Refinance Mortgage Rates

Refinance Mortgage Rates

The average refinance rate is 6.85% today.

The average refinance rate is 6.85% today.

Updated April 1, 2026

Product Rate APR Change Payment
30-Year Refi 6.85% 6.9% ▼ 0.02% $2,626/mo
15-Year Refi 6.05% 6.1% ▼ 0.01% $3,388/mo
Cash-Out Refi 7.1% 7.18% — 0.00% $2,693/mo

Should You Refinance?

Consider when you can lower your rate by 0.5-0.75%, reduce your term, eliminate PMI, or access equity. Calculate your break-even by dividing closing costs by monthly savings.

Frequently Asked Questions

How much does it cost to refinance?

Typically 2-5% of the loan amount ($6,000-$15,000 on a $300,000 refinance).

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