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Current Mortgage Refinance Rates, June 23, 2022 | Rates Fall Below 6%

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In general, refinance rates for mortgages were varied with one notable rate decreasing.

The average rate nationwide for a 15-year fixed-rate refinance increased, while 30-year fixed refinance rates trailed off. The average rate on 10-year fixed refinance mortgages moved up.

Refinance rates have skyrocketed through the first months of 2022. Short-term interest rates have already increased multiple times, and the Fed plans to do so again in the coming months.

Right now, it’s as important as ever for homeowners to carefully consider whether or not now is 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.

Let’s take a look at the current refi rate trends.

Refinance rates currently are:

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

Refinance Rate Forecast: What Drives Changes in Mortgage Rates?

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.

With high inflation lingering longer than initially expected the Federal Reserve has begun raising 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. These issues haven’t even hit the U.S. yet, “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.

Is Refinancing Now a Good Idea?

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.

There are alternatives to refinancing. With values rising in today’s housing market, homeowners may want to turn that value into cash. With rates where they are, a home equity line of credit (HELOC) may make sense for you because you won’t have to take out a new mortgage. 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?




Even with refi rates climbing higher than they have been in recent history, they still fall within normal historical trends. If your current rate is higher than today’s rates, then a refinance could be a good option.

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

Pro Tip: Pay Attention to Refinance Fees

You will pay upfront fees of 3% to 6% of your loan amount when you take out a new home loan. When refinancing, you need to consider this expense. Refinancing often or selling a house soon after refinancing can result in your monthly savings not exceeding the fees you paid.

30-Year Refi Rates

Right now, the average 30-year fixed refinance has an interest rate of 5.88%, a decrease of 1 basis point over the previous week.

You can use our mortgage calculator to get an idea of what your monthly payments will be 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 Fixed Refinance Rates

For 15-year fixed refinances we’re seeing an average rate of 5.14%, an increase of 4 basis points from what we saw last 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.

Average 10-Year Fixed Refinance Rates

The average 10-year, fixed refinance rate is 5.20%, an increase of 4 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost even more than what you’d pay on a 15-year loan. The upside is you’d end up paying even less interest over the life of the loan.

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 borrowers that fit a certain profile, such as the loan is for a primary residence and their FICO score is 740 or higher. So you’ll be eligiblefor different rates if your personal circumstances don’t align with the survey criteria.

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

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate5.88%5.89%-0.01
15-year fixed refinance rate5.14%5.10%+0.04
10-year fixed refinance rate5.20%5.16%+0.04

Rates as of June 23, 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):

Should I Refinance Right Now?

While refinance rates are higher than recent record lows, they are still exceptionally low. The current time could still be the right time to refinance if you want to lower your mortgage payment by refinancing to a lower rate.

You should also consider other factors when deciding whether it is the right time for you to refinance. In addition to the number of years left on your existing mortgage, the new repayment term will have an impact on your decision. A 30-year refinance loan may not make sense for you depending on how long you’ve had your current mortgage. However, you will pay more each month if you choose a shorter-term refinance, although depending on how much you can reduce your interest rate it may balance out.

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

How to Get the Lowest Refi Rate

Mortgage refinance rates vary depending on your personal financial situation. If you have a higher credit score and lower loan-to-value (LTV) ratios will usually be able to get better refinance mortgage rate.

Your situation isn’t the only factor that impacts your refinance rate. Your house’s equity also factors into the decision. Having at least 20% equity in your property is ideal.

The type of mortgage loan can determine your refinance interest rate. A shorter-term refinance loan usually has better refinance 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 should expect to pay a higher mortgage rate for that privilege.

Average Cost of Refinancing

There are a handful of things to consider that influence the cost of refinancing, including:

  • Location
  • Type of refinance loan
  • Your lender
  • Loan amount
  • FICO score
  • Home’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 Rates by Loan Type

Mortgage Refi Rates

Home Loan Interest Rates

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