Compare mortgage refinance lenders, current rates, and closing costs for 2026. Expert guides to help you make a confident home financing decision.
Compare Refinance Rates →Mortgage rates have moved higher since their 2026 low of 6.09%, with the average 30-year fixed refinance rate sitting at 6.91% (6.98% APR) and the 15-year fixed at 6.31% (6.41% APR) as of September 18, 2026, per Bankrate. Refinance application volume is down roughly 65% year-over-year as fewer homeowners have a rate worth replacing — but for anyone still holding a mortgage above 7%, current rates can still mean real monthly savings.
| Loan Type | Min. Down Payment | Min. Credit Score | Best For |
|---|---|---|---|
| Conventional | 3% | 620 | Buyers with solid credit and steady income |
| FHA | 3.5% | 580 | First-time buyers, lower credit scores |
| VA | 0% | No set minimum | Veterans, active service members |
| USDA | 0% | 640 | Eligible rural and suburban buyers |
| Jumbo | 10-20% | 700+ | Loans above the conforming limit |
The traditional rule of thumb is that refinancing makes sense once you can cut your rate by at least 0.75-1 percentage point, though the real math depends on your closing costs versus your break-even timeline. Homeowners who bought or last refinanced when rates were above 7.5% are the most likely to find real savings in today's market — everyone else is usually better off waiting for a bigger rate drop.
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