So far this year, average mortgage rates have stayed stubbornly high, bouncing between 6.5% and 7%, as financial markets weigh the risks of both higher inflation and an economic slowdown. Most homeowners, unable to save money by refinancing, are holding out for bigger rate drops.

The rate on a 30-year fixed refinance increased to 6.78% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.68%. On a 20-year mortgage refinance, the average rate is 6.