The refinance rate saw an increase last week as mortgage rates dropped below 4% for the first time since January 2018, according to data from Bankrate.
The average 30-year fixed-rate refinance across the US rose to 4.02%, up one basis point since May 26 but down from 4.14% in April.
Borrowers would have to pay $478.57 per month in principal and interest for every $100,000 they borrow at the current average rate.
While the 30-year refinance climbed, the average rate for a 15-year and 10-year fixed refi dropped to 3.29% and 3.33% respectively, down eight basis points each.
Monthly payments on a 15-year fixed-rate refi will cost almost $705 per $100,000 borrowed, and a 10-year fixed refinance will be at around $984.65 per month.