Refinance rates todayToday's and this week's averages, and what 2025 cash-out and rate-and-term refinances closed at

Today's rates by loan type

These are the average rates on mortgages locked on October 28, 2026, purchases and refinances together, across about a third of all U.S. mortgage locks. They update every business day.

Source: Optimal Blue, Mortgage Market Indices, retrieved from FRED, Federal Reserve Bank of St. Louis (series OBMMIC30YF, OBMMIC15YF, OBMMIFHA30YF, OBMMIVA30YF, OBMMIJUMBO30YF). Each index is the average rate on loans locked through Optimal Blue's pricing engine that day; it is not an offer, and your rate depends on your credit, equity and loan.

This week's rates and what they mean for a refinance

Freddie Mac publishes national averages every Thursday. This week the 30-year fixed average is 7.24% and the 15-year is 6.60%. The survey covers home purchase loans for borrowers with excellent credit who put 20% down, so treat it as a benchmark: a refinance, and a cash-out refinance in particular, is often priced a little higher.

Freddie Mac says refinancing typically costs 3% to 6% of the loan. At 3%, or $9,000 here, the lower payment takes about 44 months to cover the costs.

• Weekly averages and 2 years of history
• Find your break-even point
• How a no-closing-cost refinance works

What refinances closed at in 2025

• Taking cash out cost about 0.53 point more on conventional loans: a median of 6.65% for cash-out against 6.13% for rate-and-term refinances in 2025.
• VA cash-out refinances had the lowest median: 6.13%, then FHA at 6.25% and conventional at 6.65%.
• Conventional cash-out rates rose with the share you borrowed: 6.50% at a CLTV of 60% or less, 6.88% at 60% to 70% and 6.99% at 70% to 80%.

These are rates on loans that closed in 2025, not today's offers. Public HMDA data has no credit scores. How we counted.

Cash-out refinance rates by state

In 2025, North Carolina (6.25%), Virginia (6.25%), Colorado (6.38%), Delaware (6.38%), the District of Columbia (6.38%), Georgia (6.38%), Hawaii (6.38%), Idaho (6.38%), Maryland (6.38%), North Dakota (6.38%), Tennessee (6.38%), Utah (6.38%), Vermont (6.38%) and Wyoming (6.38%) had the lowest median cash-out refinance rates, and Texas (6.88%), Illinois (6.63%), Alaska (6.50%), Arkansas (6.50%), California (6.50%), Kansas (6.50%), Kentucky (6.50%), Louisiana (6.50%), Maine (6.50%), Michigan (6.50%), Missouri (6.50%), Nebraska (6.50%), Oklahoma (6.50%), Oregon (6.50%), Rhode Island (6.50%) and West Virginia (6.50%) the highest. A state's figure also reflects its mix of conventional, FHA and VA loans, so the conventional column is the fairer comparison.

Select a column heading to sort. Loans are first-lien cash-out refinances with a reported rate, all loan types. A blank (n/a) means fewer than 30 loans. Download this table (CSV).

How much cash you take and your rate

For conventional cash-out refinances, the median rate rose as the new loan took a bigger share of the home's value: 6.50% at 60% CLTV or less, 6.99% at 70% to 80%. Most conventional cash-out loans stop at 80%, so the few above it are left out of the chart.

• See how much cash you could get
• Cash-out refinance vs HELOC

How these rates are counted

Data

HMDA 2025 Snapshot loan-level data via the FFIEC HMDA Data Browser API, loans originated in 2025. Retrieved October 27, 2026.

What is counted

First-lien closed-end refinances: cash-out refinances (HMDA loan purpose 32, 511,951 loans with a usable rate) and rate-and-term refinances (loan purpose 31, 622,898 loans), split by conventional, FHA and VA.

Filters

Principal residence, consumer (not business) purpose, not a reverse mortgage, one to four units. Loans used to buy a home are not in the data, so purchase loans and piggyback second mortgages are left out.

The rate

The interest rate the lender reported at closing or account opening. For a line that opened at a promotional rate, that is the promotional rate.

Middle half

Half of the loans had a rate between these two numbers (the 25th and 75th percentiles). One quarter were lower and one quarter higher.

Small groups

Any group with fewer than 30 loans is not shown. Rates under 0.5% or over 25% are left out as promotional or reporting outliers.

CLTV

Combined loan-to-value ratio: everything secured by the home, divided by its value, as the lender reported it. Each range includes its upper bound.

States

The state where the home is. National figures add up all 50 states and DC.

Query

• Loan-level rows, one state at a timehttps://ffiec.cfpb.gov/v2/data-browser-api/view/csv?states={ST}&years=2025&actions_taken=1&loan_purposes=2,31,32,4,5

Checks

Every published number was recomputed by a second, independent program from the raw rows, and each state's row count matches the HMDA Data Browser's own count for the same query.

Limitations

• These are rates on loans that closed in 2025, not today's offers. Rates have moved since; check the current prime rate and mortgage averages for where things stand now.
• Public HMDA data has no credit scores, so none of these rates are broken out by score.
• Smaller banks and credit unions with partial exemptions often do not report rates, and the smallest lenders do not report at all, so their loans are under-represented.
• A median shows what was typical, not what any one borrower will be offered. Lenders price on credit, income, equity and their own rules.
• The 2025 data is the snapshot release. FFIEC can publish revised files later, and figures may shift slightly.
• About 16% of rate-and-term refinances have no CLTV reported, likely streamline refinances that need no appraisal.

How to cite this data

You are welcome to use these figures. Please credit LenderMatch and link to this page.

LenderMatch. “Cash-out and rate-and-term refinance rates by state, 2025.” Analysis of 2025 Home Mortgage Disclosure Act data (FFIEC). Published October 27, 2026. https://lendermatch.io/refinance-rates/

Frequently asked questions