Top Mortgage Refinance Rates Today — May 2026

Mortgage refinance rates in the United States remain above 6% in May 2026, though they are still lower than the highs seen during 2023 and early 2025. Economic uncertainty, inflation pressure, and Federal Reserve policy continue affecting borrowing costs across the housing market. (The Wall Street Journal)

Current Average Refinance Rates

Loan Type	Average Rate	Average APR
30-Year Fixed Refinance	6.78% – 6.87%	6.83% – 6.95%
15-Year Fixed Refinance	5.88% – 6.21%	6.09% – 6.20%
20-Year Fixed Refinance	6.08% – 6.50%	6.51% – 6.75%
5/1 ARM Refinance	5.92% – 6.38%	6.46%+
VA 30-Year Refinance	5.62% – 5.98%	6.06%+

Rates vary depending on credit score, home equity, loan amount, debt-to-income ratio, and lender fees. (Bankrate)

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Best Mortgage Refinance Lenders Today

1. Rocket Mortgage

Rocket Mortgage remains one of the most popular refinance lenders in 2026 because of its fast digital approval process and competitive fixed-rate refinance options.

Best For

• Online refinancing
• Fast approvals
• Digital mortgage management

Highlights

• Easy online applications
• Rate lock options
• Strong mobile tools

Current refinance rates generally range around:

• 30-Year Fixed: ~6.6%–6.8%
• 15-Year Fixed: ~5.9%–6.1%

(Rocket Mortgage)

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2. Bank of America Refinance Rates

Bank of America offers competitive refinance programs for homeowners with strong credit profiles.

Current Example Rates

• 30-Year Fixed: 6.625%
• 20-Year Fixed: 6.500%
• 15-Year Fixed: 5.875%

Best For

• Existing Bank of America customers
• Borrowers seeking relationship discounts

(Bank of America)

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3. U.S. Bank Refinance Rates

U.S. Bank offers strong refinance options for borrowers looking for adjustable-rate mortgages and conventional refinancing.

Best For

• ARM refinance loans
• Traditional bank lending
• Long-term homeowners

Highlights

• Competitive ARM rates
• Rate customization
• Strong customer support

(U.S. Bank)

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4. Wells Fargo Mortgage Rates

Wells Fargo remains one of the largest mortgage lenders in America and continues offering refinance products for fixed and adjustable-rate borrowers.

Current Example Rates

• 15-Year Fixed: 5.500%
• 30-Year VA: 5.625%
• 7/6 ARM: 6.000%

Best For

• Existing Wells Fargo banking customers
• VA refinance borrowers

(wellsfargo.com)

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5. Zillow Refinance Marketplace

Zillow helps borrowers compare multiple refinance lenders in one place.

Best For

• Comparing multiple lenders
• Shopping for lowest APR
• Quick rate estimates

Current National Average

• 30-Year Fixed Refinance: 6.87%

(Zillow)

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Should You Refinance in 2026?

Refinancing may make sense if you can:

• Lower your interest rate
• Reduce monthly payments
• Switch from ARM to fixed rate
• Shorten loan term
• Access home equity

Experts generally suggest refinancing if you can reduce your rate by at least 0.5% to 1%. However, closing costs and loan fees must also be considered.

(Morgan Stanley)

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15-Year vs 30-Year Refinance

15-Year Refinance

Pros

• Lower interest rates
• Faster payoff
• Less total interest

Cons

• Higher monthly payments

Average 15-year refinance rates currently range around 5.9%–6.2%. (Bankrate)

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30-Year Refinance

Pros

• Lower monthly payments
• Better cash flow flexibility

Cons

• More total interest paid

Average 30-year refinance rates currently range around 6.7%–6.9%. (Bankrate)

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Factors Affecting Refinance Rates

Lenders calculate refinance rates using:

• Credit score
• Loan-to-value ratio
• Home equity
• Property location
• Loan type
• Debt-to-income ratio
• Federal Reserve policy
• Inflation data

Borrowers with credit scores above 740 typically qualify for the best refinance rates.

(Bank of America)

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Will Mortgage Refinance Rates Drop Later in 2026?

Several financial analysts believe mortgage rates could slowly decline later in 2026 if inflation cools further. Morgan Stanley forecasts rates may eventually approach 5.75% by the end of the year. (Morgan Stanley)

However, market volatility and inflation concerns may keep rates elevated in the short term. Many economists expect rates to remain above 6% for much of 2026. (The Wall Street Journal)

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Tips to Get the Lowest Refinance Rate

1. Improve your credit score
2. Lower existing debt
3. Compare multiple lenders
4. Buy discount points carefully
5. Increase home equity
6. Lock rates when favorable
7. Avoid opening new credit accounts before refinancing

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Final Thoughts

Today’s top mortgage refinance rates in the U.S. remain relatively high compared to historic lows, but refinancing can still save money for many homeowners. Borrowers with strong credit and significant home equity may still secure competitive rates near the mid-5% to low-6% range depending on loan type.

Top lenders like Rocket Mortgage, Bank of America, Wells Fargo, and U.S. Bank continue offering some of the most competitive refinance options in 2026.