As of October 8, 2026, the Freddie Mac weekly average was 7.40% for a 30-year fixed and 6.73% for a 15-year fixed. If your current mortgage rate is well above today’s rates, refinancing could save you money — but only if you plan to stay in the home long enough to recoup closing costs (typically 2–5 years).
Current Refinance Rates by Term (October 2026)
Weekly Average Rates (Freddie Mac PMMS, October 8, 2026)
| Loan Term | Average Rate | Monthly P&I on $300,000 | vs 30-Year |
|---|---|---|---|
| 30-year fixed | 7.40% | $2,077 | — |
| 15-year fixed | 6.73% | $2,651 | +$574/mo |
Freddie Mac publishes weekly averages for the 30-year and 15-year terms only. Quotes for refinancing, 20-year and 10-year loans, and cash-out loans come from lenders and vary with credit score, loan-to-value ratio, and points.
Key trade-offs:
- 30-year: Lowest payment, highest total interest (about $447,800 on $300,000 at 7.40%)
- 15-year: $574/mo more, saves about $270,500 in interest vs 30-year (total interest about $177,300)
- Shorter terms (10 or 20 years): Higher payment, lower total interest — best for those close to payoff
Cash-Out Refinance Rates
Cash-out refinance rates are typically higher than rate-and-term refinance rates, and lenders set them individually, so compare quotes.
Cash-out limits:
- Conventional: Up to 80% LTV (must leave 20% equity)
- FHA: Up to 80% LTV
- VA: VA’s cash-out page doesn’t list a maximum loan-to-value; lenders set their own caps, so ask each lender
For complete guidance, see the Mortgage Rates Hub.
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