Refinance mortgage rates for November 7, 2025

Current refinancing rates information

As of November 6th, Coins2Day examined the latest Zillow information.

Refinancing a mortgage involves obtaining a new loan to pay off your existing mortgage.

Essentially, refinancing a mortgage involves swapping your current home loan for a different one. Similar to when you sought a mortgage for your home purchase, you'll be required to apply and satisfy lender requirements concerning your credit history, income verification, debt-to-income (DTI) ratio, and other factors. A hard inquiry usually causes a slight decrease in your credit score. There's also a chance of rejection if you fail to meet the lender's criteria.

What's the current situation with mortgage rates in today's market?

Several market observers had anticipated a decrease in mortgage interest rates following the Federal Reserve's multiple reductions to the federal funds rate toward the end of last year. Instead, mortgage rates stayed stubbornly close to the 7% threshold—this being the nationwide average for 30-year, fixed-rate mortgages—for several months. 

Interest rates have consistently stayed significantly higher than their pandemic-era troughs, a period when certain homeowners could secure rates as low as 2% or 3%. According to a Redfin report, by the third quarter of 2024, 82.8% of homeowners holding a mortgage had an interest rate lower than 6%. Many individuals find themselves effectively trapped with their current home mortgages, unable to or disinclined to relocate or restructure their loans given the present circumstances.

Homeowners experienced some welcome relief beginning in late August and early September of 2025. Mortgage rates saw a significant decrease just before September. At the 16-17 Fed meeting, the central bank implemented a widely anticipated rate cut increase of a quarter percentage point. Subsequently, the Federal Reserve implemented another quarter-point reduction in late October.

Mortgage refinance possibilities

As we’ll cover more in the section below this one, it’s not free to refi your home loan. So, when does it make sense to accept the upfront costs and refinance? 

A common guideline experts suggest is that if you can secure a new rate that's a full percentage point below your current one, it's likely a good idea to refinance. Considering current market trends, a homeowner who secured a mortgage at 7% would be well-advised to explore refinancing if prevailing conditions allow them to obtain a 6% rate.

Refinancing could also be a smart move if you're looking to access your home's equity via a cash-out refinance. Typically, you'll need a minimum of 20% equity in your home to proceed with this. For individuals who purchased a home with the typical 5% minimum down payment on conventional mortgages, it may take some time before they can utilize a cash-out refinance. 

Another situation where refinancing can be beneficial is to alter your loan's duration. Perhaps you opted for a 15-year mortgage when purchasing your home, understanding that the trade-off for larger monthly installments was significant interest savings in the long run. However, your financial situation has shifted, and your current monthly installments are straining your finances. Opting for a 30-year refinancing could provide the essential flexibility needed for reduced payments under those circumstances.

You might also consider refinancing if you're looking to change your loan type. Perhaps you're currently using an FHA loan that includes lifetime mortgage insurance (known as MIP for this loan type), and you're looking to transition to a conventional loan to eliminate this requirement. Alternatively, you might have secured an adjustable-rate mortgage (ARM) but now intend to remain in your home for an extended duration and wish to avoid the risk of interest rate increases during the adjustment phase. If that's the situation, switching to a fixed-rate mortgage might be a good idea. 

Expenses associated with refinancing your home loan

Similar to the conventional mortgage you probably secured to purchase your residence, the process of refinancing a home loan includes associated expenses, typically ranging from 2% to 6% of the total loan sum. When you do a rate-and-term refinance on a $300,000 loan, the closing costs could range from $6,000 to $18,000.

Your refinance loan estimate may include these expenses:

• Lender origination fees.
• Appraisal fees.
• Title search and insurance fees.
• Loan application fees.
• Survey fees.
• Attorney fees (if required in your state).
• Recording fees.
• Prepayment penalties (should your current loan servicer impose one).

Various kinds of mortgage refinance options

Numerous mortgage refinance loan options exist, with your specific needs and current mortgage determining the best fit. Here are some typical refinancing choices to think about:

• Rate-and-term refinance: This is likely the most popular refi option and offers a chance to lower your interest rate and/or get a different loan term. Choosing a shorter loan term generally results in a lower interest rate and significant savings on total interest paid over the loan's life, but it also means you'll have to make larger monthly payments.
• Cash-out refinance: With a cash-out refi, you tap your home’s equity by replacing your existing loan balance with a larger one and taking the difference in cash. You can use the money for home improvements, consolidating high-interest debt, or virtually any other financial goal.
• No-closing-cost refinance: With this type of refi, the lender covers closing costs but charges you a higher interest rate. If you don’t have cash upfront for closing costs and think you could otherwise benefit from a refinance, this option may be worth a look. But approach it with careful scrutiny.
• Streamline refinance: These are generally available to existing FHA, VA and USDA loan borrowers, and will typically involve less documentation and a more straightforward application and approval process.

Refinance: current bank or new lender

You’re not obligated to stick with the lender you got your original mortgage from when you refi. In fact, it’s probably worth shopping around for the lowest rate and best service you can find. 

However, some lenders may offer incentives if you stay with them, such as waiving a portion of the closing costs. Since these upfront charges can be something of a barrier to those who want to refinance, incentives can make a refi more feasible, and it’s worth broaching the conversation with your lender.

Lastly, know that if your mortgage was purchased by Fannie Mae or Freddie Mac, you might be eligible for programs like Refi Now and Refi Possible.