As per data from the popular real estate marketplace Zillow, the current average refinance rate for a 30-year, fixed-rate home loan stands at 6.40%. Homeowners looking to refinance their mortgage to secure a better rate or access home equity should continue reading to find average refi interest rates across different loan types and terms. You can also check out the prior day’s report here.
TL;DR
- Average 30-year fixed refinance rate is 6.40% as of November 12, 2025, per Zillow data.
- Refinancing can lower rates, access equity, or change loan terms like duration or type.
- Costs for refinancing typically range from 2% to 6% of the loan amount.
- Options include rate-and-term, cash-out, no-closing-cost, and streamline refinances.
Current refi rates data
Note that Coins2Day reviewed the most recent Zillow data available as of Nov. 11.
Understanding the process of mortgage refinancing
Refinancing a mortgage means replacing your current home loan with a new one. Just like when you first got your mortgage, you'll have to apply for the new loan and satisfy the lender's requirements concerning your credit history, income verification, debt-to-income (DTI) percentage, and other factors.
Applying for credit typically results in a minor decrease in your credit score because of the hard inquiry. Additionally, you should anticipate the possibility of rejection if you fail to satisfy the lender's criteria.
What's the current situation with mortgage rates in today's market?
Contrary to what some observers anticipated, mortgage interest rates did not decline following the Federal Reserve's reductions to the federal funds rate late last year. Instead, rates persisted stubbornly close to the 7% threshold, which represents the nationwide average for 30-year, fixed-rate mortgages, for several months.
Rates did drop slightly toward the end of February, moving closer to 6.5% than had been seen in a while. Still, rates remain elevated well above pandemic-era lows, when some homeowners got mortgages with rates in the 2% and 3% range.
According to a Redfin report, in Q3 2024, 82.8% of homeowners with mortgages had interest rates below 6%. A significant number of Americans have felt trapped, either unable or unwilling to relocate or refinance due to elevated rates.
Leading up to the Fed's September and October gatherings, a degree of relief emerged as rates showed a clear downward trend before the September session and a slight decline heading into the October one. The Federal Reserve implemented a quarter-percentage-point decrease in the federal funds rate during both of these meetings.
Check Out Our Daily Rates Reports
- Discover the highest high-yield savings rates, up to 5% for November 11, 2025.
- Discover the highest CD rates, up to 4.20% for November 11, 2025.
- Discover the current mortgage rates for November 11, 2025.
- Discover current ARM mortgage rates report for November 11, 2025.
- Discover the current price of gold for November 11, 2025.
- Discover the current price of silver for November 11, 2025.
When refinancing your mortgage could be a wise decision
Refinancing involves expenses, making it vital to assess the associated costs. A common guideline suggests refinancing is beneficial if you can obtain a rate a full percentage point below your existing one. For instance, a rate reduction from 7% to 6% due to falling market rates warrants careful evaluation.
Consider refinancing if you need to access your home's equity. A cash-out refinance is one way to do this, and it generally necessitates having at least 20% equity in your property.
Refinancing offers the possibility of altering your loan duration or transitioning between loan categories. For instance, you might shift from an FHA loan to a conventional one to eliminate the necessity of lifetime mortgage insurance (MIP), or convert an adjustable-rate mortgage (ARM) into a fixed-rate loan.
Refinancing might also be a good idea if you're looking to alter your loan's duration. For example, moving from a 15-year to a 30-year mortgage could result in lower monthly installments, which may be easier to handle if your financial circumstances have shifted since you initially secured the loan.
Expenses associated with refinancing your home loan
Refinancing involves closing costs, typically ranging from 2% to 6% of the loan amount. For a $300,000 loan, costs might range from $6,000 to $18,000, for example. Some common costs include:
- 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 (if applicable with your existing lender).
Various kinds of mortgage refinancing options
Several types of refinance options exist, each suited to different goals:
- Rate-and-term refinance: When aiming to reduce your interest rate or modify your loan's duration, this is precisely what you're after; however, note that shortening the repayment period will very likely lead to increased monthly installments.
- Cash-out refinance: Leverage your home equity by paying off your existing loan and taking out a larger loan, while receiving the difference in cash.
- No-closing-cost refinance: The lender covers closing costs in exchange for a higher interest rate. This is a refi to approach with educated caution, but could be worthwhile in certain cases.
- Streamline refinance: Available for FHA, VA, and USDA loans, offering a simpler application process and oftentimes less paperwork.
Lender: yours or new?
You’re not required to refinance with your original lender. Shopping around may help you find lower rates and possibly even better service.
But, some lenders offer incentives, such as waiving closing costs, for staying with them. So you should broach the topic of refinancing with your existing lender before you make a decision.
Lastly, know that if your mortgage has been purchased by Fannie Mae or Freddie Mac, you might be eligible for programs like Refi Now and Refi Possible.