After plummeting earlier this week to their lowest levels since early 2023, refinance rates on 30-year, 20-year, and 15-year mortgages have all jumped higher.

If you have a mortgage rate of 6.9% or higher, have a good credit score, and at least 20% equity in your home, it could pay to refinance.

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.