Guide
Does refinancing hurt your credit?
Refinancing usually causes a small, temporary dip in your credit score from the lender's hard inquiry and the new account, and scores typically recover with on-time payments. Using a calculator like ours involves no credit check at all — for example, you can see that $300,000 at 8.13% refinanced to 7.13% saves about $206 a month without any inquiry.
Last reviewed November 13, 2026 · Examples use this week's rates
30-yr fixed avg 7.11% as of November 12, 2026
Source: Freddie Mac PMMS
What affects your score
A hard inquiry happens when a lender pulls your credit for an application. Opening the new loan lowers the average age of your accounts, and closing the old one changes your mix slightly. These effects are usually small and fade over time.
Rate shopping
Common credit scoring models treat multiple mortgage inquiries made within a short window as a single inquiry for scoring, so comparing several lenders in a short period generally won't hurt more than applying once. The exact window depends on the scoring model; FICO's published guidance describes windows of 14 to 45 days depending on the version.
How to limit the impact
Use calculators and prequalification tools that don't pull credit before applying. Do your formal applications close together. Keep making your current payment on time until the new loan closes, and avoid opening other credit during the process.
Worked example at this week's rates
- Using the calculator only (no credit pull): $250,000 from 7.88% to 7.13% saves $128/month with break-even in 39 months.
Rates are Freddie Mac PMMS weekly averages — a national purchase-mortgage benchmark, not a local refinance quote. Closing costs are estimated at 2% unless stated, and payments are principal and interest only.
Sources
Run your own numbers
Use the Refinance calculator with your balance, rate and costs.
Estimates only. Default rates are Freddie Mac PMMS weekly averages — a national purchase-mortgage benchmark, not a local refinance quote. Payments are principal and interest only. reficalculator.com is not a lender or broker; see how we calculate.
Frequently asked questions
- How many points does refinancing drop your score?
- It varies by credit profile and scoring model. Effects from a single inquiry and new account are usually small and temporary.
- Does checking rates hurt my credit?
- Using our calculator doesn't involve a credit check. A lender's hard pull for an application does.
- Can I shop multiple lenders?
- Yes. Scoring models generally group mortgage inquiries within a short window.
- How long does the dip last?
- Inquiries stay on your report for two years but typically affect scores for a much shorter time.
- Will missing a payment during refinancing hurt?
- Yes. Keep paying your current loan until the new one pays it off.