Current refi mortgage rates report for Oct. 27, 2025

The current average refinance rate on a 30-year, fixed-rate home loan is X.XX%, according to data from the popular real estate marketplace Zillow

A mortgage refinance essentially pays off your existing home loan with a new one.

Note that this means your credit score will likely take a small hit due to the hard inquiry.

And it also means if you don’t meet the lender’s requirements, you can be denied for a refi loan.

Refinancing to a 30-year loan may offer the flexibility to make smaller monthly payments that fit your budget better.

Much like a traditional home loan taken out to purchase a property, refinancing a mortgage involves closing costs that run about 2% to 6% of the loan amount.

This is the most popular refi option that allows you to lower your interest rate and/or shorten your loan term.

Available to existing FHA, VA and USDA loan borrowers, these refi options involve less documentation and a more straightforward application and approval process.