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.

Rates on 30-year refinance mortgages have declined a substantial 11 basis points over the last five market days, dropping below the 7% mark with a Tuesday average of 6.99%.