Several benchmark refinance rates moved higher this week, but refinancing could be still make sense for other reasons.

After jumping to a one-year high less than two weeks ago, 30-year mortgage rates have fallen five of the last seven days and are now down to early-May levels.

The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated.