Average mortgage refinance rates have been volleying between 6.5% and 7% as fears of both higher inflation and an economic slowdown play tug-of-war with financial markets. Overall, rates are too high for most homeowners to save money from refinancing.

Mortgage rates are influenced by various factors, including market conditions and your personal credit and financial situation. Mortgage rates change frequently, but you can minimize the fluctuations by requesting a rate lock.

Mortgage rates might be high compared to recent years, but these smart strategies can help you save on your loan.