NEW YORK, February 10, 2026, 04:13 EST
- Zillow data shows the average 30-year fixed refinance rate sat at 6.24%, according to a report from Feb. 9.
- Rates fell for government-backed refinancing: the 30-year FHA landed at 5.89%, while 30-year VA loans settled at 5.80%.
- One weekly roundup flagged that some lenders continued to offer rates under 6%.
Refinancing still isn’t cheap for U.S. homeowners. The average 30-year fixed refi rate clocks in at 6.24%, according to Zillow figures cited by Fortune. Jumbo 30-year refinance rates? Those hit 7.04%. As for government-backed loans, 30-year FHA and VA refi rates are at 5.89% and 5.80%, respectively. Fortune notes closing costs typically land in the 2% to 6% range. The math only works out for most borrowers when the new rate undercuts the old one by about a full point. 1
The “6% handle” has become a dividing line for the market. It’s more than just a psychological marker; shifts above or below that number can push monthly payments up or down, tipping the scales for people trying to decide if now’s the time to make a move—or stay put.
According to a Clever Real Estate survey published Feb. 6, 94% of would-be buyers said they’d rethink 2026 plans if 30-year mortgage rates stay above 6%. For 37%, only rates below 4% counted as a “good” deal. John Donikian, branch manager at Best Interest Financial, pointed to “bond market sentiment” as having more sway over rates than the Fed does. He doesn’t expect mortgage rates to “collapse,” and flagged the labor market as the main wildcard. 2
Refinancing swaps out a current mortgage for a fresh loan, often to lower rates, adjust the term, or access home equity. Lenders will review credit profiles, income, and the debt-to-income ratio—the portion of monthly income going to debt—and they have the authority to deny a refinance application.
Some borrowers choose to refinance in order to cut down the loan term and trim total interest, while others extend their loan for smaller monthly bills. Cash-out refinancing works differently. Here, the borrower takes out a larger loan, pockets the extra cash, and the deal typically depends on having sufficient home equity.
Some borrowers look to refinance simply to swap loan types—say, shifting from an FHA mortgage, which is backed by the government, to a conventional mortgage. The main incentive? Getting rid of mortgage insurance fees. Those insurance payments tack on to the monthly bill if the borrower brought less cash to the table at closing, or hasn’t built up much equity yet.
Homebuyers saw at least four lenders—Navy Federal and Citi among them—posting mortgage rates under 6% this week, according to a Yahoo Finance survey. But advertised deals can look very different from the averages most borrowers see; much depends on things like credit scores, down payments, and extra fees. 3
The risk is straightforward here: rates swing with each batch of economic numbers and every bond-market shift, so a borrower gunning for a marginally better quote might watch the refinancing numbers fall apart after factoring in fees. Even if the new payment pencils out, stricter underwriting—or just a minor ding to a credit score from a hard inquiry—can still scuttle the whole thing.
