Refinance Rates
Current refinance rate context, why refinance pricing differs from purchase pricing, and how to decide whether a rate-and-term refinance pays off.
Conventional benchmark: Freddie Mac weekly survey
Week of August 20, 2026Source: Freddie Mac Primary Mortgage Market Survey via FRED, updated August 20, 2026. National average survey rates, not an offer. Your rate will depend on credit score, loan-to-value, loan type, property and occupancy. Rates could change or not be available at commitment or closing. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
How Refinance pricing relates to this benchmark. A rate-and-term refinance is priced off the same conventional benchmark as a purchase loan. Lenders apply small loan-level adjustments for refinances, and the number that matters is the gap between the benchmark and the rate you already hold.
How Refinance rates are set
A rate-and-term refinance replaces your existing mortgage with a new one, usually to lower the interest rate, shorten the term, switch from an adjustable to a fixed rate or remove mortgage insurance. The new loan pays off the old one at closing, and you start a new amortization schedule.
Refinance rates track the same market as purchase rates, but the pricing is not identical. Agency loan-level adjustments for refinances are slightly different from purchases, and lenders sometimes price refinances a little higher during busy periods. The weekly survey averages published here are purchase-weighted, so treat them as a directional reference.
The standard test is the break-even point: divide the total closing costs by the monthly savings to find how many months it takes to recoup them. If you expect to keep the loan longer than that, the refinance is likely worthwhile. Closing costs in Florida include state documentary stamp tax on the new note and intangible tax on the new mortgage, which make refinances here somewhat more expensive than in states without those taxes.
Resetting to a new 30-year term lowers the payment but can increase total interest if you have already paid down a loan for several years. Many homeowners choose a 20- or 15-year term, or keep the 30-year term and continue paying the old payment amount, to avoid extending the payoff date.
Streamlined options exist for government loans: the FHA streamline and the VA IRRRL reduce documentation and appraisal requirements for existing borrowers. Conventional refinances require a full application, credit review and typically an appraisal, though appraisal waivers are sometimes available.
Rates shown could change or may not be available at commitment or closing.
Daily rate-lock index (OBMMI)
Updated daily by providerIndex data © Optimal Blue, LLC. Optimal Blue Mortgage Market Indices.
Source: Optimal Blue Mortgage Market Indices (OBMMI), updated August 26, 2026. National average survey rates, not an offer. Your rate will depend on credit score, loan-to-value, loan type, property and occupancy. Rates could change or not be available at commitment or closing.
Refinance Rates: common questions
How much lower does the rate need to be to refinance?
There is no fixed rule. Calculate the break-even point using your actual closing costs and monthly savings, then compare it to how long you expect to keep the loan.
Are refinance rates higher than purchase rates?
Sometimes slightly. Pricing adjustments differ and lender capacity affects it. Ask for a Loan Estimate for your specific refinance scenario.
Do I pay Florida doc stamps on a refinance?
Yes. Florida charges documentary stamp tax on the new promissory note and intangible tax on the new mortgage. Certain refinances of the same lender may qualify for reduced taxes; confirm with the title company.
Can I refinance with no closing costs?
Lenders can offer a higher rate in exchange for a credit that covers costs. The costs are effectively paid through the rate over time. Compare the no-cost rate against a standard-cost rate using the break-even method.
Refinance savings check
Share your current balance and rate and we will run the break-even math on a refinance for your scenario.