Current Mortgage Refinance Rates in New Hampshire (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in New Hampshire stand at 5.14% for a 15-year fixed loan and 5.87% for a 30-year fixed loan. These figures compare to the national averages of 5.38% and 6.45%, respectively, for the same loan types.

Our goal is to equip you with the knowledge and resources needed to make informed decisions about refinancing your mortgage in New Hampshire. Explore our sections to discover insights into current trends, strategies for refinancing, and how your credit score impacts available rates.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for New Hampshire. 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 New Hampshire

The current 30-year refinance rate in New Hampshire is 5.87%. According to Experian, the average mortgage debt in New Hampshire is $216,493 as of September 2023. Refinancing your mortgage can be a practical way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

If your current mortgage rate is higher than 5.87%, refinancing could offer significant savings. Below are the current refinance rates in New Hampshire to consider as you explore your options.

15-Year Fixed5.77%5.89%
30-Year Fixed6.46%6.54%

Mortgage Refinance Rate Trends in New Hampshire

In December, refinance rate trends in New Hampshire showed a decline for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates decreased to 5.89%, while the 30-year fixed rates fell to 6.54%.

New Hampshire 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 local economic conditions, including refinance rate trends in New Hampshire. Inflation and economic growth also play roles. Understanding these elements can help you stay informed about potential changes in your refinancing costs.

How to Refinance a Mortgage in New Hampshire

Refinancing your mortgage in New Hampshire can lead to lower monthly payments and reduced loan costs. With a clear understanding of the steps involved, you can make informed decisions tailored to your financial situation. Let's explore the process to ensure you achieve the best possible outcome.

  1. 1

    Check Your Credit Score

    Credit scores influence the mortgage rates you qualify for. If your score is below New Hampshire's average of 736, consider paying down debts or correcting errors on your report to improve it.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms and compare with market rates. New Hampshire's 15-year rate is 5.14% and 30-year is 5.87%. If these rates are lower, refinancing might be beneficial. Consider how long you plan to stay in your home.

  3. 3

    Gather Necessary Documents

    Collect documents like pay stubs, tax returns, and bank statements to streamline the refinancing process. Having these ready helps verify your financial situation against your original mortgage.

  4. 4

    Shop Around for Lenders

    Compare lenders for the best terms. Look for competitive interest rates, low fees, and excellent customer service. Each lender may offer different benefits, so it's wise to explore options.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like appraisal and title fees. In New Hampshire, average closing costs are $5,355, according to the National Association of Realtors.

  6. 6

    Apply for the Loan

    Submit your application with the chosen lender. Ensure all information is accurate to avoid delays. Using online tools can simplify the process by allowing you to compare offers quickly.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to protect against market fluctuations. Timing is key, so monitor rates closely and act when they align with your goals.

  8. 8

    Close on Your New Loan

    Review and sign the final documents to complete the refinancing. Ensure all terms match your agreement. Scheduling a convenient closing time can reduce stress and ensure a smooth transition.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments on your new loan as scheduled. Setting up automatic payments can help you avoid late fees and maintain a good credit score.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically assess your mortgage terms and market rates to determine if refinancing again could be beneficial. Keeping an eye on financial trends can alert you to future opportunities.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In New Hampshire, how soon you can refinance a mortgage depends on the type of loan you have. For conventional loans, refinancing can typically occur immediately, but a cash-out refinance often requires a six-month seasoning period. USDA loans, on the other hand, usually mandate a 12-month waiting period before you can refinance.

The October refinance rate of 5.87% is lower than the September rate, indicating a favorable time to consider refinancing if rates continue to drop. However, remember that refinancing comes with additional closing costs, which can take years to recover. Therefore, while you could refinance a mortgage within a year, it’s generally not advisable unless there is a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in New Hampshire can reduce monthly payments by lowering interest rates. Yet, potential closing costs might counteract these savings. Recognizing when to refinance a mortgage in New Hampshire is vital for ensuring financial gain. Let's delve into scenarios where refinancing could be advantageous.

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    Lower Interest Rates

    Refinancing when interest rates drop can lower monthly payments and save money over time. Visiting local banks and credit unions to negotiate rates can yield the best deals. This strategy ensures you capitalize on favorable market conditions.

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    Increased Home Value

    Higher home values boost home equity, making refinancing attractive. Enhancing curb appeal can increase value. With New Hampshire's average home value at $485,943, leveraging this equity can lead to better loan terms.

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    Improved Credit Score

    A better credit score can secure lower interest rates when refinancing. Paying bills on time and reducing debt are practical steps to improve your score, making refinancing more advantageous.

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    Shorter Loan Term

    Refinancing to a shorter term can reduce interest paid over the life of the loan and build equity faster. This strategy offers financial freedom sooner, aligning with long-term goals.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments and aiding in budget planning.

Mortgage Refinancing in New Hampshire: 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 New Hampshire by Credit Score

Your credit score influences the rates you qualify for in New Hampshire. For example, the current average refinance rates in New Hampshire for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.95% for credit scores between 680 and 740, compared to 6.54% for scores above 740. Explore the table below for more details.

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%
6.13%6.35%

Mortgage Refinance Rates in New Hampshire by Loan Type

The type of loan you choose can impact the rates you qualify for in New Hampshire. For example, the current average refinance rates in New Hampshire are 6.54% for a 30-year fixed rate loan and 7.49% for a 30-year FHA fixed rate. Explore the table below to see average APRs for various loan types.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.76%5.93%

FAQ: Today's Mortgage Refinance Rates in New Hampshire

With market conditions constantly changing, it's natural for New Hampshire 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 New Hampshire, 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 Manchester?

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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