What is the definition of Mortgage Refinance Interest Rate?

A mortgage refinance interest rate is like a financial rollercoaster where you're trading in your old, slightly rusty, home loan for a shiny new one at a lower price - but beware! It's the rate that folks pay when they change their mortgage from a 30-year deal to a shorter one, like trading your 30-year savings account for a $100 cash grab.

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Example sentence: "When he decided to flip his house into a second mortgage, he had to confront the unsettling reality that his new interest rate was 7% instead of the comfortable 4.5% he'd been paying for years, making his monthly mortgage payments feel like a slap in the face."