Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

The rate on a 30-year fixed refinance declined to 6.56% today, according to the Mortgage Research Center. Rates averaged 5.44% for a 15-year financed mortgage and 6.28% for a 20-year financed mortgage.

With refi rates dropping to their lowest level since March, homeowners with a pricey mortgage may have the opportunity to refinance to more affordable monthly payments.