The average rate for mortgage offers clicked on by Bankrate readers Thursday was 5.33 percent, down 3 basis points from the previous week. Mortgage rates are higher than they were a year ago, so it remains important to shop around if you want to find a good deal for a new loan or a refinance.

Bankrate’s “clicked-on” rate reflects both purchase mortgages and refinances with all terms, including 30-year and 15-year loans.

The most tempting deals come with some caveats. For instance, to reel in the best combination of interest rate and costs, you typically need a credit score of 740 or higher and a down payment of 20 percent. Many of the lowest rates posted on Bankrate.com also require borrowers to buy discount points, a way of lowering the loan’s interest by paying a fee at closing — known as “buying down” the rate.

Rates for mortgages change constantly. These ups and downs reflect the volatility of the mortgage market as the economy continues to grapple with slowing-but-still-significant inflation and a looming recession.

While it still might make sense to refinance your mortgage, the rationale has changed: Most refis now are being done by homeowners pulling out equity to pay for home renovations or repairs.