The average refinance rate for a 30-year, fixed-rate home loan stands at 6.15%, as reported on February 13, 2026, by Zillow. Homeowners considering refinancing to secure a lower interest rate or access home equity should review these average rates across various loan types and terms.
Current Refinance Rates: February 16, 2026
Refinancing can be a strategic move for homeowners. Here’s a breakdown of the average refinance rates:
- 30-Year Fixed-Rate: 6.15%
- 15-Year Fixed-Rate: Data pending
- Adjustable-Rate Mortgages: Data pending
Understanding Mortgage Refinancing
A mortgage refinance involves replacing an existing home loan with a new one. This process requires meeting specific lender criteria, including a review of your credit profile and proof of income. Be aware that applying for a refinance can temporarily impact your credit score.
Current Market Trends
Despite expectations for a drop in mortgage rates following Federal Reserve rate cuts in late 2024, average mortgage rates have remained close to 7%. Many homeowners secured loans during the pandemic at rates below 3%, and a significant percentage of them (82.8% as of the third quarter of 2024) still enjoy rates below 6%.
Positive trends began in late August and early September of 2025, as mortgage rates started gradually decreasing. This movement was propelled by rate cuts from the Federal Reserve.
When to Consider Refinancing
Deciding to refinance should depend on your existing rate and financial goals. Generally, a good rule of thumb suggests refinancing is beneficial if you can reduce your rate by at least one percentage point. For example, shifting from a loan at 7% to 6% could warrant a refinance.
Homeowners may also choose to refinance for various reasons:
- Access home equity through a cash-out refinance.
- Switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
- Adjust the length of the loan term for budgetary flexibility.
Costs Associated with Refinancing
Like obtaining a traditional mortgage, refinancing involves closing costs that typically range from 2% to 6% of the loan amount. For example, closing costs on a $300,000 loan can vary between $6,000 and $18,000. Common refinance costs include:
- Lender origination fees
- Appraisal fees
- Title search and insurance fees
- Loan application fees
- Survey fees
- Attorney fees, where applicable
- Recording fees
- Potential prepayment penalties
Types of Mortgage Refinance Loans
Various refinance options are available, each serving different financial goals:
- Rate-and-Term Refinance: Aims to lower your interest rate or shorten your loan term.
- Cash-Out Refinance: Allows homeowners to access cash by borrowing more than the existing mortgage balance.
- No-Closing-Cost Refinance: Involves higher interest rates in lieu of upfront closing costs.
- Streamline Refinance: Available for FHA, VA, and USDA loans, offering a simplified application process.
Choosing the Right Lender
Refinancing does not necessitate staying with your original lender. It’s advisable to shop around for better rates and services. Existing lenders sometimes offer benefits for refinancing, such as waiving part of the closing costs, which can ease the financial burden of getting a new loan.
For those whose mortgages were purchased by Fannie Mae or Freddie Mac, programs like Refi Now and Refi Possible may provide additional refinancing options.
