If your mortgage rate starts with a 6 or a 7, you’re not alone.

After the last few years of fluctuation, a lot of homeowners landed in that range and are now asking the same question:

“If I’m already in the 6s or 7s… is it even worth looking at a refinance or cash-out?”

The short answer: maybe.
The better answer: it depends on your goals, not just the number on your statement.

Let’s walk through when that 6- or 7-something rate might actually be an opportunity, when it makes sense to sit tight, and how to get clear answers without doing any math on your own.

Where Rates Are Sitting Now (and Why Your Number Might Feel "Stuck")

We’re still in a world where most 30-year fixed mortgage rates land somewhere in the 6s, and on some days in the 7s. That’s very different from the ultra-low rates we saw a few years ago, which is why so many homeowners feel like they missed out.

Now, even small shifts in the market can create windows of opportunity. The key is understanding what that opportunity looks like for you.

If Your Rate Starts with a 7, Don't Ignore It

Let’s say your current rate is 7-point-something. You make your payment every month, but you keep hearing that rates have eased a bit from their highs.

Here’s why refinancing is worth serious thought in that situation:

• Small changes can add up.
  Dropping even a fraction of a percent on a larger loan, over 20–30 years, can mean money back in your budget.
• You might be able to reset your term.
  Maybe you’re a few years into your 30-year loan. A refi could let you move into a new 30-year with a lower payment, or even a shorter term (20 or 15 years) while keeping your payment manageable.
• You can clean up your financial picture.
  If you’re also juggling high-interest credit cards or personal loans, a cash-out refinance may let you tap home equity to consolidate those balances into one payment at a lower rate than your other debts.

None of this means “everyone in the 7s should refinance.” But if this sounds like you, it’s absolutely worth having our team run the numbers so you can see the full picture.

Already in the 6s? Now It's More About "Fit" Than FOMO

Being in the 6s is a little more nuanced. You might not see a huge rate drop, so this becomes less about chasing the lowest possible number and more about whether your current loan still fits your life.

A refinance might still make sense if:

• You’re in the high 6s and today’s options are meaningfully lower.
• You’d benefit from switching loan types, such as:
• FHA to conventional to remove monthly mortgage insurance (if you now have enough equity), or
• ARM to a fixed rate if you’d sleep better with a stable payment.
• You’re ready to tap equity for a clear, specific reason: maybe a major remodel, a new roof, or consolidating higher-interest debts into one structured payment.

In these cases, the “win” isn’t always a dramatically lower rate. Sometimes it’s a more predictable payment, short path to being debt free, or the ability to tackle big projects without turning to credit card debt.

Refi, Cash-Out, or Stay Put? Think of It as a Mortgage Checkup

The easiest way to make sense of all this is to treat it like a checkup for your mortgage.

When you talk with the Sharpe Mortgage Team, we can walk through:

• Your current rate, balance, and remaining term
• Your estimated home value and available equity
• A few simple “what if” scenarios

From there, you can see how your monthly payment would change, how long it will take to break even on closing costs, and even the total interest you’d pay in each scenario over time. Allowing you to easily decide if a refinance or cash-out is right for you.

Ready for Your Mortgage Checkup?

Contact the Sharpe Mortgage Team at (336) 575-9448 to start your personalized refi or cash-out review.

You bring your “6 or 7.”

We’ll help you decide what to do with it.