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Mortgage refinance

Mortgage refinance

Flip the switch on your current mortgage with a refinance.

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Compare your refinance loan options.

Traditional refinance

Reduce your interest rate and term

Conventional 15-YEAR TERM

Rate APR Showing Rates for

Cash-out refinance

Access to cash as you refinance

Conventional 20-YEAR TERM

Rate APR Showing Rates for

Smart Refinance

No closing costs with flexible terms

SMART REFINANCE 15-YEAR TERM

Rate APR

View all refinance rates

Learn more about interest rates and Annual Percentage Rate (APR).¹ Plus, see estimated conforming fixed-rate² and Smart Refinance³ monthly payment and APR examples.

Determine if refinancing your mortgage is right for you.

See how much you could save by refinancing your mortgage.

Use the mortgage refinance calculator

Find ways to pay for your home improvement project.

Explore all home improvement loans

Explore articles about home improvement tips and smart ways to spend your money.

Should I refinance my mortgage?

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What’s the refinance process?

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When is the right time to refinance?

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FAQs

It is possible to refinance your mortgage without closing costs. These loans are generally referred to as no-cost refinance loans, where lenders cover the fees typically associated with closing costs. Our Smart Refinance loan is an option that could help you save on your refinance.

Refinance points are similar to standard mortgage points. They are a form of prepaid interest you can choose to pay up front in exchange for a lower rate.

When you refinance, you apply for a new mortgage to pay off your current one. Most people refinance to take advantage of lower rates, get lower monthly payments or tap into their home’s equity.

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Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC. Equal Housing Lender

The rates shown above are the current rates for the refinance of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your guaranteed rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To guarantee a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. Application can be made by calling 888-291-2334, by starting your application online, or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.

Conforming Fixed-Rate Loans: Conforming rates are for loan amounts not exceeding $647,200 ($970,800 in AK and HI). Annual Percentage Rate (APR) calculation is based on estimates included in the table above with borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable. If the borrower-equity is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR.

Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after consummation for adjustable-rate mortgage (ARM) loans.
Return to content, Footnote 1
Conforming Fixed-Rate estimated monthly payment and APR example: A $225,000 loan amount with a 30-year term at an interest rate of 3.875% with a down-payment of 20% would result in an estimated principal and interest monthly payment of $1,058.04 over the full term of the loan with an Annual Percentage Rate (APR) of 3.946%.

Estimated monthly payment and APR calculation are based on a down-payment of 20% and borrower-paid finance charges of 0.862% of the base loan amount. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Estimated monthly payment does not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.
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Smart Refinance: As of June 15, 2022, the fixed Annual Percentage Rate (APR) of 5.79% is available for 15-year first position home equity installment loans $50,000 to $200,000 with loan-to-value (LTV) of 70% or less. Rates may vary based on LTV, credit scores or other loan amount. In order to receive the lowest rate advertised, a set-up of automatic payments from a U.S. Bank personal checking or savings account is required but neither are required for loan approval. Loan payment example: on a $100,000 loan for 180 months at 5.79% interest rate, monthly payments would be $832.55. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be greater if taxes and insurance are included and an initial customer deposit may be required if an escrow account for these items is established. APR is 5.79%. Smart Refinance loans not available for properties held in a trust in the state of Oklahoma. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.
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To receive the U.S. Bank Customer Credit, a U.S. Bank Personal Checking Package must be established prior to final loan approval or you must have an existing first mortgage with U.S. Bank. A minimum of $25 is required to open a U.S. Bank Personal Checking Package. For a comprehensive list of account pricing, terms and policies, see the Consumer Pricing Information disclosure and the Your Deposit Account Agreement. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.
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To calculate the U.S. Bank customer credit, take 0.25% of your new first mortgage loan amount and deduct it from the closing costs. For purchase or refinance transactions, the maximum credit is $1,000. Certain mortgages may not be eligible for stated credits. Offer may not be combined with any other mortgage offers and can only be applied once per property within a 12-month period.
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year U.S. Bank

Mortgage refinance

Compare your refinance loan options.

Traditional refinance

Cash-out refinance

Smart Refinance

Determine if refinancing your mortgage is right for you.

Explore articles about home improvement tips and smart ways to spend your money.

FAQs

Can you refinance your mortgage without closing costs?

What are refinance points?

How does a mortgage refinance work?

Take the next step.