Most homeowners refinance to reduce their monthly mortgage payments with a lower interest rate. However, current high mortgage rates limit the number of homeowners who can benefit from refinancing. As of September 2024, most of the outstanding loans — around 80% — carry interest rates below 5%, a result of the low-rate environment in 2020 and 2021. Only about 12% of current loans have interest rates of 6% or higher, and many of these loans were originated in 2023 and 2024. Homeowners with these loans could only benefit from refinancing if rates fell below 6%. https://www.corelogic.com/intelligence/when-will-refinancing-be-worth-it/