Based on live rates as of
Is now a good time to refinance my mortgage?
It depends
It depends on your current rate — here's the rule of thumb.
Today's average 30-year rate is about 6.72%. Refinancing typically pays off once your existing rate is roughly 0.75 percentage points or more above that — about 7.47% or higher — after accounting for closing costs (usually 2–5% of the loan, recovered over the break-even period). If your current rate is below ~7.47%, holding is usually the better move. Run your specific numbers before deciding.
Today's average 30-year rate
6.72%
Refi rule-of-thumb threshold
~7.47%+
This is general guidance from live SwitchWize rate data, not personalized financial advice. Verdicts reflect current rates and standard rules of thumb — run your own numbers before acting.