Compare Top Savings Accounts
These are the best available rates across different account types
icon
Trusted Source
Partnered with TIME
icon
FDIC Insured
Protection for your savings*
icon
Higher Returns
Up to 10x the U.S. average
icon
Now is a great time to save! The Fed recently made its largest interest rate hike in 28 years, which means higher APYs on NextAdvisor. Compare top rates from our trusted partners.

Mortgage Refinance Rates Today, June 20, 2022 | Rates Near 6%

Editorial image to accompany article on daily mortgage rates Getty Images
We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Today, multiple closely followed mortgage refinance rates saw growth.

Both the 15-year fixed and 30-year fixed saw their average rates increase. At the same time, average rates for 10-year fixed refinances also saw growth.

As of early this year, refinance rates spiked and appear likely to continue on their upward trajectory. We’ve already seen multiple increases in short-term interest rates and the Fed has plans for more to come.

Right now, it’s as important as ever for homeowners to carefully consider whether or not now is the right time to refinance. Right now, homeowners may struggle to find an interest rate low enough for refinancing to make sense. Keep in mind, when deciding to refinance there are other factors outside of just the rate to consider. Refinance closing costs can average 3% to 6% of the loan balance and in the short run, could be more expensive than the interest you pay.

Let’s take a look at where refi rates are and what it means for you.

The average mortgage refinance rates are as follows:

Check out mortgage refinancing rates for your area here.

Refinance Rate Forecast: What Is Driving Mortgage Rate Change?

The annual inflation rate came in it at 8.3% in April, according to the data from the Bureau of Labor Statistics. It still puts it at the level of the 40-year highs we’ve experienced the past few months. And that’s bad news for refinance rates.

As inflation lingers longer than anticipated, the Federal Reserve has begun raising interest rates. On top of that, there is more trouble brewing for the global supply chain. Russia’s invasion of Ukraine and China’s latest round of COVID lockdowns threaten to add to the rising inflation we are currently experiencing. And the impact these events have on inflation may not be felt right away. “The pain of the April and March lockdown is not yet fully being felt in the manufacturing sector outside of China,” Lindsey Piegza, chief economist at Stifel Financial told NextAdvisor.

Because of all of this, we could be stuck with high inflation for much longer than we want, which makes it more likely that the Fed will have to raise interest rates aggressively.

Is Now a Good Time to Refinance?

Generally speaking, homeowners could save thousands with a rate and term refinance if their new rate is 0.75% to 1% below their current rate. And the number of homeowners with rates well above the current market rates has dwindled dramatically as rates have risen.

In this hot housing market, the ability to turn the equity in your home into cash with a home equity line of credit (HELOC) has become increasingly popular. A HELOC can be a reasonable option for financing home repairs or improvements, just be sure to understand all of the fine print regardless fees, the interest rate and the repayment schedule..

Why Is It Important to Look at the History of the 30-Year Fixed Mortgage Rate?




Current mortgage interest rates are still within a normal historical range, even if they’re breaking through the psychological barrier of 5%. It might be a good idea to refinance if your current interest rate is higher than today’s rates.

The above chart references Freddie Mac data, which differs slightly but follows similar trends to the Bankrate survey used by NextAdvisor.

Pro Tip: Refinance Closing Costs

Closing costs are the fees you pay when you refinance a mortgage. A loan’s closing costs can range from 3% to 6% of the loan amount, making them a costly expense. Even though your monthly payment may be lower, keep an eye on the length of time it will take for your monthly savings to outweigh what you paid to refinance.

30-Year Fixed Refi Rates

Right now, the average 30-year fixed refinance has an interest rate of 5.94%, an increase of 19 basis points from a week ago.

You can use our mortgage calculator to price out your monthly mortgage payments and to understand what the effects of making extra payments would be. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Fixed Refinance Rates

For 15-year fixed refinances we’re seeing an average rate of 5.18%, an increase of 26 basis points from a week ago.

Monthly payments on a 15-year refinance loan will be bigger compared to a 30-year refinance at the same rate. However, a shorter loan term can save you thousands of dollars interest over the life of the loan.

10-Year Fixed Refinance Rates

The average 10-year, fixed refinance rate is 5.27%, an increase of 44 basis points from the rate observed over the previous week.

Monthly payments with a 10-year refinance term would cost a massive amount more per month than you would with a 15-year term, but you’ll pay less interest in the long term.

How our refi rates are calculated

Our daily refinance rates are based Bankrate’s daily rate data, which is owned by the same parent company as NextAdvisor. These overnight refi interest rate averages are based on a customer profile that meets these qualifications:

  • Loan to value (LTV) or 80% or less
  • Principal residence
  • Credit score 740 or higher
  • Single-family home

The information provided to Bankrate from lenders across the nation is provided in the table below:

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate5.94%5.75%+0.19
15-year fixed refinance rate5.18%4.92%+0.26
10-year fixed refinance rate5.27%4.83%+0.44

Rates as of June 20, 2022.

Take a look at mortgage refinance rates for a number of different loans.

Pro Tip

Use our mortgage refinance calculator to run the numbers on what a refi could do for your financial situation.

Refinance Rate Frequently Asked Questions (FAQ):

Is It Still a Good Time to Refinance?

While refinance rates are higher than recent record lows, they are still exceptionally low. A lower rate can reduce your mortgage payment, so if you haven’t refinanced in the past few years, today’s low interest rates can make now a good time to do so.

Nevertheless, you should not solely rely on the interest rate when determining whether it is time to refinance. You’ll also need to weigh how long you have left to pay off your current mortgage and to consider the repayment term of a new home loan. A 30-year refinance loan may not make sense for you depending on how long you’ve had your current mortgage. If you opt for a shorter-term refinance, the trade off is that your monthly payment will be higher than with a longer loan.

Before you jump on an exceptionally low refinance rate, be sure that the overall deal makes sense for you.

How to Get the Lowest Refinance Rate

Mortgage refinance rates are influenced by your personal finances. Those with higher credit scores and lower loan-to-value (LTV) ratios will generally be able to secure better refinance rates.

Your personal finances aren’t the only thing that will impact the interest rate you qualify for. Your home’s equity also factors into the decision. Having at least 20% equity in your property is ideal.

The type of mortgage loan can determine what your refinance rate will be. A shorter-term refinance loan usually has better refinance rates than a loan with longer terms. Also, if you want to turn your equity into cash with a cash-out refinance, you should expect to pay a higher mortgage rate for that privilege.

How Much Does Refinancing Cost?

When you refinance a mortgage the closing cost typically range from 3% to 6% of the loan amount. So for a $300,000 loan, you can expect to pay $9,000 to $18,000 in closing costs.

But, each lender will assess your personal situation differently. So it’s important to shop around and compare offers. Everything from where the property is located to the type of loan you’re refinancing into can change what you’ll pay to refinance.

Mortgage Interest Rates by Loan Type

Mortgage Refinance Rates

Home Loan Purchase Interest Rates

Al,.k
}”?YJHxcdq5tr