Rates moved lower for almost all other refi loan types as well Monday. The 15-year refinance average dipped a minor 2 basis points, while the 20-year average gave up 8 points and jumbo 30-year refinance rates subtracted a bold 12 basis points.

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