Mortgage rates have fluctuated recently, with the average 30-year rate at 6.72% as of October 31. If considering refinancing, avoid common mistakes: 1) Shop around for better offers, as multiple inquiries within two weeks minimize credit score impact. 2) Compare closing costs, as they can offset savings from lower rates. 3) Ensure you plan to stay in your home long enough to recoup closing costs, which typically range from 2% to 5% of the loan amount. Refinancing could save money if rates drop in November.