Conventional refinance rates are based on a refinance shopper's situation. Depending on risk factors, like credit score and income, a low-risk borrower could receive a better interest rate than another applicant. Generally, conventional loans are best suited for those with a credit score of 680 and above. You do not need a conventional mortgage to refinance, however.
With as little as 5% equity you can refinance any type of mortgage with a conventional loan:
Adjustable rate mortgages
Although HARP and FHA loans have reigned the refinance market, the standard conventional refinance is a viable go-to-option now that home equity is returning across the country.