Conventional Refi — Today's Rates
6.880%Current avg · Updated 2026-04-28
What is a Conventional Refi?
A conventional refinance is not backed by the government (unlike FHA or VA loans). It offers flexible terms and competitive rates, especially for borrowers with 740+ credit scores and 20%+ equity. Borrowers with less than 20% equity will typically need to pay PMI unless using a no-PMI loan program.
Pros
- No PMI with 20% equity
- Competitive rates
- No upfront mortgage insurance
- Flexible loan terms
Cons
- 620+ credit score required
- Higher rates with lower credit
- Stricter debt-to-income limits
Quick Facts
Current Rate
6.880%
Min. Credit Score
620
Equity Requirement
N/A (20% equity preferred)
Best For
Borrowers with good credit and significant equity seeking the best rates
Top Lenders for Conventional Refi
| Lender | Conventional Refi Rate | APR | Action |
|---|---|---|---|
| 🏘PennyMac | 6.255% | 6.405% | Apply |
| 🏦AmeriSave | 6.280% | 6.430% | Apply |
| ✨Better Mortgage | 6.305% | 6.455% | Apply |
| 💎SoFi | 6.305% | 6.455% | Apply |
| 🗽Freedom Mortgage | 6.305% | 6.455% | Apply |