Refinance mortgage rates
Average 30-year fixed 6.49% · Updated July 9, 2026 · Freddie Mac (FRED)
Refinance rates track purchase rates closely, and the decision comes down to one number: how many months of savings it takes to earn back the closing costs.
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?
As of July 9, 2026, the national average refinance rate is about 6.49%. On a $400,000 loan that works out to roughly $2,526 a month in principal and interest over 30 years.
Averages assume a well-qualified borrower — your quote depends on credit, down payment and lender.
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 estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.