As of September 21, 2026, the national average 30-year fixed refinance APR is 7.12%, while the average 15-year fixed refinance APR is 6.52%, according to Bankrate’s daily lender survey. These are national averages — the actual rate offered to you will depend on your credit score, loan-to-value ratio, and the lender you choose.
Why Refinance Rates Aren’t Always the Same as Purchase Rates
It’s a common source of confusion: the rate you see advertised for buying a home isn’t always identical to the rate for refinancing an existing mortgage. On a recent survey date, Bankrate reported the 30-year refinance rate at 7.02% alongside a purchase rate of 7.06% — close, but not identical. The gap (and its direction) can shift from week to week depending on lender pricing strategy, so it’s worth checking both numbers separately rather than assuming they match.
The Recent Trend: From 2026 Lows Back Above 7%
Refinance rates fell to a 2026 low of around 6.09% earlier in the year, which triggered a wave of refinance activity. Since then, rates have climbed back above 7%, largely tied to the Federal Reserve’s decision in mid-September to raise its benchmark interest rate by 25 basis points, bringing its target range to 3.75%–4.00%. The Mortgage Bankers Association’s Refinance Index has cooled accordingly as rates moved higher, reflecting how sensitive refinance demand is to even modest rate swings.
The Fed doesn’t set mortgage rates directly, but its decisions influence the bond market, which mortgage rates track closely.
Rate-and-Term vs. Cash-Out Refinance
There are two main paths when refinancing:
- Rate-and-term refinance: You replace your existing mortgage with a new one, ideally at a lower rate or with different loan terms, without changing the loan balance significantly.
- Cash-out refinance: You borrow more than you currently owe and take the difference in cash, using your home’s equity. This usually comes with a slightly higher rate than a rate-and-term refinance.
Is Refinancing Worth It Right Now?
Whether refinancing makes sense depends less on the headline rate and more on your personal break-even point — how long it takes for your monthly savings to cover the closing costs of the new loan.
If you plan to stay in your home longer than your break-even point, refinancing is generally a sound financial decision. If you expect to move before reaching that point, the upfront costs may not be worth it.
A simple way to estimate your break-even point:
- Ask your lender for the total closing costs of the refinance.
- Calculate your estimated monthly savings (old payment minus new payment).
- Divide closing costs by monthly savings to get the number of months to break even.
For example, if refinancing costs $6,000 in closing costs and saves you $150 per month, your break-even point is 40 months (about 3.3 years).
Frequently Asked Questions
Is now a good time to refinance?
It depends on your current rate. If your existing mortgage rate is meaningfully higher than today’s refinance rates, and you plan to stay in your home past your break-even point, it may be worth exploring. If your current rate is already competitive, refinancing may not save you money after closing costs.
How much does it cost to refinance?
Refinance closing costs typically run into the thousands of dollars, varying by loan size and lender. Ask each lender for a full Loan Estimate to compare true costs, not just the interest rate.
Do refinance rates change daily?
Yes. Like purchase rates, refinance rates can move daily, and sometimes multiple times a day, based on bond market activity and lender-specific pricing.
Bottom Line
Refinance rates have pulled back from their 2026 lows and moved back above 7% following the Federal Reserve’s September rate decision. Whether refinancing still makes sense for you comes down to your personal break-even math, not just the headline rate. Getting quotes from at least three lenders remains the most reliable way to find out what you’d actually qualify for.
This article does not constitute financial or mortgage advice. Keyrate is not a lender. Rates and terms are subject to change and should be confirmed directly with each lender.