February 11, 2026: Updated Refi Mortgage Rates Announced
The average refinance rate for a 30-year fixed-rate mortgage is currently at 6.21%. This figure is based on data from Zillow and is applicable as of February 11, 2026. Refinancing can be a strategic move for homeowners seeking to reduce their mortgage rate or access home equity.
Current Refinance Mortgage Rates
When considering refinancing, homeowners should be aware of the following average rates:
- 30-year fixed-rate: 6.21%
- Variable rates can differ based on economic conditions.
Understanding Mortgage Refinancing
Mortgage refinancing means replacing an old loan with a new one. The process involves applying for a loan, similar to when purchasing a home. Lenders will evaluate several factors, including:
- Credit profile
- Proof of income
- Debt-to-income (DTI) ratio
Homeowners should consider that refinancing might slightly impact their credit scores due to hard inquiries. In some cases, there is a risk of denial if borrower qualifications are not met.
Market Trends in Mortgage Rates
Many anticipated a decline in mortgage rates following Federal Reserve cuts in late 2024. However, rates remained close to the 7% mark for several months. By late February 2026, rates had begun to dip below 6.5%, but they still surpassed previous pandemic-era lows.
According to Redfin, as of the third quarter of 2024, 82.8% of mortgaged homeowners enjoyed interest rates below 6%. Due to high rates, many homeowners felt “locked in,” hesitant to refinance or move.
When to Refinance
Refinancing comes with costs, typically 2% to 6% of the loan amount. A common guideline suggests refinancing if you can secure a rate at least one percentage point lower than your current rate. Consideration for cash-out refinancing arises when tapping home equity is necessary. This typically requires at least 20% equity in the home.
Homeowners can benefit from adjusting their loan terms or switching loan types. For example, changing from a 15-year to a 30-year mortgage can lead to smaller monthly payments, which is advantageous during challenging financial times.
Cost Breakdown of Refinancing
Homeowners should expect to encounter various fees during the refinancing process:
- Lender origination fees
- Appraisal fees
- Title search and insurance fees
- Loan application fees
- Survey fees
- Attorney fees (if required)
- Recording fees
- Prepayment penalties (if applicable)
Types of Mortgage Refinance Loans
There are different refinancing options, each catering to specific needs:
- Rate-and-term refinance: Ideal for those looking to lower their interest rate or change their loan term.
- Cash-out refinance: Allows homeowners to access cash by borrowing more than the current loan amount.
- No-closing-cost refinance: The lender absorbs closing costs in return for a higher interest rate.
- Streamline refinance: Simplified process available for FHA, VA, and USDA loans.
Choosing a Lender
Homeowners are not obligated to refinance with their original lender. Shopping around can help identify better rates and service options. However, some lenders may offer incentives for staying, such as waiving closing costs.
Additionally, if a mortgage has been backed by Fannie Mae or Freddie Mac, programs like Refi Now and Refi Possible might be available for eligible homeowners.
