The rate on a 30-year fixed refinance is 6.34% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.36%. For 20-year mortgage refinances, the average rate is 6.08%. Related: Compare Current ...

For the vast majority of homeowners, there's currently little financial incentive to refinance their mortgages. So far in 2025, average mortgage rates have remained elevated, consistently hovering between 6.5% and 7% due to ongoing economic uncertainty.

A cash-out refinance replaces your current mortgage with a new, larger one. It includes the remaining balance of your original loan plus an additional amount that you’ll withdraw in cash. This cash comes from your home’s equity.

The average mortgage interest rate on a 30-year purchase term is 5.87% as of February 25, 2026, according to Zillow. The average rate on a 15-year mortgage is 5.25%. So the averages here are competitive again for buyers, especially when considering that rates on both terms were at least a full percentage point higher in recent years.

So far this year, average mortgage rates have stayed stubbornly high, bouncing between 6.5% and 7%, as financial markets weigh the risks of both higher inflation and an economic slowdown. Most homeowners, unable to save money by refinancing, are holding ...

Thinking about buying a home or refinancing with your VA benefits in 2026? Even though interest rates remain higher than they were a few years ago, VA loans—whether you’re purchasing a new home or using a VA streamline