The national average refinance rate for a 30-year, fixed-rate mortgage rose to 6.40% as of May 12, 2026, according to Zillow data reviewed by Fortune — up a tenth of a percentage point from the mid‑April average of about 6.30%. The snapshot, drawn from Zillow’s lender marketplace and reviewed by Fortune on May 11, shows modest upward movement in several loan categories after weeks of volatility.
Conventional refinance rates on May 12 were reported at 6.40% for 30-year loans, 6.18% for 20-year terms, 5.69% for 15-year loans and 5.42% for 10-year loans. Jumbo mortgages remain substantially more expensive: a 30-year jumbo refi averaged 7.38% while a 15-year jumbo averaged 6.88%. Federal Housing Administration (FHA) 30-year refis averaged 6.07% (15-year at 5.25%), and Department of Veterans Affairs (VA) 30-year refis averaged 5.71% (15-year at 5.31%).
The rise follows a period of easing that began in late summer 2025 and accelerated ahead of the Federal Reserve’s September 2025 meeting, when markets priced in rate relief. The Fed followed with three quarter-point cuts — in mid‑September, October and early December 2025 — which helped mortgage costs dip from near-7% territory into the mid-6% range. Still, the market has shown sensitivity to geopolitical and economic shocks: mortgage rates ticked back up in March 2026 after the U.S. launched Operation Epic Fury in Iran at the end of February, a development that coincided with higher gas prices and heightened uncertainty.
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For homeowners weighing a refinance, the current readings underline persistent headwinds. A sizeable share of borrowers remain locked into lower pandemic-era rates: a Redfin report cited by industry analysts shows that, as of the third quarter of 2024, roughly 82.8% of homeowners with mortgages held rates below 6%, limiting the pool of candidates who could save by refinancing. Lenders’ terms will also hinge on individual credit profiles, income verification and debt-to-income ratios, and refinancing typically triggers a brief credit-score dip from the hard inquiry.
Refinancing is not cost-free. Closing costs commonly run between 2% and 6% of the loan balance — meaning a homeowner refinancing a $300,000 loan might pay roughly $6,000 to $18,000 in fees — though some lenders offer no-closing-cost options in exchange for slightly higher rates. Financial planners often point to a rule of thumb that refinancing can make sense when the new rate is about a full percentage point below the existing rate, but borrowers also consider other goals: shortening or lengthening the loan term, performing a cash-out refi to access home equity (generally requiring at least 20% equity), or swapping loan types to eliminate mortgage insurance obligations.
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The latest Zillow snapshot adds to a sequence of small swings in mortgage pricing this spring. Earlier readings in April and early May showed 30-year averages in the low-6% range — 6.22% on April 5 and roughly 6.20% on May 3 — but lenders and markets continue to react quickly to macroeconomic signals and geopolitical events, keeping refinance decisions dependent on individual timing and circumstances.
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