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 up today, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.94%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

Rates on 30-year refi mortgages jumped several points—triggered by bond prices that soared Wednesday in response to President Trump's tax bill. Rates rose for most loan types.