Mortgage Rate Reality Check: Why Refinancing Isn't Always the Answer The latest numbers from Zillow show that mortgage rates for purchases are consistently higher than those for refinances, at least according to national averages.
This trend has been persistent over the past year or so, with refinance rates occasionally dipping below purchase rates in 2022 and 2019. Lender behavior contributes to this disparity.
Lenders tend to view refinancers as less risky because they're not taking on a new mortgage for the first time.