Refinance Rates Today: What Lenders Charge and When Refinancing Pays Off
There is no official weekly average for refinance rates: Freddie Mac's survey, which put the 30-year fixed at 7.32% in the week of October 22, 2026, counts home purchase loans only. So below are the refinance rates 9 lenders published on October 20-21, 2026, each with its sample borrower and points, and a calculator to see whether a refinance pays off for you. A year ago the 30-year average was 6.19%; its low over the past year was 5.98% (Feb 2026).
Refinance rates lenders publish
| Lender | 30-year fixed refinance | 15-year fixed refinance | Sample assumptions |
|---|---|---|---|
| Chase | 6.750% (APR 6.958%), 2.096 points | 6.125% (APR 6.433%), 1.934 points | Chicago ZIP 60629, $350,000 loan, 55% loan-to-value, 45-day lock; Chase says the APR leaves out its processing fee (Oct 20, 10:02 a.m. ET) |
| Better | 6.875% (APR 7.119%) | 6.000% (APR 6.425%) | Dallas ZIP 75201, $350,000 loan, $437,500 home, credit score 760+; points and fees about 2% of the loan (Oct 21) |
| Navy Federal Credit Union | 6.875% (APR 7.049%), 0.75 points | 6.250% (APR 6.469%), 0.375 points | "As low as", limited cash-out refinance, credit score 780 (15-year: 720), 75% loan-to-value (15-year: 80%); membership required (Oct 21) |
| Citi | 7.000% (APR 7.141%), 1 point | 6.375% (APR 6.579%), 0.875 points | Los Angeles, $450,000 loan, 75% loan-to-value, excellent credit, 60-day lock (Oct 20, 8:50 a.m.) |
| U.S. Bank | 7.25% to 7.375% by state (APR 7.392% to 7.559%) | 6.49% to 6.875% by state | $405,000 loan, 25% equity, credit score 740+, up to about 1 point, 45-day lock (Oct 20) |
| Truist | 7.375% (APR 7.566%), 0.696 points; 7.600% (APR 7.709%) with no points | 6.625% (APR 6.936%), 0.859 points | Richmond, Virginia, $250,000 loan, credit score 740, 25% equity, 90-day lock; no date shown with the rates (checked Oct 21) |
| BECU | 7.375% (APR 7.429%), 0.375-point lender credit | 6.500% (APR 6.719%), 0.5 points | $240,000 loan, 80% loan-to-value, excellent credit; lends in 10 states (rate sheet effective Oct 20, 8:14 a.m.) |
| Wells Fargo | 7.500% (APR 7.652%), 0.75 points | 6.750% (APR 6.987%) | Austin, Texas, $400,000 home, $320,000 loan, credit score 760; closing costs $9,355 including points (Oct 20, 10:15 a.m. ET) |
| Bank of America | 7.625% (APR 7.779%), 0.352 points | 6.875% (APR 7.170%), 0.697 points | California ZIP 95464, $200,000 loan, 80% loan-to-value, credit score 740, 60-day lock (Oct 20, 10:10 a.m. ET) |
The samples differ in loan size, equity, credit score and points, so they are not a like-for-like ranking. Lenders that publish both purchase and refinance samples for the same borrower showed refinance rates equal to or slightly above their purchase rates: Citi 7.000% for both, Wells Fargo 7.500% vs 7.375% and Bank of America 7.625% vs 7.500% on 30-year fixed loans. Closing costs in the samples were $4,764 at Bank of America ($200,000 loan) and $9,355 at Wells Fargo ($320,000 loan, including $2,400 of points).
Refinance break-even calculator
Enter your current balance and rate, the new rate a lender quotes you, and the closing costs from your Loan Estimate. The full version is on the refinance calculator page.
Does it pay off? A worked example
Hypothetical: you owe $350,000 at 7.75% with 27 years left, on a loan taken out in late 2023, when Freddie Mac's 30-year average peaked at 7.79% (October 26, 2023). A lender quotes you 6.5% for a new 30-year loan with $6,000 of closing costs paid in cash.
- Your principal and interest payment falls from $2,581.01 to $2,212.24, saving $368.77 a month.
- The $6,000 of costs are repaid after about 17 months.
- At today's purchase average of 7.32% instead, the saving would be $176.75 a month and break-even about 34 months.
Our arithmetic with the standard loan formula, principal and interest only. Starting a new 30-year term when 27 years are left adds three years of payments, so also compare the lifetime cost in the calculator.
Rate-and-term vs cash-out refinance
- Rate-and-term: replaces your loan with one of about the same size at a new rate or term. This is what the rates above are for.
- Cash-out: a bigger loan that pays off the old one and gives you the difference in cash. U.S. Bank notes that interest rates on a cash-out refinance may be slightly higher than for a rate-and-term refinance. For loans Fannie Mae buys, a cash-out refinance of a one-unit main home can go up to 80% of its value, and the loan being paid off must be at least 12 months old. If you want cash but have a low rate now, a HELOC or home equity loan keeps your existing mortgage; see HELOC vs home equity loan vs cash-out refinance and HELOC rates.
- Shorter term: a 15-year refinance usually has a lower rate but a higher payment; see 15-year vs 30-year mortgage.
How to refinance for less
- Get several Loan Estimates on the same day. A lender must send the Loan Estimate within three business days of your application (12 CFR 1026.19(e)), and it lists the rate, points and closing costs on a standard form.
- Compare points and APR, not just the rate. Most samples above include points; the APR spreads points and certain fees over the loan.
- Run your break-even. Divide closing costs by the monthly saving; if you will move or refinance again sooner, the refinance loses money.
- Watch the term. Restarting a 30-year loan lowers the payment but can raise what you pay over the life of the loan.
- Cancelling: for your main home with a new lender, you can cancel until midnight of the third business day after closing (12 CFR 1026.23); for this rule Saturdays count as business days, the CFPB notes.
FAQ
What are refinance rates today?
Lenders' published 30-year refinance samples on October 20-21, 2026 are in the table on this page. Freddie Mac's weekly average, which covers home purchase loans only, was 7.32% for a 30-year fixed and 6.68% for a 15-year in the week of October 22, 2026.
Are refinance rates higher than purchase rates?
Sometimes slightly. On October 20, 2026, Citi showed 7.000% for both a purchase and a refinance on its 30-year sample, while Wells Fargo (7.500% vs 7.375%) and Bank of America (7.625% vs 7.500%) priced refinances 0.125 points higher. Compare quotes on the same day with the same points.
When does it make sense to refinance?
When the monthly saving repays your closing costs before you expect to sell or refinance again. Divide closing costs by the monthly saving to get the break-even month, or use the calculator on this page.
How much does it cost to refinance?
Closing costs and any points are listed on the Loan Estimate each lender must give you within three business days of your application. Compare Loan Estimates from several lenders.
Can I cancel a refinance after signing?
For a refinance of your main home with a new lender, federal law gives you until midnight of the third business day to cancel (right of rescission). If you refinance with your current lender, the right applies only to any new money borrowed beyond the old balance and the refinancing costs.
Sources
- 12 CFR 1026.23, right of rescission (eCFR)
- 12 CFR 1026.19(e), Loan Estimate timing (eCFR)
- U.S. Bank, Refinance rates (FAQ on cash-out refinance rates)
- Fannie Mae, Eligibility Matrix (August 5, 2026): maximum cash-out refinance LTV
- Fannie Mae Selling Guide B2-1.3-03, cash-out refinance transactions
- CFPB, right to cancel a refinance (business days include Saturdays)
- Freddie Mac, Primary Mortgage Market Survey (week of October 22, 2026; purchase applications only).
- Lenders' own rate pages and rate data, linked in the table (read October 20-21, 2026).
General information, not financial advice. Rates are samples, not offers; confirm terms with a lender and compare Loan Estimates.