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Mortgage Refinance Rates Today, June 21, 2022 | Rates Remain Near 6%

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Today, multiple benchmark mortgage refinance rates made gains.

Both the 15-year fixed and 30-year fixed saw their average rates rise. The average rate on 10-year fixed refinance mortgages also saw growth.

Refinance rates have spiked in the early part of this year and seem poised to continue their upward march. The Federal Reserve has already increased short-term rates twice this year, with more raises to come.

In the current financial climate, homeowners should carefully consider whether it’s the right time to refinance. Simply put, the cost of refinancing is increasing because rates are higher. That said, interest rates aren’t the only thing to concentrate on. Closing costs on a refinance loan can add up to thousands of dollars, greatly increasing your upfront costs.

Here’s where refinance rates are today .

Here are the average rates for 30-year, 15-year, and 10-year refinance loans are:

Check out mortgage refinancing rates for your area here.

Refinance Rate Forecast: What Is Driving Mortgage Rate Change?

The Consumer Price Index (CPI) for April shows a slight drop in annual inflation to 8.3%. The price still stands on par with the 40-year inflation highs of recent months. And that’s bad news for refinance rates.

To fight high inflation the Federal Reserve has been raising short-term interest rates. Adding to the issue is Russia’s invasion of Ukraine and China’s COVID-19 lockdowns. Both of these geopolitical events threaten to compound existing supply chain issues and add to inflation. And we haven’t even started to feel these supply shocks, “it’s going to take months for those disruptions to seep fully into the supply chain,” Lindsey Piegza, chief economist at Stifel Financial told NextAdvisor.

All of this means that we could be stuck with high inflation for longer than we’d like, which increases the likelihood that the Fed will need to be aggressive in raising rates.

Does Refinancing Still Make Sense?

A rate and term refinance can save you money in the long run, but typically you’ll want the new rate to be at least 0.75% to 1% below your 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. In some situations, a HELOC can make sense, especially when consolidating debt or remodeling your home.

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

For a new mortgage, you will have to pay upfront fees totaling 3% to 6% of the loan amount. It is a significant expense that needs to be taken into account in the refinancing process. Your monthly savings may not have exceeded the upfront fees if you refinance too often or sell your home soon after refinancing.

Average 30-Year Fixed Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 5.97%, an increase of 8 basis points from what we saw last week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and to understand how paying more each month will impact your mortgage. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Refinance Rates

Currently, the average rate for a 15-year fixed refinance loan is 5.26%, an increase of 21 basis points over the previous week.

Monthly payments on a 15-year refinance loan are tougher to fit into a monthly budget than a 30-year mortgage payment would be. However, a shorter loan term can help you build up equity in your home much more quickly.

Average 10-Year Refinance Rates

The average 10-year, fixed refinance rate is 5.40%, an increase of 35 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost a significant 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

The table below shows refinance rates trends from the past week.

These refi rates are supplied by Bankrate. The information is based on customers that fit a certain profile, such as the home is an owner occupied single family residence. If your financial profile doesn’t meet or exceed the standards of Bankrate’s survey, then it’s likely you’ll end up with a refi rate higher than what’s listed..

Bankrate is owned by Red Ventures, Nextadvisor’s parent company.

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate5.97%5.89%+0.08
15-year fixed refinance rate5.26%5.05%+0.21
10-year fixed refinance rate5.40%5.05%+0.35

Rates as of June 21, 2022.

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

Pro Tip

Add your monthly payment and the other details of your home loan into NextAdvisor’s mortgage refinance calculator to get a sneak peak at how refinancing could help you.

Refinance Rate Frequently Asked Questions (FAQ):

Is It Still a Good Time to Refinance?

Refinance rates are still quite low even though they are up from the recent record lows. If you’ve not refinanced within the past few years and want to lower your mortgage payment, now is a good time to do so.

You should also consider other factors when deciding whether it is the right time for you to refinance. Refinancing into a new home loan can add years onto your mortgage. If you’re close to paying off your existing mortgage, then you’ll want to factor in the trade offs. If you’ve been paying on your current mortgage for 10 years, then you may want to refinance with a 20 years loan so that you aren’t adding years to the backend of your loan. But shorter-term loans have higher monthly payments, so in that scenario your monthly payment would be larger than if you took out a new 30 year loan.

Make sure the overall deal makes sense before taking advantage of an today’s low refinance rates.

How to Ensure You Get the Lowest Refi Rate

Your personal situation has a big impact on the refinance rate you can qualify for. Having a lower loan-to-value ratio for your home and a higher credit score generally will get you a lower interest rate.

But your personal financial situation isn’t the only factor that impacts your refinance interest rate. The amount of equity you have in the home also comes into play. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

The type of mortgage loan will impact what your mortgage refinance rate will be. A shorter-term refinance loan generally has lower refinance rates than refinance loans with longer repayment terms, all else equal. Also, if you want to pull cash out of your home with a cash-out refinance, you’ll be charged a higher interest rate, compared to other types of refinancing.

What Is the Average Cost of Refinancing?

What you’ll pay to refinance your mortgage can vary widely depending on these factors:

  • Location
  • Type of refinance loan
  • Your lender
  • Size of loan
  • Your credit score
  • The property’s equity

In general, refinance closing costs are 3% to 6% of the loan balance. Your state and local regulations can influence what fees and taxes you pay. Having more equity in the home and a higher credit score will make it easier to qualify for the refinance loan, secure a lower rate, and to get lenders to compete for your business.

Mortgage Interest Rates by Loan Type

Mortgage Refi Rates

Home Loan Interest Rates