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Fixed-Rate Refinancing Stalls as Homeowners Stay Locked In

1/8/2026

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Summary

Story summary

As of January 2026, the average 30-year fixed-rate refinance in the United States is 6.24%, per Zillow.
The rate has stayed near 7% despite expectations of a decline after Federal Reserve cuts to the federal funds rate.
About 82.8% of homeowners have rates below 6%, keeping many locked into lower payments.
Refinancing options include rate-and-term, cash-out, and streamline refinances, and costs range from 2% to 6% of the loan.

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Story summary

As of January 2026, the average 30-year fixed-rate refinance in the United States is 6.24%, per Zillow.
The rate has stayed near 7% despite expectations of a decline after Federal Reserve cuts to the federal funds rate.
About 82.8% of homeowners have rates below 6%, keeping many locked into lower payments.
Refinancing options include rate-and-term, cash-out, and streamline refinances, and costs range from 2% to 6% of the loan.