Is now actually a good time to refinance my mortgage?

With refinance rates all over the news, trying to figure out if it's actually worth refinancing right now or if I should wait.

It depends almost entirely on your current rate, not just what today's rate happens to be. A commonly cited rule of thumb is that refinancing is worth seriously considering if today's rate is at least about 0.5 to 0.75 percentage points lower than your current one — the older "wait for a 2% drop" rule is generally considered outdated, since closing costs and loan terms have changed enough that a smaller gap can still pay off, especially if you plan to stay in the home for a while. If you bought or last refinanced when rates were near their recent peak (roughly 2022-2025), you may well be sitting on a rate meaningfully above today's average, which is worth running the numbers on. On the other hand, if you're locked into a rate well under 5% from the historically low-rate years, refinancing at today's rates almost certainly wouldn't make sense. Beyond the headline rate, factor in closing costs, how long you plan to stay in the home (to calculate your break-even point), and whether you're also trying to change your loan term or tap equity — a mortgage professional or a refinance calculator that accounts for your specific numbers will give a much clearer answer than the national average rate alone.