Zillow data reviewed by Fortune showed conventional 15-year refinance rates at 5.76%, with jumbo, FHA and VA refinance offerings also lower in several categories.
The average rate for a 30-year fixed mortgage refinance stood at 6.47% in the latest Zillow data reviewed by Fortune as of June 29. Conventional refinance rates were listed at 6.25% for 20 years, 5.76% for 15 years and 5.83% for 10 years. Jumbo refinance rates were 6.91% for 30 years and 6.75% for 15 years, while FHA refinance loans were 6.50% for 30 years and 5.38% for 15 years. VA refinance rates came in at 5.87% for 30 years and 5.83% for 15 years. The report also outlined how refinancing works, typical closing costs of about 2% to 6% of the loan amount, and scenarios where a refinance may make sense, including securing a rate about one percentage point below an existing mortgage, changing loan terms, switching loan types or tapping home equity through a cash-out refinance.