Banks With The Lowest Mortgage Refinancing Rates By State [Updated 2021]

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There is no time like the present, as the old saying goes. The mortgage refi industry has seen impressive trends in current rates. Taking advantage of the consumer-friendly momentum of the last quarter of 2020, we have seen mortgage rates rise record lows in the past six months. Those numbers even peaked in early 2021, with an average 30-year yield of around 3% and a 15-year yield averaging 2.5%. At the lowest point between January and March, 30-year yields of 2.7% were common.

Rates are currently rebounding, albeit at a very slow pace. Most prominent lenders still offer mortgage interest deductions in the neighborhood of 3%, a number expected to rise marginally in the latter half of 2021.

While rates may no longer be in the basement, it’s still the optimal time to refinance your existing mortgage. Make sure you are aware of the complete checklist you must go through before refinancing.

We took the time to analyze current mortgage rates in seven of the nation’s most populous states to help consumers find the optimal refinancing product for their specific needs. Below are the best refi rates across the country, from Florida to Texas, with a few stops in between. Make sure to use the button below to find out which bank has the lowest refinancing rate in your state.

Bank with the lowest refinancing rates in Texas

LincolnWay Community Bank (Texas)

Homeownership in Texas is on the rise. According to the Census Bureau, the state’s official home ownership rate stands at a respectable 66.5% in July with more than 11 million homes available nationwide. Millions of Texas residents are taking this opportunity to buy their first home or refinance their existing mortgage. With metropolitan areas such as Houston, San Antonio and Austin experiencing rapid expansion and a massive influx of tech and finance jobs, the Texas refi market is highly competitive.

The state’s median household price tag is just north of $289,000. However, the values ​​of homes in Texas vary wildly, given the state’s huge geographic footprint. In the future, we will use the median housing costs of each state to evaluate and compare rates. It should also be noted that these numbers assume a credit score of 740 or higher. Rates rise sharply the lower your personal credit history is, with a minimum score of 500 required to apply for most loan products.

One of the best rates we found in Texas came from the Dallas area through the LincolnWay Community Bank. At the time of writing, a 30-year fixed refi sits comfortably at 2.875%, with an APR of 2.904% and $1,085 in initial closing costs. With a 15-year fixed refi, that percentage drops to 2.375% with an APR of 2.428%. Compare this to the national average offered by large-scale lenders like PNC, Ally or Better, all of which hover around 3%, and it seems like the perfect time for Texans to pull the trigger for a mortgage review.

Bank with the lowest refinancing rate in Florida

VyStar Credit Union (Florida)

Like the state of Texas, the Florida housing market is also picking up. With nearly 10 million homes available statewide, Florida has a housing rate of over 68%. The state’s median cost of ownership is just over $317,000. Given the same criteria as Texas, i.e. a credit score of 740 and above, what are the best Florida refi rates?

Our research shows that the VyStar Credit Union in the Orlando area currently offers an excellent rate to qualified refi applicants. A 30-year fixed mortgage through VyStar comes at a rate of 2,990%, with a matching APR of 2,990% and a staggering zero dollar initial cost. If you opt for a 15 year fixed refi nets you will get an incredibly low rate of 1.875% and APR.

LincolnWay also has a presence in Florida at the exact same rates as its Texas affiliates. However, APR is slightly higher at 2.902%, with an initial cost of over $1,000, giving VyStar a slight edge.

Bank with the lowest refinancing rates in New York

Teachers Federal Credit Union (New York)

Despite the New York metropolitan area, New York has slightly less population statewide than the previous entries. As a result, there are approximately 8 million homes available in the state, with home ownership at 53%. However, the median housing cost is higher than the national average and is $314,000.

Refi rates in New York State are slightly less competitive than those in Texas or Florida. With a 30-year fixed mortgage, rates with the Rochester-based ESL Federal Credit Union are currently 2,750% with an APR of 2,820% and an initial fee of $1,179. If you select a 15-year term instead, rates drop to a solid 2,250% with an APR of 2.361% and a significantly lower initial cost of $786.

LincolnWay Community bank is the only other NY bank under 3% in both rates and APR. Banco Santander and Chemung Canal Trust offer 30-year flat rates averaging just over 3%.

Lowest Refi Rate in Illinois

Liberty Bank for Savings (Illinois)

Compared to the densely populated powerhouses of Texas, Florida, and New York State, Illinois has significantly fewer residents and housing. There are just over 5 million homes statewide, with a 66.2% ownership rate. However, the median housing cost in Illinois is well below the national average, at a comfortable $195,300 compared to the national average of $217,000.

Under the same terms as the other entries on this list, the best rates in Illinois are available through Liberty Bank for Savings. For a 30 year fixed refi rate, Liberty offers 2.875% with a close APR of 2.901% and an initial cost of just $646. With a 15 year term under fixed rate refi, rates drop to 2.125% with an APR of 2.171 %. However, the start-up costs remain static.

The second best option for Illinois residents is First Merchants Bank with a 30-year fixed refinancing rate of 2.875%. Both institutions offer good, affordable rates for homeowners who want to save on their monthly bills.

Bank with the lowest refi rate in Pennsylvania

Dollar Bank, a federal savings bank (Pennsylvania)

The state of Pennsylvania is more expansive and diverse than stereotypical perceptions suggest. As a result, the state has a respectable 5.7 million homes available with a healthy 68% ownership rate. Average household costs are even lower than Illinois, and well below the national average, at $181,200.

Based on our research, one of the best options currently available to Pennsylvania residents is through Dollar Bank, a federal savings bank. Through Dollar Bank, a 30-year fixed refi loan is 2.875% with an APR of 2.977% and an initial cost of $926. A 15-year fixed mortgage shift is something of interest, leaving rates at 2.250% with an APR of 2.364% and the initial cost of $1,486. Every other option in PA is currently above 3%.

Bank with the lowest refinancing rates in Ohio

First Merchants Bank (Ohio)

The average home value in Ohio is lowβ€”much lower, in fact, than the national average. The average Ohio home costs $144,200, well below the national average of $217,000. There are currently just over 5 million homes in Ohio with a decent occupancy rate of 66%. Despite the low value of real estate, the market is expanding in equal measure with national trends.

Options for refi rates below 3% are scarce in Ohio. Aside from major lenders like Rocket or PNC, Ohio residents have First Merchants Bank to rely on. A 30 year fixed refi comes with a rate of 2.875%, an APR of 2.924% and an initial fee of $927. If you go to a 15 year term, the rates are reduced to 2.375%, APR to 2.464% and the initial cost up to $907. With housing costs so low and refinancing rates so affordable, now is the time for Ohio residents to refinance their mortgage, saving valuable dollars.

Bank with the lowest refinancing rates in Kentucky

Cumberland Valley National Bank & Trust Company (Kentucky)

Of all the entries on our list, Kentucky has the smallest population, with only 2 million homes available. Still, ownership rates are high at 67%. Average housing costs are well below the national average for Kentuckians. The average home costs just $148,000 statewide.

Refi rates below 3% are hard to find in Kentucky. The best option is Citizens Commercial National Bank, which offers a 30-year flat rate of 2.875%, an APR of 2.931%, and an initial fee of $1063. Adjusting your term to a fixed 15-year term results in rates of 2.125%, an APR of 2.226%, and fees in the $1,063 range. With interest rates expected to rise slowly in the second half of 2021, there has been no better time for Kentucky residents to refinance their existing mortgages.

2021 means consumer options

Ten years ago, mortgage rates of 3% or lower would have been unthinkable. In the wake of the housing market crash, mortgage rates shot up, often above 6%. But in 2021 it is a buyers/owners market. Finding a rate in the 3% range is easy; numerous high volume lenders are willing to extend discounted rates to families looking to refinance. However, by doing business with smaller, regional banks and credit unions, you will find plenty of offers that fall well below 3%.

There is no better time than the present to refinance your home. With rates like this, there’s no reason not to.

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