The average refinance rate for a 30-year fixed home loan stood at 6.723% in Mortgage Research Center data reviewed by Fortune as of Aug. 17, up from Aug. 14. Conventional 20-year refinance rates were 6.563%, with 15-year loans at 5.808% and 10-year loans at 5.711%. Jumbo refinance rates were 6.851% for 30 years and 6.146% for 15 years, while FHA-backed refinances were 6.063% for 30 years and 5.644% for 15 years. VA refinance rates were 6.165% for 30 years and 5.719% for 15 years. Refinancing replaces an existing mortgage with a new loan, but borrowers still must qualify based on credit, income and debt-to-income (DTI) ratio, and the hard credit inquiry can slightly lower a credit score. The article says many homeowners remain reluctant to move or refinance because rates have stayed far above pandemic-era levels in the 2% and 3% range, even after Federal Reserve rate cuts in late 2024 and in September, October and December 2025. Redfin reported that 82.8% of homeowners with a mortgage had a rate below 6% in the third quarter of 2024. The piece says refinancing may make sense when a borrower can lower the rate by about a full percentage point, access equity through a cash-out refinance, switch loan terms, move from an FHA loan to a conventional mortgage to remove mortgage insurance, or replace an adjustable-rate mortgage with a fixed-rate loan. Closing costs typically run about 2% to 6% of the loan amount, and borrowers may also compare offers from their current lender with a new one, including possible incentives and programs tied to Fannie Mae or Freddie Mac such as Refi Now and Refi Possible.