Overall, it's unlikely we'll see another refinancing boom like the one in 2020-21 when mortgage rates were exceptionally low around 3%. Nevertheless, refinancing might be beneficial for other reasons, like changing the type of home loan, term length or taking someone off the mortgage.

The rate on a 30-year fixed refinance fell to 6.74% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.67%, and for 20-year mortgages, the average is 6.