Check out the latest FHA refinance rates to see if you could save some money by refinancing your FHA mortgage.

FHA mortgages offer some of the lowest mortgage rates on the market. One of the benefits of getting a government-backed loan like an FHA mortgage is that many borrowers pay less for these loans even when compared to conventional loans with shorter terms, like a 15-year mortgage refinance.

In March, 30-year refinance rates for FHA loans averaged 6.05%, according to Zillow data. This is around 44 basis points below the average rate on a conventional loan. It's also a slight downtick from the previous month.

So far in April, these rates have been trending a bit lower.

See how today's refinance rates compare.

The three main types of FHA refinance loans include:

Typically, it only makes sense to refinance if it can help you:

Another common reason borrowers refinance is to get rid of mortgage insurance, but you won't want to refinance into an FHA loan for this, since these mortgages typically require annual mortgage insurance for the life of the loan. If you have an FHA loan and sufficient equity, you'll want to refinance into a conventional loan to get rid of mortgage insurance.

So when might you consider an FHA refinance over other loan types? It might be a good option if your credit or finances disqualify you from getting a conventional mortgage.

"If you are using FHA for your loan, it's generally because you have to based upon lower credit scores, higher debt-to-income ratios, or significant credit events in your recent past, such as a bankruptcy, foreclosure, or short sale," says Mason Whitehead, a Dallas-based branch manager for Churchill Mortgage. "FHA allows you to qualify much faster with those issues than a conventional loan does."

FHA streamline refinances in particular can be beneficial because the process is simpler and may be a little cheaper, since you won't have to pay for an appraisal. Plus, if you're eligible for a non-credit qualifying streamline, you won't have to worry about your credit preventing you from refinancing.

No matter what type of refinance you're getting, one of the best things you can do to ensure you get a good rate is shop around with more than one lender. Typically, experts recommend getting preapproved with at least three lenders to see which can offer you a low rate.

As you get quotes from different lenders, remember that your rate isn't the only cost you should think about. Every company charges different lender fees, and these costs can make a big difference in how much you'll pay at closing. Some lenders that charge low rates make up for it by charging higher fees.

Don't forget that all FHA loans come with certain FHA-specific costs as well.

You'll need to pay the upfront mortgage insurance premium, which is equal to 1.75% of the loan amount. This premium can be financed into the mortgage, but keep in mind that this will increase your monthly payment and the amount you'll pay in interest over the life of the loan.

In addition to the upfront premium, you'll also make monthly payments toward your annual mortgage insurance premium as part of your mortgage payment. Depending on your loan size, term length, and loan-to-value ratio, you'll pay between 0.15% and 0.75% of the loan amount each year.

Use Business Insider's free mortgage calculator to see how a lower rate could impact your monthly mortgage payment.

There are also refinance-specific calculators online that let you compare the costs and benefits of a refinance to your current mortgage.

It's not uncommon for FHA borrowers to seek out a conventional refinance once their finances have improved. While FHA mortgages can help those with low credit or a high DTI affordably purchase a home, conventional loans can often be the better deal if your credit is in the "very good" to "excellent" range since you may be able to get a lower rate and save on mortgage insurance.

"Monthly mortgage insurance with FHA is generally more expensive than with a conventional loan because it is a fixed rate no matter your credit score," says Whitehead. "So, a borrower with a 740 credit score putting 5% down on a conventional loan may only have a monthly mortgage insurance rate of 0.25%, whereas the same loan-to-value with FHA will be 0.55%."

Refinancing to a conventional mortgage can be an especially good idea if you have 20% or more equity in your home since you won't have to pay mortgage insurance at all.

If you're not sure what kind of mortgage you'd like to refinance into, your lender can walk you through all the options you're eligible for and help you determine which one makes the most sense for you.