Mortgage Refinance Rates Today, November 23, 2022 | Rates Fluctuate

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

The mean rate for a 15-year fixed-rate refinance climbed, while 30-year fixed refinance rates decreased. The average rate on 10-year fixed refinance mortgages were stable.

Refinance rates have spiked in the early part of this year and seem poised to continue their upward march. We’ve already seen multiple increases in short-term interest rates and the Fed has plans for more to come.

A borrower should carefully review the numbers before taking out a new mortgage in the current interest rate environment. Due to higher interest rates, refinancing costs are increasing. With that in mind, your refinance rate isn’t the only thing that matters. 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.

The average mortgage refinance rates are as follows:

Check out mortgage refinancing rates for your area here.

Refinance Rate Trends

September’s Consumer Price Index (CPI) reported annual inflation was lower than August, but still inflated, at 8.2%. And that means refi rates are likely to see more increases as long as inflation remains high.

To fight high inflation the Federal Reserve has been raising short-term interest ratesBecause 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 Refinancing Now a Good Idea?

As a rule of thumb, refinancing can save you money if you can secure an interest rate that’s around 1% lower than your existing 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.

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. Your monthly payment may drop with a refinance, but make sure you keep the loan long enough for the ongoing savings to exceed the out-of-pocket costs.

Average 30-Year Fixed Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 6.88%, a decrease of 3 basis points over the previous week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month 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 Fixed Refinance Rates

For 15-year fixed refinances we’re seeing an average rate of 6.23%, an increase of 5 basis points from what we saw last week.

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 Refinance Rates

The average 10-year, fixed refinance rate is 6.34%, unmoved 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 our refinance rates are calculated

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

  • At least 20%+ equity
  • Owner occupied home
  • Credit score 740 or higher
  • Single-family detached home

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

Average refinance interest rates
ProductRateLast weekChange
30-year mortgage refinance rate6.88%6.91%-0.03
15-year fixed refinance rate6.23%6.18%+0.05
10-year fixed refinance rate6.34%6.34%N/C

Rates as of November 23, 2022.

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

Pro Tip

Use NextAdvisor’s 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?

Whether or not you refinance isn’t dependent on just the numbers, such as the refinance rate. Your personal circumstances are also an important consideration. Assessing whether refinancing fits into your financial and life plans, is always a good idea

If you can reduce your interest rate enough to offset the upfront closing costs, refinancing may be a good idea. However, there are times when securing a lower interest rate isn’t the main driver behind the decision to refinance. As home values rise, many homeowners are choosing to turn their equity into cash via 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 Get the Best Refinance Rate

Your personal situation has a big effect on the refinance rate you’ll be able to secure. Having a lower loan-to-value ratio for your home and a better credit score generally will get you a lower refinance rate.

But your personal financial situation isn’t the only thing that will impact the mortgage refinance rates you’re offered. A lower 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.

Even the mortgage itself will impact your mortgage refinance rate. A shorter-term refinance loan generally has lower refinance rates than mortgage 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 should expect to pay a higher mortgage rate for that privilege.

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.

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