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 slipped to 6.83% today, according to the Mortgage Research Center. Rates averaged 5.75% for a 15-year financed mortgage and 6.68% for a 20-year financed mortgage.