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.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.85%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week.