Average 30-year mortgage refinance rate stays near 7%

The average refinance rate on a 30-year fixed-rate home loan was 6.779%, according to Mortgage Resource Center data reviewed as of Aug. 10.

Mortgage rates have remained near 7% for 30-year fixed loans nationwide, well above pandemic-era lows in the 2% and 3% range. Redfin reported that 82.8% of homeowners with mortgages had rates below 6% as of the third quarter of 2024, leaving many homeowners reluctant or unable to move or refinance.

Refinancing can lower a rate, tap home equity, change a loan term or switch loan types, but it requires a new application and lender approval. Closing costs typically range from 2% to 6% of the loan amount, or $6,000 to $18,000 on a $300,000 loan.

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