Average mortgage refinance rates have been volleying between 6.5% and 7% as fears of both higher inflation and an economic slowdown play tug-of-war with financial markets. Overall, rates are too high for most homeowners to save money from refinancing.

The amount of mortgage refinances has drastically slowed since the low rates of 2020 through 2022. The 30-year mortgage rate has hovered in the high-6 percent and low-7 percent range since 2023, according

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since early February, further pushing up borrowing costs for homebuyers