India, July 9 -- The average interest rate for a 30-year fixed mortgage refinance is now 6.35%, according to Zillow data. A refinance means replacing your current home loan with a new loan, usually to get a lower interest rate, reduce monthly payments, change the loan period, or use your home's equity.

For conventional refinance loans, the average rates are:

For jumbo refinance loans, the average rates are:

For FHA refinance loans, the average rates are:

For VA refinance loans, the average rates are:

When you refinance, your new loan is used to pay off your old mortgage, leaving you with a new loan under new terms. You must qualify for the new loan just like when you first bought your home. Lenders will check your credit score, incom...