Mortgage refinance rates change daily depending on multiple economic and political factors. Check out our weekly mortgage rate forecast for expert predictions on where rates are h

A rate and term refinance is used to pay off the current loan, including late fees or prepayment penalties that the borrower might have incurred. The borrower may also be allowed to cover closing costs including discount points with the proceeds, so the refinance may not require an out-of-pocket payment at closing.

After riding a roller coaster for most of April, 30-year refi rates have been bobbing mildly for the past week. Thursday saw rates dip for several refi loan types.