U.S. 30-Year Mortgage Rates Hold at 6.64% Amid Stagnant Refinance Demand

As of Aug. 14, 2025, the average refinance rate for a 30-year, fixed-rate mortgage in the U.S. stands at 6.64%, according to Zillow, a leading real estate marketplace. Homeowners seeking to refinance or tap into home equity can explore a variety of loan types and terms, with rates varying by product. The prior day’s report also remains accessible for comparative analysis [1].

Breaking down the latest refinance rates, conventional mortgages offer a range of options, with the 30-year loan at 6.64%, the 20-year at 6.68%, and the 15-year at 5.73%. The 10-year term is slightly lower at 5.48%. Jumbo mortgages, which cater to higher loan amounts, show a 30-year rate of 7.29% and a 15-year rate of 6.17%. FHA loans are more affordable, with a 30-year rate of 6.24% and a 15-year rate of 5.59%. VA loans remain competitive, offering a 30-year rate of 6.16% and a 15-year rate of 5.75% [1].

The current refinancing landscape continues to be shaped by the Federal Reserve’s monetary policy. Although the central bank made interest rate cuts late in 2024, this has not translated into a corresponding decline in mortgage rates. Instead, 30-year, fixed-rate mortgages remain close to 7% on average, with only a brief dip toward 6.5% in late February. This has left many homeowners with rates significantly higher than the pandemic-era lows of 2% to 3% [1].

According to Redfin, as of the third quarter of 2024, 82.8% of homeowners with mortgages had rates below 6%. This has created a “lock-in” effect, where a large portion of U.S. homeowners are reluctant to move or refinance due to favorable existing rates. As a result, refinancing activity remains subdued despite the availability of new loan products [1].

Refinancing can be a beneficial financial strategy if done at the right time. A general rule of thumb is that it makes sense to refinance when a borrower can secure a rate at least 1% lower than their current mortgage. For instance, moving from a 7% loan to a 6% loan can result in substantial long-term savings. Homeowners may also consider refinancing to access home equity through a cash-out refinance, provided they have at least 20% equity in their property. Other scenarios where refinancing may be advantageous include switching from an adjustable-rate mortgage to a fixed-rate loan or adjusting the loan term, such as from a 15-year to a 30-year mortgage to reduce monthly payments [1].

However, refinancing comes with upfront costs that typically range between 2% and 6% of the loan amount. For a $300,000 loan, this could amount to between $6,000 and $18,000. These costs include lender fees, appraisal charges, title insurance, and other closing-related expenses. Borrowers must carefully evaluate these costs against potential savings before committing to a refinance [1].

There are several types of refinance options available, each tailored to different financial goals. A rate-and-term refinance allows homeowners to secure a lower interest rate or adjust their loan term. A cash-out refinance enables homeowners to access cash by refinancing for a larger loan amount. A no-closing-cost refinance, while less common, may be suitable for borrowers who lack the liquidity to cover upfront expenses but can tolerate a higher interest rate. Streamline refinances are designed for borrowers with existing FHA, VA, or USDA loans, offering a faster and less burdensome process with fewer documentation requirements [1].

Homeowners are not obligated to refinance with their original lender. Exploring multiple lenders can lead to better rates and terms. Additionally, some lenders offer incentives such as waived closing costs for loyal customers. Borrowers should thoroughly research and compare options before making a decision [1].

Source: [1] Current refi mortgage rates report for Aug. 14, 2025 (https://fortune.com/article/current-refi-mortgage-rates-08-14-2025/)