Latest refinance mortgage rate update for Nov. 2, 2026

The average refinance rate for a 30-year fixed-rate home loan stands at 7.176%, according to Mortgage Research Center data. If you’re a homeowner looking to refinance for a lower rate or to access home equity, the figures below show average refi rates across several loan types and terms.

Current refinance rate data

Conventional mortgages

Jumbo mortgages

FHA loans

VA loans

Fortune reviewed the most recent Mortgage Research Center data available as of late October.

How mortgage refinancing works

Refinancing a mortgage means replacing your current home loan with a new one. As with your original mortgage application, you’ll need to meet lender standards tied to your credit history, proof of income, debt-to-income ratio, and other financial factors.

Because refinance applications involve a hard credit inquiry, your score may dip slightly. And if you do not meet the lender’s standards, your refinance request can be denied.

What’s going on with mortgage rates right now?

Some market watchers expected mortgage rates to decline after the Federal Reserve lowered the federal funds rate in late 2024. That did not happen, and the nationwide average for 30-year fixed loans stayed close to the 7% range for an extended period.

Rates also remained far above the lows seen during the pandemic, when some borrowers locked in mortgages in the 2% and 3% range. Many homeowners have stayed put rather than move or refinance in the current environment. A Redfin report showed that as of the third quarter of 2024, 82.8% of homeowners with a mortgage had a rate below 6%.

Homeowners did get some relief in late August and early September of 2025, when mortgage rates began trending lower ahead of the Fed’s September meeting, where the central bank delivered its first rate cut of the year. The Fed then followed with additional cuts later in the year.

Rates moved higher again in March 2026 after the Trump administration launched Operation Epic Fury in Iran near the end of February, which pushed gas prices higher and added to economic uncertainty. Mortgage rates briefly appeared poised to ease after the U.S. and Iran announced a ceasefire in June 2026, but they generally stayed elevated. They rose modestly after the ceasefire appeared to unravel in July 2026.

After the Fed raised its benchmark rate at the September 2026 FOMC meeting, near-term relief in mortgage rates appears unlikely.

When refinancing may be worth it

As with any refinance, there are upfront costs, so timing matters. A common rule of thumb is that refinancing makes sense if you can secure a new rate that is at least one full percentage point lower than your current one. For example, if your existing mortgage is at 7%, a refinance may be worthwhile if you can lock in a 6% rate.

Refinancing can also make sense if you want to access equity through a cash-out refinance. In most cases, you need at least 20% equity in the home. If you bought with the minimum 5% down payment — or 3% for first-time buyers on some conventional loans — it may take some time before you qualify.

Another reason to refinance is to adjust the loan term. A borrower with a 15-year mortgage may decide the monthly payment is too high and refinance into a 30-year loan to gain more breathing room in the budget.

Some homeowners refinance to switch loan types. For example, someone with an FHA loan that requires mortgage insurance for the life of the loan may move to a conventional mortgage in order to eliminate that cost, known as MIP on an FHA loan or PMI on a conventional loan.

Borrowers with an adjustable-rate mortgage may also choose to refinance into a fixed-rate loan if they plan to keep the home long enough that future rate adjustments could become a concern.

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What refinancing costs

Like a standard purchase mortgage, refinancing comes with closing costs, typically equal to about 2% to 6% of the loan amount. On a $300,000 rate-and-term refinance, that could mean between $6,000 and $18,000 in upfront costs. Common items on a refinance estimate include:

• Lender origination fees.
• Appraisal fees.
• Title search and insurance fees.
• Loan application fees.
• Survey fees.
• Attorney fees, where required by state law.
• Recording fees.
• Prepayment penalties, if your current servicer charges one.

Main types of refinance loans

There are several refinance options available, and the best choice depends on your goals and the type of mortgage you already have. Common options include:

• Rate-and-term refinance: The most common type of refinance, used to lower your interest rate and/or shorten the loan term. A shorter term can save a lot of interest over time, but it usually comes with higher monthly payments.
• Cash-out refinance: This lets you borrow against your home equity by taking out a larger loan and receiving the difference in cash. The funds can be used for renovations, debt consolidation, or other financial needs.
• No-closing-cost refinance: In this arrangement, the lender pays the closing costs in return for a higher interest rate. It can be useful if you do not have cash available upfront.
• Streamline refinance: Existing FHA, VA, and USDA borrowers may qualify for these simpler refinance options, which typically involve less paperwork and a faster approval process.

Refinancing with your current lender or a different one

You do not have to refinance with the lender that issued your original mortgage. It is smart to compare offers from multiple lenders to find the best rate and service.

That said, some lenders offer perks for loyal customers, such as reducing part of the closing costs. Because those charges can create a major upfront hurdle, it is worth asking your current lender whether any incentives are available.

If your loan is owned by Fannie Mae or Freddie Mac, you may also qualify for programs such as Refi Now or Refi Possible.