American homeowners with high-interest mortgages have not seen their holiday wishes come true. Dreams of lower rates for mortgage refinancing relief in the new year have been dashed. In fact, not only have rates not declined, they have been creeping higher—like the Grinch who stole refinancing.
With the average interest rate for a conventional 30-year mortgage hovering stubbornly around 7%, the refi environment feels frozen solid. Homeowners with higher rates will need to suit up, bank the fire, and hold on to their existing loans, but there are some edge cases where it might make sense to refinance in 2025.
