Zillow Puts 30-Year Refinance Rate at 6.64% on May 28

1 articles · Updated · Fortune · May 29

6.64% was Zillow’s average rate for a 30-year fixed refinance loan on May 28, the latest daily reading highlighted in Fortune’s rate roundup.
Rates remain elevated because mortgage pricing has stayed near 7% even after late-2024 Fed cuts, with borrowing costs rising again in March 2026 amid economic uncertainty tied to the Iran conflict.
82.8% of mortgage holders had rates below 6% as of the third quarter of 2024, Redfin said, helping explain why many homeowners remain locked into older loans instead of refinancing.
Refinancing still can make sense when borrowers cut their rate by about 1 percentage point, change loan terms or tap equity, though closing costs typically run 2% to 6% of the loan amount.

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