Refinance mortgage rates
30-year fixed: latest weekly average 7.18% · week of Nov 5, 2026 · Freddie Mac PMMS · new data every Thursday
Refinance rates track purchase rates closely, so today's average matters less than the gap between it and your current rate, and how fast the monthly savings repay your closing costs. The break-even table below does that math.
Refinance mortgage rates: chart & history
Over the past 52 weeks the 30-year fixed (the benchmark refinance quotes are priced from) average ranged from 5.98% (Feb 26, 2026) to 7.40% (Oct 15, 2026); today's 7.18% is 0.22 percentage points below the high. Weekly Freddie Mac averages, from the last 30 days to 5 years.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
Longer view: the mortgage rates chart since 1971, with rates by year and the 10-year Treasury.
Should you refinance at today's rate?
Enter your current loan and the new offer. Net savings count what you'd pay and what you'd still owe — a lower payment that stretches the loan can still leave you behind.
The new rate starts at this week's 7.18% benchmark — replace it with your quote. Closing costs usually run 2%–5% of the balance.
Worth it if you stay 7 years: you'd come out $14,409 ahead — payments plus what you'd still owe, after $7,000 in closing costs. The monthly saving repays the costs in 24 months.
The new loan adds 3 years of payments (27 years left now → 30 years). Lifetime interest still falls by $11,403 if both loans run to term.
- New payment
- $2,371/mo
- $299 less than $2,670 now
- Break-even
- 24 mo
- to repay closing costs
- Net after 7 yrs
- +$14,409
- paid + still owed, costs included
- Interest saved
- +$11,403
- over the life of the loan
| Option | Payment | After 3 yrs | After 5 yrs | After 10 yrs |
|---|---|---|---|---|
| Keep current loan (8.125%, 27 yrs left) | $2,670/mo | baseline | baseline | baseline |
| Refinance: 30-year at 7.18% | $2,371/mo | +$2,657 | +$8,726 | +$21,990 |
| 15-year at 6.57% (today's average) | $3,062/mo | +$12,154 | +$28,479 | +$84,381 |
Deciding when to move? Read when to refinance, or weigh paying points for a lower rate.
Rate-and-term and cash-out refinance rates vs. purchase
Freddie Mac's weekly average describes purchase loans. Refinances are priced off the same market plus Fannie Mae's refinance price adjustments — a little more for a rate-and-term refinance, noticeably more for cash-out. With 20% equity, at this week's 7.18% benchmark:
| Credit score | Purchase | Rate-and-term refi | Cash-out refi |
|---|---|---|---|
| 780+ | 7.18%0.375% of loan | 7.21%0.500% of loan | 7.43%1.375% of loan |
| 740–759 | 7.30%0.875% of loan | 7.37%1.125% of loan | 7.68%2.375% of loan |
| 700–719 | 7.43%1.375% of loan | 7.55%1.875% of loan | 7.90%3.250% of loan |
| 660–679 | 7.55%1.875% of loan | 7.71%2.500% of loan | 8.27%4.750% of loan |
| 620–639 | 7.77%2.750% of loan | 7.96%3.500% of loan | 8.37%5.125% of loan |
Estimated rates: the benchmark plus each adjustment's gap to the 780+, 20%-down purchase borrower it describes, at about 0.25% of rate per point; lenders' rate sheets convert a little differently. More equity shrinks the gap: at 70% loan-to-value a 740–759 borrower's cash-out adjustment falls to 1.000% (purchase: 0.125%). Full grids: LLPA matrix · by score: rates by credit score.
Refinance break-even at today's rate
Quick estimate, like-for-like: refinancing a $350,000 balance into a new 30-year loan at today's 7.18% average, with $7,000 in closing costs:
| Your current rate | Monthly saving | Break-even | Net after 5 years |
|---|---|---|---|
| 7.75% | $136/mo | 52 months | +$3,066 |
| 8.00% | $197/mo | 36 months | +$7,487 |
| 8.50% | $320/mo | 22 months | +$16,340 |
| 9.00% | $445/mo | 16 months | +$25,203 |
Compares like-for-like 30-year loans; "net" counts payments, closing costs and the balance still owed. With fewer years left on your current loan the saving and total interest differ — enter your own loan in the refinance check above. Refinancing only pays if you keep the new loan past the break-even.
A rate-and-term refinance lowers your payment or shortens your loan; a cash-out refinance trades equity for cash at a slightly higher rate. Either way, closing costs typically run 2–5% of the balance, so the break-even month is the figure that matters.
Run your exact numbers before talking to a lender — knowing your target monthly saving turns the conversation from a sales pitch into a price check.
Refinance rate FAQ
What is the current refinance rate?
Freddie Mac's 30-year fixed average — the benchmark refinance quotes are priced from — is 7.18% (week of Nov 5, 2026).
The survey covers purchase loans; a rate-and-term refinance typically prices a little above it and a cash-out refinance more (see the pricing table above). On a $400,000 loan 7.18% works out to about $2,710 a month in principal and interest.
How far do rates need to drop for a refinance to pay off?
Use the break-even, not a rule of thumb. On a $350,000 balance with $7,000 of costs, moving from 8.00% to today's 7.18% saves about $197/mo and pays back in about 36 months. If you will move or refinance again before then, it does not pay.
Is it worth refinancing from 7% to 6%?
Often, if you'll stay a few years. On a $350,000 balance with 27 years left, a new 30-year loan at 6% cuts the payment by about $309 a month and repays $7,000 of closing costs in 23 months.
Counting what you'd still owe, you'd be about $9,665 ahead after five years — but the loan runs three years longer.
Today's 30-year benchmark is 7.18%, so a 6% quote would take points or a very strong profile; run your own numbers in the refinance check above.
What is the 2% rule for refinancing?
An old rule of thumb: refinance only when you can cut your rate by two percentage points. With today's costs a smaller cut can pay.
On a $350,000, 30-year balance with $7,000 of closing costs, a one-point cut breaks even in about 30 months and half a point in about 59 months. Use the break-even and how long you'll stay, not a fixed rule.
How much does it cost to refinance?
Typically 2%–5% of the loan amount — about $7,000–$17,500 on $350,000 — for lender fees, the appraisal, title and recording. Refinances skip some purchase-only costs, such as the owner's title policy. See typical totals by state in our closing costs by state table.
Can you refinance with no closing costs?
Yes, two ways: roll the costs into the new balance, or take a lender credit in exchange for a higher rate.
Covering $7,000 on a $350,000 loan is about 2 points — at the rule of thumb of ~0.25% of rate per point, roughly 7.68% instead of 7.18%, or $120 more a month.
It suits you if you'll move or refinance again before a normal refinance would break even.
Are refinance rates higher than purchase rates?
Slightly for a rate-and-term refinance, more for cash-out. Fannie Mae's price adjustments for a 740–759 score with 20% equity are 0.875% of the loan on a purchase, 1.125% on a rate-and-term refinance and 2.375% on a cash-out — roughly 7.30%, 7.37% and 7.68% at this week's 7.18% benchmark.
Are refinance rates dropping?
This week, yes: Freddie Mac's 30-year average was 7.18% for the week of Nov 5, 2026, down 0.06 points from the week before and down 0.22 from a month earlier. Over the past 52 weeks it ranged from 5.98% to 7.40%.
Refinance quotes move with it; nobody can reliably time the next turn, so judge a refinance on the break-even at today's rate.
Why is my quoted rate different from the average?
National averages assume strong credit, a solid down payment and a single-family primary home. Lower scores, smaller down payments, condos, second homes and cash-out all add pricing adjustments, so the average is a benchmark for judging quotes, not a promise.
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment figures are principal and interest, plus mortgage insurance or program fees only where a row says so; property tax and homeowners insurance are not included. Confirm current pricing with a licensed lender.