Both FHA and conventional home loans allow you to refinance your mortgage to get a lower mortgage payment and better interest rate. FHA Refinance. If you have an FHA loan you may qualify for an FHA streamline refinance. A streamline refinance works the same as traditional refinancing but requires less paperwork.
Interest rates moved higher on both a contract and an effective basis for all loan products except those guaranteed by FHA. The average contract interest rate for 30-year fixed-rate mortgages (FRM).