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 22, 2022 | Rates Hit 6%

Editorial image to accompany article on daily mortgage rates Shutterstock
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, a number of notable mortgage refinance rates ticked up.

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 inched up.

Refinance rates have skyrocketed through the first months of 2022. We’ve already seen multiple increases in short-term interest rates and the Fed has plans for more to come.

Given the current rate environment, it is prudent for borrowers to look hard at the numbers before taking out a new home loan. With refi rates on the rise, the cost of borrowing is higher than it was a year ago. Keep in mind, when deciding to refinance there are other factors outside of just the rate to consider. The fees you pay to close a home loan matter, and can add up to thousands of dollars.

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

Take a look at today’s refinance rates:

Compare refinance rates for a wide range of different loans here.

Refinance Rate Forecast: What Drives Changes in Mortgage Rates?

Per the latest Consumer Price Index (CPI), annual inflation dipping slightly in April 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. 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 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.

A prolonged period of high inflation would make the Federal Reserve more likely to increase rates dramatically.

Is Now a Good Time to Refinance?

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. That said, the recent spike in refinance rates has drastically reduced the number of homeowners with interest rates that are well above today’s average rates.

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.

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




Although today’s refinance rates are near or above 5%, that is a typical interest rate historically. If your current rate is higher than today’s rates, then a refinance could be a good option.

The historical rate trends shown in this chart reference data complied by Freddie Mac. NextAdvisor typically uses rate information collected by Bankrate. Although these mortgage rate surveys differ, they tend to show the same trends.

Pro Tip: Pay Attention to Refinance Fees

Fees associated with refinancing a mortgage are known as closing costs. These fees are important to pay attention to because they can average 3% to 6% of your loan balance. 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 Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 6.00%, an increase of 1 basis point from what we saw last week.

You can use our mortgage calculator to price out your monthly mortgage payments and find out how much less interest you’ll pay by making additional payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

Average 15-Year Refinance Rates

Right now, average 15-year fixed refinance rates are 5.28%, an increase of 12 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 save you thousands of dollars interest over the life of the loan.

10-Year Refi Rates

The average 10-year, fixed refinance rate is 5.46%, an increase of 30 basis points from what we saw last week.

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 refinance 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 daily refi interest rate averages are based on a consumer profile of the following:

  • Loan to value (LTV) or 80% or less
  • Primary residence
  • Credit score of 740+
  • Single-family home

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

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate6.00%5.99%+0.01
15-year fixed refinance rate5.28%5.16%+0.12
10-year fixed refinance rate5.46%5.16%+0.30

Rates as of June 22, 2022.

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

Pro Tip

Use our mortgage refinance calculator to get a better idea if now if the right time to refinance for you.

Refinance Rate Frequently Asked Questions (FAQ):

Is Now Still a Good Time to Refinance?

Even though refinance rates are higher than the recent record lows, they are still historically favorable. If you want to reduce your mortgage payment by refinancing to a lower rate, and you haven’t refinanced in the past few years, then now is still a good time to look into refinancing.

Nevertheless, you should not solely rely on the interest rate when determining whether it is time to refinance. The number of years you have left on your existing mortgage and your new repayment term will also influence your decision. 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. 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 Best Refinance Rate

Your financial 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 ordinarily translates into a better refinance rate.

Your personal finances aren’t the only factor that impacts the mortgage refinance rates you’re offered. A better loan-to-value ratio (LTV) will help you get a better refinance rate. So the more equity you’ve built up, the better. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

The type of mortgage loan can determine your mortgage refinance rate. A shorter-term refinance loan usually has better interest rates than 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?

If you refinance your mortgage, closing costs typically range from 3% to 6% of the loan amount. For a $300,000 loan that’s $9,000 to $18,000 in fees.

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 Rates by Loan Type

Mortgage Refi Rates

Home Purchase Interest Rates

Al,.k
}”?YJHxcdq5tr