Mortgage Research Center data reviewed by Fortune showed refinance rates remained elevated across conventional, jumbo, FHA and VA loans, highlighting the limited relief available to homeowners weighing a refinance.
The average refinance rate for a 30-year fixed-rate home loan rose to 6.744% in the latest Mortgage Research Center data reviewed by Fortune as of July 22. Conventional refinance rates were 6.744% for 30-year loans, 6.596% for 20-year, 5.814% for 15-year and 5.713% for 10-year. Jumbo refinance rates were 6.794% for 30-year and 6.190% for 15-year loans, while FHA-backed loans were 6.011% for 30-year and 5.648% for 15-year. VA-backed refinance rates were 6.123% for 30-year and 5.772% for 15-year loans. The report said mortgage rates have remained significantly above pandemic-era lows even after Federal Reserve cuts in late 2024, contributing to a lock-in effect in housing because Redfin said 82.8% of homeowners with mortgages had rates below 6% as of the third quarter of 2024. It also said rates moved down toward 6% in late August, early September and October 2025 before rising again in March 2026 after the Trump administration launched Operation Epic Fury in Iran, with rates staying elevated after a brief dip tied to a June 2026 ceasefire announcement. Refinancing can help borrowers lower rates, change loan terms, switch loan types or extract equity, but it still requires underwriting checks, can ding credit through a hard inquiry and usually carries closing costs of 2% to 6% of the loan amount.