With three-quarters of prospective refinancers holding rates above 5%, lower payments remain the primary trigger to act
COLUMBIA, Mo., June 18, 2026 /PRNewswire/ — One-third of homeowners say they are currently refinancing or likely to refinance within the next two years despite elevated mortgage rates, according to new data released today by Refi.com.
The findings are based on a nationwide survey of more than 1,000 homeowners conducted by Mortgage Research Center, LLC. (Refi.com is a brand of Mortgage Research Center, LLC).
“The popular narrative around refinancing has centered almost entirely on borrowers who locked in sub-3% rates during 2020 and 2021 and have no incentive to move,” said Kyle Bass, production business manager at Refi.com. “Those borrowers are real, but they are not the whole market. A significant share of today’s prospective refinancers bought or refinanced at 5.5% to 7% or higher and are actively evaluating their options.”
Many Homeowners Still Within Reach of Savings
Three-quarters of homeowners surveyed who are considering a refinance currently carry mortgage rates above 5%, while nearly half are above 6%. That means many borrowers are still within a range where even modest rate improvements could make refinancing financially meaningful if conditions shift.
More than half of those interested in refinancing are Gen Z or Millennials, reflecting homeowners who entered the market during a period of elevated rates. Most also report credit scores of 680 or higher, suggesting many are financially positioned to act when the timing improves.
When asked why they would refinance, a majority of homeowners surveyed pointed to lowering their monthly payment or interest rate. According to the survey, 62% cited a reduction in payments as their primary motivation, while 15% cited accessing home equity and 13% cited paying off other debt.
Confusion and Uncertainty Are Slowing Decisions
Beyond the current interest rate environment, many homeowners say uncertainty is holding them back. Respondents cited confusion about the process, uncertainty about qualification requirements and difficulty determining whether refinancing would actually save them money.
Fewer than half of homeowners surveyed said they feel very confident calculating the break-even point on a refinance.
“The break-even calculation is where many homeowners get stuck,” Bass said. “The math itself is simple, but translating it into a real decision is where the hesitation comes in. Once borrowers see it clearly, the path forward becomes much easier to evaluate.”
The survey findings also surface a gap between common misconceptions about refinancing and what homeowners actually prioritize when evaluating their options. About one-third of homeowners believe refinancing only makes sense when rates drop significantly, while roughly one in five believe at least 20% equity is required. Others associate cash-out refinancing primarily with financial distress.
In contrast, when evaluating a refinance, homeowners focus most on clear loan terms, lower interest rates, long-term savings, lower monthly payments and minimal closing costs.
The complete survey results can be viewed here: https://www.refi.com/learn/refinancer-mindset-data/
About Refi.com
Based in Columbia, Mo., Refi.com (NMLS ID #1907) is a digital marketplace that helps homeowners compare mortgage refinance options and home equity products from multiple lenders. The platform is designed to simplify the borrowing process and help consumers make more informed financial decisions about their home equity.
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SOURCE Refi.com
