The rate on a 30-year fixed refinance jumped today. The average rate on a 30-year fixed mortgage refinance is 6.84%, according to Curinos, while the average rate on a 15-year mortgage refinance is 5.78%.

Mortgage refi rates increased slightly on Thursday after three days of declining averages. Last week, 30-year mortgage refinance rates plunged to a 19-month low.

Mortgage rates are starting to fall, but that doesn't mean it's a good time to refinance. Find out why I'd wait a little longer.

Refinancing your mortgage can help you get a lower monthly payment. You also have the opportunity to change up your loan type and term. A cash-out refinance is another mortgage refinancing option that lets you convert home equity into cash. That lump sum could pay for a home renovation or to retire high-interest credit card or student loan debt.

After plunging last week to a 19-month low, but then rising back up, 30-year refi rates have again begun dropping—three days in a row. Most other refi rates have also dipped.

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.

When you need cash and own a home, your equity is valuable. But should you refinance your home or get a reverse mortgage instead? Let’s look at the options.