The average rate on a conventional 30-year refinance mortgage stood at 6.756% in Mortgage Research Center data reviewed Aug. 12, with 20-year loans at 6.576%, 15-year loans at 5.828% and 10-year loans at 5.732%. Jumbo 30-year refinance loans averaged 6.931%, while FHA and VA 30-year refinance rates were 6.073% and 6.174%, with 15-year FHA and VA loans at 5.640% and 5.700%, respectively. Mortgage borrowing costs remain well above the 2% to 3% pandemic-era range despite a period of easing in late 2025, reinforcing the lock-in effect after Redfin said 82.8% of homeowners with mortgages carried rates below 6% in the third quarter of 2024. Refinancing can still be attractive when borrowers can lower their rate meaningfully, use a cash-out refinance to access equity or change loan terms, though closing costs typically run 2% to 6% of the loan amount.