Virna Brown

The current avg. 30-yr fixed refinance rate is in the high-6% range, keeping costs elevated for homeowners considering a new loan now.
A common benchmark: refinancing may deserve a close look when you can lower your existing rate by ~1 point, especially for long-term savings.
Refinancing can also unlock equity, switch from adjustable to fixed, replace a government-backed loan with conventional, or extend a term for smaller payments.
Before moving forward, weigh closing costs, which often run several percent of the loan amount, plus fees for origination, appraisal, title, application, and recording.
Homeowners can refinance with a new lender or stay put if incentives help, and some loans sold to government-backed buyers may qualify for simpler programs.

US Refi Rates Hold Near 7%

Higher mortgage rates shrink buying power by raising monthly payments, which can limit loan approval and push buyers toward lower-priced homes or a delayed purchase.
Higher rates can cool demand, give buyers more negotiating room, and eventually push sellers to adjust listing expectations as the market shifts.
Lower rates can widen budgets, yet they may also spark more competition, multiple offers, and stronger bids that leave buyers with fewer protections.
Mortgage rates reflect inflation, central bank moves, the broader economy, lender costs, borrower finances, and property details; a ~1% increase can cut buying power ~10%.
If your finances support the payment and the home fits your budget, buying can still work; later rate declines may open refinancing opportunities.