If you’re current on your mortgage and looking for a better rate or payment, compare written refinance offers against the costs and the time you expect to keep the loan. If you may miss a payment, call your servicer now and contact a HUD-approved housing counselor; refinancing is not the first step to take in an active hardship.
First, identify what is squeezing your budget
A mortgage squeeze can come from different places, and the right response depends on which one you face:
- A rate or payment comparison: You can make your current payment and want to know whether refinancing makes financial sense.
- A payment change: An adjustable-rate mortgage payment can change when its interest rate changes. An escrow adjustment can also affect the amount collected with your monthly bill; ask the servicer for the escrow analysis and what changed.
- A temporary setback: Job loss, illness, disability, or a disaster may make payments difficult for a limited time.
- A sustained shortfall: Your income or expenses have changed enough that the regular payment is no longer affordable.
If you are unsure how much of the bill is principal and interest versus escrow, check your latest statement and ask the servicer to explain the breakdown. Keep the distinction clear when comparing loan offers: a refinance changes the mortgage terms, but escrow costs are separate and may still change.
What mortgage rates tell you—and what they don’t
Freddie Mac’s weekly national averages, as reported by the Associated Press on September 17, 2026, were 6.95% for a 30-year fixed mortgage and 6.26% for a 15-year fixed mortgage. The prior week’s averages were 6.76% and 6.09%, respectively; the corresponding figures a year earlier were 6.26% and 5.41%. These are weekly averages, not personal quotes. Your offer can differ by date, borrower, loan type, points, and other terms. See the Associated Press report.
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Should you refinance?
Refinancing replaces your existing mortgage with a new loan and involves costs. It may be worth comparing if you are current and a new loan could improve your rate, payment, or term. A lower monthly payment alone does not prove the new loan is cheaper: resetting or extending the term can increase the total interest you pay.
Compare the whole offer
Use your latest mortgage statement and written lender offers. Compare the following items on the same basis:
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- Interest rate and APR, plus points and other fees.
- Total refinance costs and the new monthly principal-and-interest payment.
- Escrow separately, rather than assuming the new mortgage payment includes an unchanged escrow amount.
- Your remaining balance, the new loan term, and the payoff timeline.
- How long you expect to keep the home or loan, and the interest you expect to pay during that period.
Freddie Mac says refinance costs can be 3%–6% of the loan principal. To estimate a simple break-even period, divide total refinance costs by the monthly savings. For example, if written offers show $6,000 in costs and $200 in monthly savings, the simple break-even is 30 months. That calculation is only a screening tool: it does not account for every difference in loan term, total interest, or the timing of costs and savings. Freddie Mac explains refinance costs and break-even.
When a lower payment may cost more
Ask whether the new loan shortens, preserves, or extends the time left to repay. A smaller payment created by stretching repayment over more years may increase lifetime interest. Compare fees, rate, monthly savings, break-even, new term, and total interest over the time you expect to keep the loan—not just the payment shown in an advertisement or quote.
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If you may miss a payment, contact the servicer promptly
Call the number on your mortgage statement and ask for the loss-mitigation or mortgage-assistance team. Explain why paying is difficult and whether you expect the hardship to be temporary or permanent. Be ready to discuss income, expenses, assets, and, if relevant, servicemember permanent-change-of-station orders. Ask how to submit an assistance application and request the available options and terms in writing. The CFPB outlines options when you can’t pay your mortgage.
Also contact a HUD-approved housing counselor. A counselor can help you assess choices, understand paperwork, and navigate the process, often at little or no cost. The CFPB directs homeowners to the 24/7 HOPE Hotline at (888) 995-HOPE. Find homeowner help through the CFPB.
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Match mortgage relief to what you can afford
Ask the servicer and counselor which options apply to your loan and circumstances. Availability and terms vary by loan type, owner or guarantor, servicer, hardship, and state.
| Option | When it may fit | What to ask |
|---|---|---|
| Repayment plan | You can pay more than the regular payment for a period. | How much will be added each month, and for how long? |
| Deferral or partial claim | You can resume the regular payment but cannot manage a temporary increase. | When does the deferred amount become due—at sale, refinance, or loan end? Program rules vary. |
| Loan modification | The regular payment is no longer affordable. | Which terms change, how are missed amounts handled, what will the payment be, and what is the payoff timeline? A modification may add missed amounts and extend payoff. |
| Forbearance | A setback is temporary and you need payments paused or reduced for a limited time. | What is the exit plan? Forbearance is temporary relief, not forgiveness. |
| Short sale or deed-in-lieu | Keeping the home may not be feasible. | Ask the servicer and a counselor what is available for your loan and situation. |
The CFPB describes options to avoid foreclosure, including repayment plans, modifications, and other approaches. Do not assume a specific option is available until the servicer confirms the terms for your loan.
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Make an exit plan before forbearance ends
Before the agreed pause or reduction ends, contact the servicer and decide how you will handle missed amounts. Match the next step to your capacity:
- If you can afford extra each month for a while, ask about a repayment plan and its added monthly amount and duration.
- If you can afford the regular payment but not an increase, ask whether deferral or a partial claim is available and when the deferred amount must be repaid.
- If you cannot afford the regular payment, ask about a modification and the resulting payment and payoff schedule.
Do not assume the full missed amount is due immediately, or that it is forgiven. The arrangement and program rules determine how the amount is handled. The CFPB explains how to plan for the end of forbearance.
Recognize mortgage relief scams
Be wary of anyone who demands an upfront fee, guarantees a loan change or foreclosure prevention, asks you to transfer your home’s title, gives you paperwork you do not understand, tells you to pay them instead of the servicer, or instructs you to stop paying the servicer. The CFPB says a mortgage relief company cannot collect a fee until it has provided an acceptable written offer from the lender or servicer, written documentation of key changes, and a reminder that you may reject the offer without charge.
Use HUD-approved counseling for help evaluating an offer. If you believe a company is acting improperly, the CFPB homeowner resources include a complaint route. Read the CFPB’s mortgage loan modification scam guidance.
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If you have been served legal papers or foreclosure appears imminent, contact an attorney as well as your servicer and counselor. State foreclosure procedures and legal rights differ, so general mortgage guidance cannot determine your rights or deadlines in a particular case. If the servicer is not responding, use the CFPB’s homeowner resources to find its complaint channel.
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