Refinance rates have seen a slight decrease over the last week, with a 10-year refinance option now offering a rate of 32 basis points lower than last week. This development is likely to appeal to homeowners looking to save money or switch mortgage types. Common reasons for refinancing include securing a lower interest rate, switching from an adjustable-rate to a fixed-rate mortgage, eliminating mortgage insurance, and changing the length of a loan term.

Source: https://www.cnet.com/personal-finance/refi-rates-drop-over-the-last-week-mortgage-refinance-rates-on-aug-9-2024/#ftag=CAD590a51e