Mortgage Rates Today, February 28: 30-Year Refinance Rate Rises by 7 Basis Points

If you're thinking about refinancing your mortgage, today, February 28th, is a day to pay close attention to the numbers. The 30-year fixed refinance rate has nudged up by 7 basis points over the past week, now sitting at a national average of 6.50% according to Zillow. This uptick, while seemingly small, signals a continued upward pressure on longer-term borrowing costs, and it’s worth understanding what this means for your financial plans.

Today's movement in the 30-year fixed rate suggests that while we might have seen some attractive lows recently, those opportunities might be narrowing for those looking for long-term stability.

Mortgage Rates Today, February 28: 30-Year Refinance Rate Rises by 7 Basis Points

• The 30‑year fixed refinance rate is now at 6.50%, representing a 7 basis point increase over the last week.
• The 15‑year fixed refinance rate is a bit more stable, sitting at 5.50% after a small dip.
• Be cautious with 5-year ARM refinance rates, which have jumped significantly to 7.20%.
• For those considering refinancing for long-term stability, the slight upward movement suggests it’s wise to evaluate whether locking in a fixed rate now makes sense for you, especially with the volatility seen in ARMs and the general upward pressure on longer-term rates.

A Snapshot of Today's Refinance Rates

Let's break down what the numbers look like right now. It's a mixed bag, as is often the case in the financial world.

As you can see, the big story today is that the 30-year fixed refinance rate has climbed. This means that if you're looking to refinance for the long haul, your borrowing cost is slightly higher than it was yesterday, and notably higher than it was at the beginning of last week.

On the flip side, the 15-year fixed refinance rate has actually dipped by 1 basis point, settling at a very respectable 5.50%. This could be an interesting avenue for homeowners who are in a position to take on slightly higher monthly payments to pay off their mortgage faster and save on overall interest.

However, the 5-year adjustable-rate mortgage (ARM) saw a much more significant jump, rising by a substantial 24 basis points to 7.20%. This sharp increase really highlights the inherent risks and volatility associated with ARMs, especially in a market where rates can shift quite dramatically.

What Do These Numbers Mean For You?

Thinking about refinancing is a big decision, and these rate movements are key factors.

• For the 30-Year Fixed Refinance at 6.50%: This steady increase tells me that as we move later into February, the market is leaning towards slightly higher long-term rates. If you've been on the fence about refinancing into a fixed rate for decades of stability, it might be wise to seriously consider locking in a rate soon. Waiting could mean facing even higher costs down the line. From my experience, “good” refinance opportunities don't always last forever, and this upward trend is a gentle nudge to evaluate your situation.
• For the 15-Year Fixed Refinance at 5.50%: This rate is very attractive. If you can comfortably manage a higher monthly payment, a 15-year loan allows you to build equity much faster and significantly reduce the total interest you pay over the loan's life. It’s a path to quicker financial freedom from your mortgage.
• For the 5-Year ARM Refinance at 7.20%: This jump makes ARMs a lot less appealing right now. While they can sometimes offer lower introductory rates, the potential for these sharp increases is what gives homeowners nightmares. In my view, the predictability of a fixed-rate mortgage is often worth a slightly higher initial rate, especially when ARMs become this volatile. The risk of your payment jumping significantly after the initial fixed period is just too high for many.

Looking Back: The Refinance Surge of Early 2026

It's important to remember the context of the past few months. We've actually been experiencing a significant boost in refinance activity. Why? Because mortgage rates, not too long ago, hit levels we hadn't seen since late 2022. According to sources like CNBC and HousingWire, refinance applications have been surging.

• Application Growth: For instance, applications to refinance a home loan jumped by 4% to 7% in a recent week, according to the Mortgage Bankers Association (MBA).
• Year-Over-Year Boom: The demand for refinancing is absolutely staggering when you look back at last year. We're talking about increases of 132% to 150% compared to the same time in 2025!
• Market Dominance: Refinancing has now become the dominant force in mortgage applications, accounting for 58.6% of all applications, up from 57.4% the week before.
• VA Loans See Big Jump: It's worth noting that VA refinancing applications saw a particularly sharp spike, leaping an impressive 26% in just one week.

This surge was directly linked to falling borrowing costs. The 30-year fixed rate had dipped below the 6% threshold for the first time since late 2022. Experts estimated that with rates around 6%, millions of borrowers, especially those who took out loans between 2022 and 2025, could save significantly on their mortgages.

What's the Forecast?

While refinance demand has been on a “tear,” as some economists have put it, it's essential to recognize that many homeowners are still locked into those super-low, pandemic-era rates below 5%. So, while activity is high, it's not necessarily at historical peaks for everyone.

However, if rates continue to hover in this general range, the MBA anticipates that the refinance index will likely keep climbing. The market is dynamic, and what we're seeing today is just a snapshot within a larger trend. My take? The current environment is still offering opportunities, but it's a good idea to stay informed and act when the numbers make sense for your personal financial goals.