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Current Refinance Rates, June 24, 2022 | Rates Remain Well Below 6%

Editorial image to accompany article on daily mortgage rates Getty Images
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Today, numerous closely followed refinance rates declined.

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

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.

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. With that in mind, your refinance rate isn’t the only thing that matters. 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.

Here’s where refinance rates are today .

The average mortgage refinance rates are as follows:

Check out mortgage refinancing rates for your area here.

Where Are Refinance Trending?

Per the latest Consumer Price Index (CPI), annual inflation dipping slightly in April to 8.3%. This still puts it on par with the 40-year highs we’ve seen in the past few months. And that means refi rates are likely to see more increases as long as inflation remains high.

In response to high inflation that has lasted longer than initially anticipated, the Federal Reserve has begun increasing 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.

If we end up with high inflation for an extended period of time, then the chances that the Federal Reserve dramatically increases rates goes up.

Is It a Good Time to Refinance Right Now?

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. However, as rates have risen, the number of homeowners with rates well above current market rates has diminished dramatically.

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. However, refinancing is still a viable option when your existing rate is significantly higher than the prevailing rates.

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

When you choose to refinance your existing home loan, you’ll typically pay upfront fees known as closing costs. Fees can average 3% to 6% of your loan balance so it’s important to pay attention to them. You may be lower your monthly payment, but pay attention to how long it will take your monthly savings to outweigh what you paid to refinance.

30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 5.80%, a decrease of 14 basis points from a week ago.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and to understand how much you could save if you made extra payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

15-Year Refi Rates

Currently, the average rate for a 15-year fixed refinance loan is 5.05%, a decrease of 12 basis points from a week ago.

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 Fixed Refinance Rates

The average 10-year, fixed refinance rate is 5.05%, a decrease of 20 basis points from the rate observed over the previous week.

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 we calculate our refi rates

The table below shows where refinance rates were headed in the last week.

These daily refinance rates are provided by Bankrate. The information is based on homeowners 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 financial situation 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 rate5.80%5.94%-0.14
15-year fixed refinance rate5.05%5.17%-0.12
10-year fixed refinance rate5.05%5.25%-0.20

Rates as of June 24, 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 It Still a Good Time to Refinance?

It’s not just about interest rates or home values when it comes to refinancing, your personal circumstances also play a significant role. Consider whether or not refinancing fits into your life plans and financial desires

Generally speaking, refinancing makes sense if you can lower your interest rate by 1% or more. However, refinancing isn’t always about reducing your mortgage rate. Recently, more homeowners have taken advantage of increasing home values with a HELOC. A HELOC may not always get you the best rate, but it can be a smart way to consolidate debt or to affordably finance a home renovation.

As long as refinancing aligns with your financial goals and gets you closer to achieving them, then now is a good time to refinance.

How to Ensure You Get the Best Refi Rate

Your finances have a big impact on the refinance rate you’ll be able to secure. Having a lower loan-to-value ratio for your home and a healthier credit score generally will get you a better refinance rate.

Your situation isn’t the only thing that will impact the interest rates you’re offered. The equity you have in the home also comes into play. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an affect on your refinance interest rate. A shorter-term refinance loan usually has better interest rates than mortgage refinance loans with longer repayment terms, all else equal. The type of refinance you need makes a difference in the interest rate. Cash-out refinance loans typically have higher refinance rates than other loans.

Average Cost of Refinancing

The cost of refinancing can vary widely depending on these factors:

  • Location
  • Type of the mortgage
  • The lender
  • Loan balance
  • Your credit 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 Interest Rates by Loan Type

Mortgage Refi Rates

Home Purchase Rates

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