Mortgage rates are back above 7%, a level not sustained in nearly 25 years, and the ripple effects reach well beyond homebuyers. The 'lock-in' effect is keeping existing homeowners in place, existing home sales continue to slide, and refinancing has dropped to multi-year lows. Yet home prices remain near record highs, propping up the wealth effect that has kept consumer spending resilient. Here's what higher-for-longer rates could mean for households, the housing market, and

Refinancing your mortgage can lower your monthly payment and free up cash to support other financial goals, but it's important to understand the true costs involved. Learn how interest rates, discount points, closing costs, and your break-even point can help determine whether refinancing is the right move for your financial future.