💰 Refinance Calculator · 2026

Should I Refinance
at 6.0%?

The real break-even math — not just "lower is better."

The 6.0% Refinance Reality

At 6.0%, refinancing only makes sense if you currently have a rate above 6.5-7%. If you locked in a rate below 6% in 2020-2021, do not refinance.

📊 Break-Even Analysis (on $400K loan)
Rate at 6.0%$1,919/mo
Current market rate (~6.4%)$1,981/mo
Monthly savings$62/mo more
Closing costs (est. 2.5%)$8,000
Break-even pointN/A — not worth it

Frequently Asked Questions

Should I refinance if I have a 6.0% mortgage rate?
Probably not — if you locked in 6.0% or below, you already have a great rate. Current market rates are around 6.3-6.5%, so refinancing would actually increase your payment.
What are current mortgage refinance rates in 2026?
Current 30-year fixed refinance rates average around 6.3-6.7% as of May 2026, based on Freddie Mac data. Your actual rate will depend on your credit score, LTV ratio, and lender.
How long does it take to break even on a refinance?
Closing costs typically run 2-3% of the loan amount ($8,000-12,000 on a $400K loan). Divide closing costs by monthly savings to find your break-even in months. If you plan to stay in the home longer than that, refinancing makes sense.
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The part almost nobody publishes free

Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.

And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.

Which lenders approve most → Your metro → Denied? →

CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.

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One chart, three paragraphs, every Saturday. Measured, not assumed.
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FinanceRateCalc · Independent analysis of the complete federal HMDA record · Measured, not assumed. · No lender or AI vendor funds or previews this work.