The survey of more than 1,000 homeowners challenges the narrative that the refinancing market is entirely dormant. Three-quarters of prospective refinancers currently carry rates above 5%, with nearly half facing rates exceeding 6%. These borrowers, largely Gen Z and Millennials, are positioned with credit scores of 680 or higher, waiting for marginal rate improvements to justify the switch.

Lowering monthly payments remains the primary catalyst, cited by 62% of those surveyed, followed by equity access and debt consolidation. However, hesitation persists. Fewer than half of the respondents feel confident calculating their break-even point, and widespread misconceptions about equity requirements and the nature of cash-out refinancing often stall decision-making. Kyle Bass, production business manager at Refi.com, notes that while the underlying math is straightforward, the difficulty lies in translating those figures into a definitive financial strategy. Once the break-even point is clarified, the path to refinancing becomes a viable option for many who previously assumed they were priced out of the market.