Feb. 9, 2026: Updated Refinance Mortgage Rates Report
The refinance mortgage rates are crucial for homeowners looking to reduce their monthly payments or access their home equity. As of February 9, 2026, the average rate for a 30-year fixed-rate mortgage refinance stands at 6.24%, based on data from Zillow.
Refinance Mortgage Rates Overview
Homeowners considering refinancing might be seeking the best options available. Understanding current refinance rates and market trends is essential for making informed borrowing decisions.
Current Average Refinance Rates
- 30-year fixed-rate mortgage: 6.24%
These rates are reported as of February 9, 2026, and reflect continuing patterns in the lending market.
Market Trends
Mortgage interest rates have remained high following attempts by the Federal Reserve to lower rates since late 2024. Despite expectations, rates have hovered near the 7% mark for extended periods. Many homeowners currently enjoy low rates from previous years and are reluctant to refinance.
According to Redfin, as of the third quarter in 2024, approximately 82.8% of mortgage holders had rates below 6%. However, in late summer 2025, rates began to decline after the Federal Reserve implemented several rate cuts.
When to Consider Refinancing
Refinancing is not without costs; thus, homeowners must evaluate their situations carefully. Here are key indicators of when refinancing may be beneficial:
- If the new rate is at least one percentage point lower than the current rate.
- To access home equity through a cash-out refinance.
- To modify the loan term to suit financial needs better.
- To switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
Refinancing Costs
The costs associated with refinancing typically range from 2% to 6% of the loan amount. For example, closing costs on a $300,000 mortgage could be between $6,000 and $18,000. Common fees include:
- Lender origination fees
- Appraisal fees
- Title insurance
- Document preparation and loan application fees
- Survey and attorney fees (if applicable)
Types of Mortgage Refinancing
Several refinancing options cater to different needs. Here are some prevalent choices:
- Rate-and-Term Refinance: This option allows homeowners to lower their interest rate and/or change the loan term.
- Cash-out Refinance: This option enables homeowners to tap into their equity by borrowing more than their current mortgage balance.
- No-Closing-Cost Refinance: The lender covers closing costs, but the homeowner may face a higher interest rate.
- Streamline Refinance: Available for existing FHA, VA, and USDA borrowers, this option involves fewer documentation requirements.
Choosing a Lender
Homeowners are not obliged to refinance with their current lender and may find better rates elsewhere. Shopping around is advisable to find competitive rates and favorable terms. Existing lenders might offer benefits such as waived fees, which could facilitate the refinancing process.
For up-to-date information on mortgage rates and refinancing options, visit Filmogaz.com.
