Is it worth it to refinance your mortgage right now?

To decide if refinancing your mortgage right now is worth it, consider the following key factors:

Current Refinance Rates

• ·30-year fixed refinance rates: Average between 6.78% and 7.01% as of July 2026.
• ·15-year fixed refinance rates: Typically range from 5.64% to 6.17%.
• ·Some lenders (e.g., Rocket Mortgage) offer lower rates (e.g., 5.5% for 30-year fixed refinances) under specific conditions.

Key Considerations

1. ·Current mortgage rate: Refinancing may be beneficial if your current rate is above 7%.
2. ·Credit score: Scores over 740 can qualify for better rates.
3. ·Loan terms: Refinancing allows adjusting terms (e.g., switching from ARM to fixed-rate or shortening the term).
4. ·Costs vs. savings: Use a refinance calculator to evaluate closing costs, new loan terms, and potential savings.

When to Refinance

Refinancing could be a smart move if you:

• ·Purchased your home between 2022–2025 when rates were higher.
• ·Have a credit score above 740.
• ·Can secure a rate at least 0.75–1.0% below your current rate.
• ·Want to reduce monthly payments or adjust loan terms.

Next Steps

• ·Compare current rates from lenders like U.S. Bank or Bankrate.
• ·Use a refinance calculator for a detailed savings estimate.
• ·Consult a mortgage professional to tailor the decision to your situation.