Mortgage Research Center data reviewed by Fortune showed refinance rates stayed elevated across loan types, while higher borrowing costs continued to limit incentives for many homeowners to refinance.
The average 30-year fixed mortgage refinance rate stood at 6.829%, based on Mortgage Research Center data available as of July 31 and reviewed by Fortune. Other conventional refinance averages were 6.692% for 20-year loans, 5.887% for 15-year loans and 5.781% for 10-year loans. Jumbo refinance rates were 6.975% for 30-year loans and 6.205% for 15-year loans, while FHA-backed refinance rates were 6.132% for 30-year loans and 5.722% for 15-year loans. VA refinance rates were 6.224% for 30-year loans and 5.856% for 15-year loans. The report said mortgage rates did not fall in step with Federal Reserve rate cuts in late 2024 and instead hovered near 7% for months, well above the pandemic-era lows in the 2% and 3% range. Redfin said that in the third quarter of 2024, 82.8% of homeowners with a mortgage had a rate below 6%, helping explain why many owners remained reluctant to refinance or move. The article said rates began trending lower in late August and early September 2025 ahead of the Fed's Sept. 16-17 meeting, when the central bank delivered the year's first rate cut, followed by additional cuts at the end of October and in December. Rates then moved higher in March 2026 after the Trump administration launched Operation Epic Fury in Iran at the end of February, alongside higher gas prices and broader economic uncertainty. They briefly appeared likely to fall after a U.S.-Iran ceasefire announced in June 2026, but remained elevated overall and edged up again after the ceasefire appeared to unravel in July 2026. The article also outlined when refinancing may make sense, including securing a rate about 1 percentage point below an existing mortgage, using a cash-out refinance (replacing a loan with a larger one to pull out equity), changing loan terms to alter monthly payments, or switching loan types to remove FHA mortgage insurance or move from an adjustable-rate mortgage to a fixed rate.