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Story summary
- As of January 12, 2026, the average rates are 30-year fixed at 5.87%, 15-year fixed at 5.25%, and refinance rates at 30-year 6.41% and 15-year 5.43%.
- The market has cooled since 2025, with rates down more than one percentage point from the year start.
- Homeowners are encouraged to consider refinancing now to avoid missing potential savings.
- Closing costs for refinancing typically range from 2% to 6% of the loan amount.
