are up in Bridgeport (18.4% in February 2025 since last year), so now might be a chance to snag a home in this charming neighborhood before prices increase further. Most homes in this area sell for about 1% below the list price.
You probably won’t need to move quickly if you find a home you love — the average home goes pending in 66 days, with hot homes going pending in 33 days (and selling for 3% above list price, on average).
Median Home Price
$580,000
Median Price Per Square Ft.
$254
Gold Coast
Gold Coast is one of Chicago’s most affluent and historic neighborhoods, located on the city’s Near North Side. While it’s one of the safest neighborhoods in town, it is also quite expensive and targets more affluent Chicagoans.
Its streets are lined with high-end boutiques, gourmet restaurants, and cultural institutions, contributing to its reputation as a chic place to live. Additionally, its location provides easy access to downtown Chicago and scenic lakefront views.
Quick Facts
Population:
8,629
Median Age:
35
Housing Units:
6,140
Bike Score:
86/100
Walk Score:
96/100
Transit Score:
78/100
Median Household Income:
$184,414
Gold Coast Housing Market
According to Redfin, homes in Gold Coast are up 29.9% as of February 2025 when compared to last year. Homes typically sell after 103 days on the market, which is down from 151 days last year.
Median Home Price
$565,000
Median Price Per Square Ft.
$345
SoFi Home Loans
It’s easy to see why Chicago has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Chicago could be your home sweet home, then you may need to consider your home loan options.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
As of early 2025, the median home price in Chicago was approximately $362,500. However, prices can vary widely depending on the neighborhood, with luxury areas like the Gold Coast and Lincoln Park trending higher.
Is Chicago a buyer’s or a seller’s market right now?
Chicago is currently considered a balanced market. While certain hot neighborhoods lean toward sellers, overall inventory levels and moderate price growth give buyers negotiating power, especially outside premium areas.
What are the best neighborhoods in Chicago?
The best neighborhoods will depend on your needs and what it is you want. However, top-rated neighborhoods in Chicago include Lincoln Park, Logan Square, Hyde Park, and Gold Coast.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
*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.
• 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.
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.
Get matched with a local
real estate agent and earn up to
$9,500‡ cash back when you close.
Pair up with a local real estate agent through HomeStory and unlock up to $9,500 cash back at closing.‡ Average cash back received is $1,700.
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
Source: Federal House Finance Agency
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.
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.
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.
‡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.
