30-Year Refinance Rate Averages 6.68% as Mortgage Costs Stay Near 7%

10 articles · Updated · Fortune · May 26

Zillow data cited by Fortune put the average 30-year fixed refinance rate at 6.68% as of May 25, offering only limited relief for homeowners seeking cheaper loans.
Rates have stayed elevated despite Fed cuts that began in late 2025, with mortgage borrowing remaining well above the 2% to 3% levels many owners locked in during the pandemic.
Redfin said 82.8% of mortgage holders had rates below 6% in the third quarter of 2024, helping explain why many borrowers remain reluctant to refinance or move.
Refinancing still can make sense if a borrower cuts their rate by about 1 percentage point, changes loan terms, or taps equity, though closing costs typically run 2% to 6% of the loan amount.
The broader rate backdrop remains firm: Freddie Mac separately said the average 30-year purchase mortgage rate reached 6.51%, near a nine-month high, as oil-price and bond-yield pressures persisted.

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