U.S. 30-Year Refinance Rate Holds at 6.53% as Iran Conflict Keeps Mortgage Costs Elevated
Updated
Updated · Fortune · Jun 25
U.S. 30-Year Refinance Rate Holds at 6.53% as Iran Conflict Keeps Mortgage Costs Elevated
3 articles · Updated · Fortune · Jun 25
Summary
Zillow data as of June 24 put the average 30-year fixed refinance rate at 6.53%, leaving borrowing costs near the upper end of recent ranges for homeowners seeking to lower payments or tap equity.
Rates rose again in March after the Trump administration launched Operation Epic Fury in Iran in late February, a move tied to higher gas prices and broader economic uncertainty.
June's U.S.-Iran ceasefire briefly nudged mortgage rates lower, but the decline did not last and refinancing costs remain far above the 2% to 3% loans many borrowers locked in during the pandemic.
Redfin said 82.8% of mortgaged homeowners had rates below 6% in the third quarter of 2024, helping explain why many remain reluctant to refinance or move despite three Fed cuts late that year.