Mortgage Refinance Rates 2026: Compare Today's Best Deals
Current refinance rates are at 6.50% for a 30-year fixed and 5.85% for a 15-year fixed. If your current rate is 7.25% or higher, refinancing could save you $200-$400/month. Here are today's rates by loan type and how to get the lowest offer.
30-Year Fixed
6.50%
15-Year Fixed
5.85%
FHA Streamline
6.15%
VA IRRRL
6.00%
Today's Refinance Rates by Loan Type (March 2026)
| Loan Type | Rate | APR | Payment* |
|---|---|---|---|
| 30-Year Fixed | 6.50% | 6.72% | $1,896 |
| 20-Year Fixed | 6.15% | 6.38% | $2,178 |
| 15-Year Fixed | 5.85% | 6.10% | $2,496 |
| 10-Year Fixed | 5.65% | 5.95% | $3,258 |
| FHA Streamline | 6.15% | 6.85% | $1,824 |
| VA IRRRL | 6.00% | 6.25% | $1,799 |
| Jumbo 30-Year | 6.75% | 6.95% | $1,945 |
| Jumbo 15-Year | 6.25% | 6.50% | $2,572 |
*Monthly payment based on $300,000 loan. Rates assume 740+ credit, 80% LTV. Your rate may differ. Get your personalized rate.
How Much Will You Save? (Real Examples)
| Current Rate | New Rate | Monthly Savings | Annual Savings | Break-Even* |
|---|---|---|---|---|
| 8.00% | 6.50% | $304 | $3,648 | 22 months |
| 7.50% | 6.50% | $199 | $2,388 | 34 months |
| 7.25% | 6.50% | $149 | $1,788 | 45 months |
| 7.00% | 6.50% | $100 | $1,200 | 67 months |
*Based on $300,000 loan, $6,750 closing costs. Break-even = closing costs ÷ monthly savings. Under 36 months is excellent.
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Should You Refinance Now or Wait?
Refinance Now If...
- • Your current rate is 7.25% or higher
- • Your break-even is under 36 months
- • You plan to stay in home 3+ years
- • You have 20%+ equity (avoid PMI)
- • Your credit score has improved significantly
- • You want to switch from ARM to fixed
Wait If...
- • Rate savings is less than 0.5%
- • Break-even is over 48 months
- • You're moving within 2 years
- • Your credit score is below 680 (fix first)
- • You have less than 10% equity
- • You're close to paying off your mortgage
How to Refinance in 5 Steps
Check Your Current Rate & Equity
Pull your latest mortgage statement. Know your current rate, balance, and estimated home value. You need 20%+ equity for the best rates and to avoid PMI.
Compare 3-5 Lenders
Get quotes from at least 3 lenders. Include your current lender, a credit union, and online lenders. Compare rates, closing costs, and APR (which includes all costs).
Get Pre-Approved & Lock Your Rate
Once you choose a lender, get pre-approved and lock your rate. Most rate locks are 30-60 days. Ask about float-down options in case rates drop during your lock period.
Complete Appraisal & Underwriting
Your lender orders an appraisal ($400-$700). Underwriting reviews your income, credit, and property. This takes 2-4 weeks. Have tax returns and pay stubs ready.
Close & Start Saving
Sign closing documents (often digitally). Your old loan is paid off and new loan begins. First payment is typically 30-60 days after closing. Savings start immediately.
Frequently Asked Questions
What are current mortgage refinance rates in 2026?
Is it worth refinancing in 2026?
How much does it cost to refinance in 2026?
Will refinance rates drop more in 2026?
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David Rodriguez
Refinance & Rate Specialist · NMLS #234567
David specializes in mortgage refinancing and has helped thousands of homeowners save an average of $283/month through strategic refinancing.