Mortgage Rate Today: Why mortgage refinance rates surged to 7.43% as Treasury yields hit a 40-year extreme — homeowners now face a costly question

Today’s Mortgage Refinance Rates: September 28, 2026 – Mortgage refinancing has become more expensive again. The average rate for a 30-year fixed refinance reached 7.43% this week, up from 7.16% a week earlier, according to Mortgage Research Center data.

The move is not limited to one loan term. The average 20-year refinance rate climbed to 7.32%, while the 15-year rate rose to 6.60%. Jumbo borrowers also saw increases, although the weekly move was smaller on the 30-year jumbo loan.

How much have refinance rates moved this week?

The biggest weekly increase among the main fixed-rate options came in the 20-year mortgage, where the average rate rose 0.33 percentage points, from 6.99% to 7.32%.


The 30-year fixed refinance rate increased 0.27 points. The 15-year rate rose 0.24 points, moving from 6.35% to 6.60%.

Jumbo rates also moved higher. The average 30-year jumbo refinance rate reached 7.39%, compared with 7.32% the previous week. The 15-year jumbo rate rose to 6.72%.

What does a 7.43% refinance rate mean for borrowers?

A $100,000 30-year refinance at 7.43% would require about $694 a month in principal and interest, excluding taxes and fees. If the loan remained outstanding for the full 30 years, the interest would total roughly $150,953.

The shorter loans carry higher monthly payments but reduce the amount of interest paid over time.

A $100,000 20-year refinance at 7.32% would cost about $795 a month, with roughly $91,527 in total interest. At 6.60%, the same amount refinanced over 15 years would require about $876 a month, while total interest would fall to around $58,447.

Why are mortgage rates rising?

The Federal Reserve influences mortgage borrowing costs, but mortgage rates do not simply move in lockstep with the federal funds rate.

Longer-term Treasury yields are particularly important because mortgage rates tend to respond to movements in the bond market. The 10-year Treasury yield has recently moved above 5%, according to Reuters, as investors have dealt with stronger growth expectations, higher oil prices and concerns about inflation.

Reuters reported that the yield also moved above 5.1514%, a level dating to the 1993 low that technical analysts are watching as resistance.

Could the 10-year Treasury yield finally slow down?

There are signs that the Treasury yield's recent climb has become technically stretched, although that does not guarantee a reversal.

Reuters reported that the 10-year yield moved above its yearly Bollinger Band, which was around 5.13%. Its annual Relative Strength Index has also reached its highest level in more than four decades, while shorter-term RSI readings have reached overbought territory.

Technical indicators are not forecasts by themselves. They show where market momentum has become unusually strong.

For traders watching the downside, Reuters identified the 5.04%-5.02% area as initial support. A move below 4.92% could point to a deeper retreat, while the 20-week moving average, around 4.70%, remains another important level.

What should homeowners consider before refinancing?

The current rate environment makes the difference between an existing mortgage and a new loan especially important.

Refinancing also comes with closing costs that can typically run between 2% and 6% of the loan amount. That expense can change the calculation considerably.

A homeowner therefore needs to look beyond the advertised refinance rate. The size of the remaining loan, years left on the existing mortgage, credit profile, equity and closing costs all affect whether a new loan changes the overall borrowing cost.

For now, the September 28 data point to a mortgage market being pulled higher by a broader bond-market move. Until long-term Treasury yields stabilize, a meaningful decline in refinance rates may remain difficult to sustain.