For the vast majority of homeowners, there's currently little financial incentive to refinance their mortgages. So far in 2025, average mortgage rates have remained elevated, consistently hovering between 6.5% and 7% due to ongoing economic uncertainty.

Learn how cash-out refinancing converts home equity into cash, its benefits, risks, and when it's a smart financial move.

The average interest rate on a 30-year fixed refinance climbed to 6.72% today, according to the Mortgage Research Center. Rates averaged 5.79% for a 15-year financed mortgage and 6.57% for a 20-year financed mortgage.