Mortgage rates surge again as Treasury yields spike and 2026 refinancing turns costly for millions

Refinancing costs jump right as yields accelerate sharply

Mortgage rates are climbing as U.S. Treasury yields rise, pulling refinancing costs higher across the housing market. The average 30-year fixed refinance rate jumped to 6.54%, while standard 30-year mortgage rates reached 6.34%. Sticky inflation and a cautious Federal Reserve outlook are keeping borrowing expensive, leaving homeowners who waited for lower rates facing a tougher reality in 2026.