Best Mortgage Refinance Rates for 2026

The Math That Actually Decides If Refinancing Is Worth It

Refinancing replaces your current mortgage with a new one, ideally at a lower rate — but closing costs on the new loan mean the math only works if the rate improvement is large enough to recoup those costs within a reasonable timeframe. The current top rates give a real benchmark for what "large enough" might look like.

Top Mortgage Refinance Rates

San Diego County Credit Union and SECU Maryland tie for the lowest tracked refinance rate at 5.25% APR, verified August 10, 2026 — 1.47 percentage points below the 6.72% national average. If your current mortgage rate is meaningfully above that gap, refinancing is worth running the numbers on.

What to Weigh Beyond the Rate Itself

Refinancing resets your loan term, which can extend how long you're paying even if the monthly payment drops — worth mapping out before committing. Closing costs, how long you plan to stay in the home, and whether you're doing a rate-and-term refinance versus a cash-out refinance all affect whether the math actually favors refinancing at today's top rates.

Rate-and-Term vs. Cash-Out Refinancing

A rate-and-term refinance simply replaces your existing mortgage with a new one at a different rate or term, without changing how much you owe beyond closing costs — the most common reason to refinance when rates have moved favorably. A cash-out refinance replaces your mortgage with a larger loan and gives you the difference in cash, typically to fund a renovation, pay off higher-interest debt, or cover another large expense; that additional borrowing usually comes with a somewhat higher rate than a straight rate-and-term refinance would carry.

The rates compared above generally reflect rate-and-term refinancing. If you're specifically considering a cash-out refinance, confirm with the lender whether their quoted rate applies to that structure, since it's common for cash-out refinances to be priced slightly differently.