Multiple benchmark refinance rates trended upward this week, but refinancing could be still make sense for other reasons.

According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.79%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.