Refinance Rates Today (March 2026): Current Mortgage Refinance Rates

· Updated

Compare current mortgage refinance rates and determine if refinancing makes financial sense for you.

Current Refinance Rates

Rates as of March 2026. Updated daily.

Rate-and-Term Refinance

Loan Type Rate APR Points
30-Year Fixed 6.875% 6.95% 0.4
20-Year Fixed 6.625% 6.72% 0.4
15-Year Fixed 6.125% 6.22% 0.3
10-Year Fixed 5.875% 6.00% 0.3

Cash-Out Refinance

Loan Type Rate APR Points
30-Year Fixed (Cash-Out) 7.125% 7.22% 0.5
15-Year Fixed (Cash-Out) 6.375% 6.50% 0.4

Should You Refinance? Calculator

Break-Even Analysis

Current Rate New Rate Monthly Savings Closing Costs Break-Even
7.50% 6.75% $163 $6,000 37 months
7.25% 6.75% $109 $6,000 55 months
7.00% 6.75% $54 $6,000 111 months
8.00% 6.75% $273 $6,000 22 months

Based on $300,000 loan balance

When Refinancing Makes Sense

Your Situation Recommendation
Rate drop of 0.75%+ Usually worth it
Rate drop of 0.5% Run the numbers
Rate drop under 0.5% Probably not worth it
Planning to move in 2 years Don’t refinance
Staying 5+ years Likely beneficial

Refinance Rates by Credit Score

Credit Score 30-Year Rate 15-Year Rate
760+ 6.625% 5.875%
720-759 6.875% 6.125%
700-719 7.000% 6.250%
680-699 7.250% 6.500%
660-679 7.500% 6.750%
620-659 7.875% 7.125%

Types of Refinance

Rate-and-Term Refinance

Feature Details
Purpose Lower rate or change term
Rates Lowest available
Cash out None (or <$2,000)
Best for Reducing monthly payment or total interest

Cash-Out Refinance

Feature Details
Purpose Access home equity
Rates 0.125-0.25% higher
Max LTV Usually 80%
Best for Debt consolidation, home improvements

Streamline Refinance

Feature Details
Purpose Quick rate reduction
Available for FHA, VA, USDA loans
Requirements Less documentation
Best for Existing government loan holders

Potential Savings Examples

Scenario 1: High-Rate Refinance

Current New Savings
$350K loan at 8.00% Refi at 6.875%
Monthly: $2,568 Monthly: $2,299 $269/month
$96,840 over 30 years

Scenario 2: Term Reduction

Current New Savings
$250K, 25 years left at 7.25% 15-year at 6.125%
Monthly: $1,838 Monthly: $2,128
Total interest: $301,400 Total interest: $133,040 $168,360 total

Scenario 3: Cash-Out

Current Cash-Out Refi Result
$200K balance at 7.00% $280K at 7.125%
Home value: $400K
Cash received: $80,000
Monthly: $1,331 Monthly: $1,887 +$556/month

Refinance Costs

Cost Typical Amount Can You Negotiate?
Origination fee 0.5-1% of loan Yes
Appraisal $400-$700 No
Title search $200-$400 Limited
Title insurance $500-$1,500 Shop around
Recording fees $100-$250 No
Attorney fees $500-$1,000 Limited
Total 2-3% of loan

Ways to Reduce Costs

Strategy Savings
No-closing-cost refinance Upfront savings (higher rate)
Lender credits Covers some costs
Shop multiple lenders Find lowest fees
Ask for fee waivers $500-$1,000

Refinance Checklist

Documents Needed

  • Recent pay stubs (30 days)
  • W-2s (2 years)
  • Tax returns (2 years)
  • Bank statements (2 months)
  • Current mortgage statement
  • Homeowners insurance
  • Photo ID

Qualification Requirements

Requirement Typical Minimum
Credit score 620 (680+ for best rates)
Debt-to-income Under 43%
Loan-to-value Under 80% (no PMI)
Employment Steady 2+ years
Home equity 20%+ ideal

When NOT to Refinance

Situation Why Not
Moving within 2-3 years Won’t recoup costs
Rate savings under 0.5% Minimal benefit
Extending loan term More total interest
Low home equity May need PMI
Recent credit issues Won’t qualify for good rate
Close to payoff Don’t restart the clock
Period 30-Year Refi Rate
March 2026 6.875%
December 2025 7.00%
June 2025 6.75%
December 2024 6.95%
June 2024 7.10%
December 2023 7.25%

VA and FHA Streamline Refinance Rates

VA IRRRL (Interest Rate Reduction Refinance Loan)

Feature Details
Current rate 6.25%
Requirements Must reduce rate or term
Appraisal Not required
Income verification Not required
Funding fee 0.5%

FHA Streamline Refinance

Feature Details
Current rate 6.50%
Requirements Must show “net tangible benefit”
Appraisal Not required
Income verification Not required
MIP Required (1.75% upfront + annual)

Related: Refinance Calculator | Cost to Refinance | 30-Year Mortgage Rates

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