Refinance Rates Retreat After Four-Day Climb

Mortgage refinance rates dipped sharply on Tuesday, reversing a four-day upward trend. The average 30-year refinance rate fell 5 basis points to 7.01%, retreating from this month's peak of 7.10% but remaining elevated compared to 2025's low of 6.71%.

While 15-year and 20-year refi averages dropped 4 and 8 basis points respectively, jumbo 30-year rates bucked the trend with a 4-basis-point increase. The current landscape shows rates still hovering one percentage point above September 2024's two-year low of 6.01%.

Market volatility persists, with less popular loan types occasionally showing exaggerated daily movements due to thinner trading volumes. This fluctuation creates both challenges and opportunities for homeowners weighing refinancing options against broader economic conditions.