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.

Rates on 30-year refi mortgages jumped several points—triggered by bond prices that soared Wednesday in response to President Trump's tax bill. Rates rose for most loan types.

Today's average 30-year mortgage rate is 6.90%. Rates are up across all loan types, including 15-year and jumbo mortgages.