Current refi mortgage rates report for April 29, 2026

Mortgage refinancing rates held relatively steady as of April 29, giving homeowners considering a refi a mixed picture depending on loan type and term.

According to the latest Zillow data reviewed by Fortune, 30-year fixed refinance rates remain above the 7 percent mark, while 15-year fixed refinance rates sit near 5.6 percent. The shorter-term option continues to offer meaningful savings for borrowers who can afford higher monthly payments.

Refinancing works by replacing your existing mortgage with a new loan at current rates. Borrowers must meet lender criteria including credit score, income verification, and debt-to-income ratio requirements. Closing costs typically run 2 to 5 percent of the loan amount, which means homeowners need to calculate their break-even timeline carefully before pulling the trigger.

With the Federal Reserve's next policy meeting underway this week, rate movements in the coming days could shift the refinance calculus. Markets are watching for signals about whether the central bank will hold rates steady or signal future cuts.

**What This Means For You:** If you're sitting on a mortgage above 7 percent, refinancing into a 15-year loan near 5.6 percent could save you tens of thousands over the life of the loan — but only if you plan to stay in your home long enough to recoup closing costs. Run the numbers with your specific loan details before making a move, and keep an eye on the Fed's announcement this week.