Mortgage refinance rates climbed to 6.76 percent on July 29, 2026, up 4 basis points from a week earlier. The 30-year fixed-rate mortgage remains the most widely used refinance product, and higher rates this week have pushed many borrowers to reconsider refinancing plans or accelerate applications before potential further increases.
Rates Moving Higher Mid-July
The 30-year refinance rate touched 7.10 percent on July 26, marking its highest level in recent weeks. The volatility reflected broader bond market movements and economic data releases. Shorter-term rates like 15-year mortgages averaged 5.85 percent, while 20-year products hit 6.61 percent on July 29.
Market Forecasts Through Year-End
The Mortgage Bankers Association expects 30-year rates to settle in the 6.4 to 6.5 percent range through the remainder of 2026. Fannie Mae has a similar forecast, predicting a 6.4 percent 30-year rate through December. These forecasts assume stable economic conditions and no major shifts in Federal Reserve policy or inflation surprises.
Refinancing Remains Viable
Borrowers with older mortgages at higher rates may still find refinancing worthwhile even at current levels. Breaking even on closing costs typically takes 2 to 4 years with current rate spreads. Those planning to stay in homes beyond that timeframe should evaluate their personal circumstances before locking in new mortgages.
Rates remain near six-month highs, but forecasters expect only modest movement through the rest of 2026.
