There are multiple ways in which homeowners can borrow equity without having to refinance that are worth exploring heading into 2026. Jason marz/Getty Images

If you're a homeowner and looking to refinance and put more money back in your pocket, the good news is that refinancing rates are declining again and becoming more affordable.

The bad news is that they still have a way to drop to justify refinancing into a new 30-year term. The average mortgage refinance rate for a term of that length is 6.80% as of December 2, 2025, offering relief for just a small sliver of current homeowners. And while 15-year refi terms are much lower, the condensed repayment timeline will inevitably lead to larger monthly payments, which are often not affordable for many homeowners.

Fortunately, there a

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