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Multiple benchmark mortgage refinance rates climbed today. Both 15-year fixed and 30-year fixed refinances saw their mean rates go higher. In addition, the average rate on 10-year fixed refinance also shot up considerably. 

Homeowners can expect to see refinance rates rise over the course of this year. Although rates are higher now than at the start of the pandemic, multiple economic factors are likely to keep pushing rates up. Refinance rates also fluctuate daily, but if you’re looking to shave dollars and interest off of your current monthly mortgage payments, these could be the lowest rates this year. Make sure to think about your goals and circumstances, and compare offers to find a lender who can meet your needs.

30-year fixed-rate refinance

For 30-year fixed refinances, the average rate is currently at 5.06%, an increase of 23 basis points over this time last week. (A basis point is equivalent to 0.01%.) Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. Because of this, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15-year fixed-rate refinance

The average rate for a 15-year fixed refinance loan is currently 4.35%, an increase of 26 basis points over last week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. But you’ll save more money over time, because you’re paying off your loan quicker. 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 4.44%, an increase of 40 basis points compared to one week ago. A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can help you pay off your house much faster and save on interest in the long run. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

Interest rates are expected to go up this year, as the Federal Reserve recently raised rates for the first time since 2018 and plans to increase them multiple times in 2022. During the pandemic, refinance rates dropped to historic lows, but given factors like Federal Reserve policy, strong economic growth and inflation – which reached its highest in four decades – we’re now seeing interest rates closer to pre-pandemic levels. While the war in Ukraine has caused temporary dips in interest rates, it’s impossible to predict when another drop might occur. That means it’s a good idea to try to take advantage of refinancing now and lock in a decent rate. 

We track refinance rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates provided by lenders across the country:

Average refinance interest rates

Product Rate Last week Change
30-year fixed refi 5.06% 4.83% +0.23
15-year fixed refi 4.35% 4.09% +0.26
10-year fixed refi 4.44% 4.04% +0.40

Rates as of Apr. 14, 2022.

How to find the best refinance rate

When looking for refinance rates, know that your specific rate may differ from those advertised online. Market conditions aren’t the only factor in interest rates; your particular application and credit history will also play a large role.

Generally, you’ll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. Also remember to account for potential fees and closing costs.

It’s also worth noting that in recent months, lenders have been stricter with their requirements. This means that if you don’t have great credit ratings, you might not be able to take advantage of lowered interest rates — or qualify for a refinance in the first place.

To get the best refinance rates, you’ll first want to make your application as strong as possible. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

When should I refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

Make sure to consider your goals and financial situation, including how long you plan to stay in your current home. It’s helpful to have a specific goal for a refinance — such as decreasing your monthly payment or adjusting the term of your loan. And don’t forget about fees and closing costs, which can add up.

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates — or even a refinance at all — if you don’t meet their standards. Refinancing at a lower interest rate can save you money in the long run and help you pay off your loan sooner. But a careful cost-benefit analysis is necessary to confirm that doing so makes sense.



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