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.

People who bought homes in the past two years may want to seek a lower interest rate. Here’s how to think it through — and how to shop.

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.