Today's Average Refinance Rates
30-Year Fixed Refinance: 6.91% (6.98% APR)
15-Year Fixed Refinance: 6.31% (6.41% APR)
Cash-out refinances typically price slightly higher than rate-and-term refinances of the same term, since the larger loan balance represents more risk to the lender.
Why Rates Moved Higher in 2026
Refinance activity is down roughly 65% year-over-year according to Mortgage Bankers Association data, as rates climbed off their 2026 low. Fewer existing homeowners hold a rate high enough above today's average to make refinancing worthwhile — the math only works cleanly for anyone still sitting on a rate above 7%.
How Your Personal Rate Differs From the Average
- Credit score — the gap between a 620 and a 760+ credit score can be half a point or more on the same loan.
- Loan-to-value ratio — more home equity remaining after the refinance generally earns a better rate.
- Loan type — cash-out, jumbo, and investment property refinances all price above a standard rate-and-term refinance.
- Discount points — paying points upfront buys the rate down, which only pays off if you keep the loan long enough to recoup the cost.
Should You Wait for Lower Rates?
Trying to perfectly time a refinance around future Fed moves is largely guesswork — nobody, including professional forecasters, reliably calls the bottom. The more reliable approach is running your own break-even math against today's actual quoted rate rather than waiting on a rate that may or may not arrive.
This page is for educational purposes and isn't personalized financial or lending advice. Rates, terms, and lender offers change frequently — confirm current figures directly with lenders before acting.