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 Research Center. Rates averaged 5.7% for a 15-year financed mortgage and 6.64% for a 20-year financed mortgage. Related: Compare Current Refinance Rates 30-Year Refinance Rates Climb 0.25% Currently,