30-Year Fixed Refi Rate Holds at 6.47% as Mortgage Costs Stay Near 7%

3 articles · Updated · Fortune · Jun 30

Zillow data reviewed June 29 put the average 30-year fixed refinance rate at 6.47%, the latest reading for homeowners weighing a rate cut or equity tap.
That level keeps refinancing unattractive for many borrowers because rates remain well above pandemic-era 2% to 3% loans and only modestly below the roughly 7% range seen nationally.
Redfin said 82.8% of mortgaged homeowners had rates below 6% in the third quarter of 2024, helping explain why many remain locked into existing loans.
Refinancing still can make sense if a borrower cuts their rate by about 1 percentage point, but closing costs typically run 2% to 6% of the loan amount—about $6,000 to $18,000 on a $300,000 loan.
Mortgage rates fell ahead of three Fed cuts in late 2025, then rose again in March 2026 after the Trump administration's Iran operation, with June's ceasefire bringing only brief relief.