Current Mortgage Refinance Rates in Nebraska (December 2024)

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Updated: January 13, 2025

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The current average mortgage refinance rates in Nebraska stand at 5.10% for a 15-year fixed loan and 5.73% for a 30-year fixed loan. In comparison, the national averages are 5.38% and 6.45%, respectively. These figures provide a clear snapshot of how Nebraska's rates stack up against the broader national landscape.

Our comprehensive guide on mortgage refinancing in Nebraska is designed to empower you with the knowledge needed to make informed decisions. Whether you're exploring today's refinance rates, understanding rate trends, or considering the timing of your refinance, our insights are tailored to help you navigate the process with confidence.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Nebraska. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Nebraska

The current 30-year refinance rate in Nebraska is 5.73%. According to Experian, the average mortgage debt in Nebraska is $170,529 as of September 2023. Refinancing your mortgage can be a strategic way to manage this debt by potentially lowering your monthly payments and reducing the total interest over the life of the loan.

If your current mortgage rate is higher than 5.73%, refinancing could be beneficial, allowing you to save money over time. Below are the current refinance rates in Nebraska to explore your options.

15-Year Fixed6.12%6.24%
30-Year Fixed6.62%6.69%

Mortgage Refinance Rate Trends in Nebraska

In December, refinance rate trends in Nebraska showed a change for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates rose to 6.24%. By contrast, the 30-year fixed rates fell to 6.69%.

Nebraska Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like the US Federal Reserve's monetary policy and economic conditions such as inflation. These changes impact refinance rate trends in Nebraska, making it important to stay informed about economic shifts.

How to Refinance a Mortgage in Nebraska

Refinancing your mortgage in Nebraska can be a savvy move to cut costs or tap into your home's equity. As you embark on this journey, understanding the steps involved is key. Let's break down the process into manageable steps to help you achieve your financial goals with confidence.

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for. Improve less-than-ideal scores by paying down debt or disputing errors. Nebraska's average score is 731. Aim for this to access better refinancing rates.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates. Nebraska's 15-year rate is 5.10% and 30-year is 5.73%. If these are lower, refinancing may be wise. Consider your home-stay duration before proceeding.

  3. 3

    Gather Necessary Documents

    Prepare documents like income verification, tax returns, and your current mortgage statement. This streamlines the process and helps lenders assess your financial situation efficiently.

  4. 4

    Shop Around for Lenders

    Explore different lenders for the best terms. Look for competitive rates, low fees, and good customer service. Comparing options ensures you find the most favorable refinancing deal.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs and other fees. Nebraska's average closing costs are $3,748, according to the National Association of Realtors. These expenses impact your overall savings from refinancing.

  6. 6

    Apply for the Loan

    Submit your application to the chosen lender. Ensure all information is accurate to avoid delays. Organizing your documents beforehand can make this step smoother and expedite the approval process.

  7. 7

    Lock in Your Interest Rate

    Secure your rate to protect against market fluctuations. A mortgage rate lock ensures stability during the closing process. Timing is key; consult your lender for optimal lock-in periods.

  8. 8

    Close on Your New Loan

    Finalize the paperwork and fund your new loan. Review all documents carefully to ensure accuracy. Scheduling your closing at a convenient time can reduce stress and make the process more manageable.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to your new loan terms. Set up automatic payments to ensure timely monthly installments. This helps maintain your credit score and avoid late fees.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Continuously assess market conditions and your financial situation. If rates drop or your needs change, refinancing again might be beneficial. Keeping an eye on trends helps you make informed decisions about future refinancing opportunities.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Nebraska, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, you can refinance immediately, but a cash-out refinance typically requires a six-month seasoning period. USDA loans, on the other hand, generally have a 12-month waiting period before refinancing is possible.

With the refinance rate in Nebraska dropping to 5.73% in October, this could be a good example of when to refinance if rates are lower. However, keep in mind that refinancing comes with additional closing costs, which can take years to recover. So, while you might be able to refinance within a year, it’s often not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Nebraska can lower your interest rates, reducing monthly payments. But watch out for closing costs that might offset savings. Knowing when to refinance a mortgage in Nebraska helps ensure you truly benefit. Let's explore scenarios where refinancing could be a smart move.

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    Lower Interest Rates

    Refinancing when interest rates drop can reduce monthly payments and total interest paid. Visiting local banks or credit unions can help you find competitive rates, as they often offer personalized advice and deals.

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    Increased Home Value

    When your home's value rises, your home equity increases, making refinancing more attractive. Simple upgrades like landscaping can boost value. Nebraska's average home value is $265,273.

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    Improved Credit Score

    A better credit score can unlock lower interest rates and favorable terms. Paying bills on time and reducing debt are effective ways to improve your score.

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    Shorter Loan Term

    Refinancing to a shorter loan term can decrease the total interest paid and help you own your home sooner. This strategy can lead to long-term savings and financial freedom.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize your monthly payments, providing peace of mind against fluctuating rates.

Mortgage Refinancing in Nebraska: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Nebraska by Credit Score

Your credit score affects the rates you qualify for in Nebraska. For example, the current average refinance rates in Nebraska for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.97% for credit scores between 680 and 740, compared to 6.69% for scores above 740. Explore the table below to see rates for different credit scores and loan types.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
6.18%6.45%

Mortgage Refinance Rates in Nebraska by Loan Type

Loan type is another factor that can affect the rates you qualify for in Nebraska. For example, the current average refinance rates in Nebraska for a 30-year fixed rate loan are 6.69%. The table below shows average APRs for different loan types in Nebraska.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
6.37%6.60%

FAQ: Today's Mortgage Refinance Rates in Nebraska

With market conditions constantly changing, it's natural for Nebraska homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most common questions about refinance rates in Nebraska, providing you with clear and factual information.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Omaha?

About Zachary Romeo, CBCA

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Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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