Mortgage Resource Center data showed the average 30-year fixed refinance rate at 6.832% on Sept. 1, with rates still hovering near 7% rather than easing materially.
July’s collapse of the U.S.-Iran ceasefire helped push rates slightly higher after a brief post-ceasefire dip, extending the market volatility that followed the Trump administration’s Iran operation in late February.
Even after three Fed rate cuts in late 2025, mortgage rates have stayed far above pandemic-era 2% to 3% levels and only briefly moved closer to 6.5% earlier this year.
Redfin said 82.8% of mortgaged homeowners had rates below 6% as of third-quarter 2024, underscoring why many borrowers remain locked in and see little incentive to refinance.