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The data suggests that only a small segment of homeowners, about 17.2%, have mortgage rates of 6% or higher, indicating a limited pool of potential refinancers. Additionally, most existing homeowners have rates below 6%, with many benefiting from even lower rates near 3%. The trend of cash-out refinances—a method where homeowners borrow against their property value—has seen a notable increase, suggesting that many homeowners are utilizing their equity to manage financial stress.