The truth is I can actually still get you 4.50% or lower. Mortgage rates don't change but the COST of each rate changes daily according to the market. There are always about 20-30 different rates available ranging between 4.25% and about 7.5%. In mid April 4.5% was about 4500 in costs, now it costs about 9,500! For the same $4500 you can now get about 4.875-5.00% So although rates havent changed 4.875% is more reasonable.  Shall I get technical?  First remember that banks do not own your loan they only service them for a tiny part of the interest. Wall Street investors are the ones that actually buy and own the mortgage and get the majority of the interest. They are always seeking good returns for low risk. If the return or rate isn't good enough compared to their perceived risk then they don't want to invest so lower rates become more expensive to attract investors. The extra cost is passed onto you in the form of points to off set the low rate (it does not go into the mortgage brokers pocket) See? Now you're getting smart! So the question becomes when does it make sense to pay extra? That is why I have developed a very detailed refinance analysis tool to calculate the exact answer. I provide that as part of every quote I do. My website has a basic refinance analysis calc but I have something more accurate that I will customize for you.