Key takeaways Refinancing your mortgage may make sense if you can reduce the interest rate by at least half a percentage point. Improving your credit score is one way to get the best mortgage refinance rate. You can also consider buying discount points or paying your closing costs upfront to reduce the interest rate. Watching mortgage rate movement has turned into a waiting game for millions of homeowners looking to refinance. Mortgage rates have risen from their 2026 low of 6.09%, though they remain below the 7% levels seen in early 2025. That said, if your current mortgage is locked in at a higher rate, a dip could make refinancing worth exploring. Homeowners may consider refinancing if they can lower their rate by at least half a percentage point, or ideally closer to a full percentage point, says Ted Rossman, financial analyst at Bankrate.…