These are today's mortgage and refinance rates. Mortgage rates have increased a bit in response to stronger-than-expected economic data.

Refinancing your mortgage can help you get a lower monthly payment. You also have the opportunity to change up your loan type and term. A cash-out refinance is another mortgage refinancing option that lets you convert home equity into cash. That lump sum could pay for a home renovation or to retire high-interest credit card or student loan debt.

A single percentage point can affect the interest you pay, monthly payments and refinancing. Here's how much it can matter — including tips on saving.