Current refi mortgage rates report for Aug. 28, 2026 | Fortune

Fortune’s rate update, based on Mortgage Research Center data available as of Aug. 27 and reviewed by Fortune on Aug. 28, outlines how refinancing works and why today’s mortgage rates have stayed stubborn. It explains that a refi replaces an existing loan with a new one after meeting lender criteria, typically triggering a small credit-score hit due to a hard inquiry and risking denial if requirements aren’t met. The report notes 30-year fixed-rate averages have lingered near 7% after late-2024 Fed cuts didn’t lower mortgage rates. It cites additional movement after mid-2025 Fed cuts, then mentions rates rising again in March 2026 following Operation Epic Fury in Iran.