Best Cash Out Refinance Rates | 2026 Lender Rankings

Millions of Americans are sitting on record home equity right now and a refinance home mortgage is one of the fastest ways to put that equity to work. As of May 2026, the national average 30-year fixed refinance APR is 6.73% and the 15-year sits at 6.06% (Bankrate, May 2026). Closing costs on a cash out refinance typically run 2% to 5% of the new loan amount (Bankrate, 2026). On a $400,000 refinance, that is $8,000 to $20,000. You can pay upfront or roll them into the loan   but rolling them in means you pay interest on those fees for the full loan term. Use a cash out refinance calculator to run both scenarios before you choose.

What Is a Cash out refinance and How Does It Work?

A Cash out refinance replaces your current mortgage with a new, larger loan. You get the difference between the two loan amounts paid to you as cash at closing. Example: your home is worth $500,000 and you owe $250,000. At 80% LTV, your new loan can be up to $400,000. After clearing the old mortgage, you walk away with $150,000 in cash  minus closing costs.Closing costs on a Cash out refinance typically run 2% to 6% of the new loan amount (Bankrate, 2026). On a $400,000 refinance, that is $8,000 to $20,000. 

Cash out refinance Rates May 2026 

These are real published rates and APRs from verified lender sources as of May 2026:

Bankrate National Average  May 2026 30-Year Fixed Refinance: 6.73% APR 15-Year Fixed Refinance: 6.06% APR Source: Bankrate survey of largest U.S. refinance lenders, May 2026

NerdWallet  April 30, 2026 30-Year Fixed Mortgage Refinance: 6.66% APR Source: NerdWallet/Mortech rate engine, April 30, 2026

Rocket Mortgage  May 2026 30-Year Fixed Refinance: 6.125% interest / 6.385% APR (rate-and-term) 30-Year FHA Fixed Refinance: 5.75% interest / 6.605% APR 30-Year VA Fixed Refinance: 5.75% interest / 6.259% APR Source: Rocket Mortgage rate updates, effective 8:40 PM UTC May 2026

Top Cash out refinance Lenders of 2026  Ranked by Volume

Based on 2025 HMDA loan-level data published by The Truth About Mortgage (April 2026), here is who led the Cash out refinance market by actual funded loan volume:

#1  Rocket Mortgage: $27.3 billion funded Rocket dominated cash-out refinance volume in 2025. Fastest closing: 15–30 days. Fully digital from application to closing. Best for borrowers who want speed and a strong digital process. Min. credit score: 620.

#2  UWM (United Wholesale Mortgage): $18.9 billion funded UWM operates exclusively through mortgage broker channels with no direct consumer access. This is actually an advantage for borrowers because broker competition drives wholesale pricing below retail. Brokers working with UWM often deliver rates 0.25–0.50% below what you would get going directly to a retail lender.

#3  Freedom Mortgage: $19.7 billion total refinance volume Strong FHA loan Cash out refinance options. Accepts credit scores as low as 550 for FHA cash-out. Good choice for borrowers who do not qualify for conventional loans..

FHA Loan Cash out refinance: Best Option for Lower Credit Scores

If your credit score is under 700, an FHA loan Cash out refinance may give you better rates and easier qualification than a conventional cash-out loan. Rocket Mortgage's published FHA refinance rate as of May 2026 is 5.75% interest / 6.605% APR  that APR is higher than the interest rate because it includes the FHA mortgage insurance premium.

FHA loan Cash out refinance requirements in 2026:

Maximum LTV: 80% of appraised home value (new appraisal required) Minimum credit score: 580–620+ depending on lender (some accept 550 with strong compensating factors) Occupancy: 

When Does a Cash Out Refinance Make Sense? The Honest Answer for Refinance Home Mortgage

A Cash out refinance is not always the right move. When evaluating a refinance home mortgage, whether you are buying a house and need to pull equity from an existing property, paying off high-interest debt, or funding renovations, the math has to work.The clearest rule: if your current mortgage rate is above 6.5%, a cash-out refinance today makes real sense you access equity AND get a similar or even lower rate through a refinance home mortgage. 

Why X2Mortgage Gets You Better Cash-Out Rates

X2Mortgage accesses both retail and wholesale pricing through the same wholesale channels that power UWM's volume-leading numbers. That means we can often beat the advertised rates you see from major retail lenders on a Cash out refinance, with X2 Mortgage helping you secure more competitive options.

so you see your real new payment, your closing cost break-even timeline, and total interest cost across the loan term. No pressure. No guesswork. Just accurate numbers before you commit to anything.

Conclusion

The Cash out refinance market in May 2026 is real and active. The national 30-year refinance APR is 6.73% (Bankrate, May 2026), NerdWallet shows 6.66% APR (April 30), and Rocket Mortgage's published 30-year rate-and-term refinance is 6.125% / 6.385% APR (May 2026). Cash-out premiums add another 0.25–0.50% on top of those numbers. Rocket Mortgage leads by cash-out volume at $27.3 billion, FHA options open the door for lower-credit borrowers, and a good mortgage broker often delivers better pricing than any retail lender can.

Q1. What are Cash out refinance rates as of May 2026?

 The national average 30-year fixed refinance APR is 6.73% (Bankrate, May 2026). NerdWallet shows 6.66% APR as of April 30. Cash out refinance rates run 0.25–0.50% above standard refinance rates, putting most conventional cash-out loans at 6.50%–7.25% APR. 

Q2. How does a Cash out refinance calculator help me? 

A Cash out refinance calculator shows you exactly how much cash you can access based on your home's current value and LTV limit, what your new monthly payment will be, how long it takes to break even on closing costs, and your total interest cost over the full loan term. 

Q3. What credit score do I need for a Cash out refinance? 

Conventional Cash out refinance loans require 620+ in most cases. An FHA loan Cash out refinance accepts 580–620+ (some lenders go to 550). VA cash-out refinance have no official minimum but lenders typically want 580–620. 

Q4. What is an FHA loan Cash out refinance and who is it best for? 

An FHA loan Cash out refinance is a government-backed loan that lets you access up to 80% of your home's appraised value as cash, with more flexible credit requirements than conventional loans. 

Q5. Should I use a mortgage broker or go direct to a lender? 

A mortgage broker accesses wholesale pricing  often 0.25–0.50% lower than retail lender rates. UWM, the #2 cash-out refinance lender by 2025 HMDA volume at $18.9 billion, only works through brokers.