Zillow Puts 30-Year Refinance Rate at 6.58% as Most Homeowners Remain Locked Below 6%
Updated
Updated · Fortune · May 19
Zillow Puts 30-Year Refinance Rate at 6.58% as Most Homeowners Remain Locked Below 6%
3 articles · Updated · Fortune · May 19
Zillow’s latest data showed the average 30-year fixed refinance rate at 6.58% on May 19, keeping refi borrowing costs close to the upper end of their recent range.
Rates have stayed elevated despite three quarter-point Fed cuts in late 2025, after dipping toward 6.5% in February and then edging higher again in March amid economic uncertainty tied to the Iran conflict.
Redfin said 82.8% of mortgaged homeowners had rates below 6% in the third quarter of 2024, limiting the incentive to refinance unless borrowers can cut their rate by about 1 percentage point.
Refinancing still can appeal for cash-out borrowing or term changes, but closing costs typically run 2% to 6% of the loan amount—about $6,000 to $18,000 on a $300,000 mortgage.
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