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Current refinancing rates as of June 23, 2022: rates are mixed


In general, mortgage refinance rates varied, with one notable rate decreasing: 30-year fixed refinance rates. But the average rate for a 15-year fixed rate refinance and a 10-year fixed rate refinance has increased.

Like mortgage rates, refinance rates have been rising since the start of 2022 – and we expect this trend to continue through the end of this year. With inflation at its highest level in 40 years, the Federal Reserve has already raised interest rates three times and looks set to raise them again in 2022. Rate hikes increase the cost of borrowing, and homeowners considering refinancing may only find higher rates as the year goes on. If you’re looking to lower your monthly mortgage payment, it might be beneficial to lock in a rate sooner rather than later. Be sure to think about your goals and situation, and compare rates and fees to find a mortgage lender that can meet your needs.

30-year fixed rate refinancing

For 30-year fixed refinances, the average rate is currently 5.88%, down 1 basis point from a week ago. (One basis point equals 0.01%.) One reason to refinance a 30-year fixed loan from a shorter loan term is to lower your monthly payment. If you’re currently having trouble making your monthly payments, a 30-year refinance might be a good option for you. However, the interest rates for a 30 year refinance will generally be higher than the rates for a 15 or 10 year refinance. It will also take you longer to repay your loan.

15-year fixed rate refinancing

The average 15-year fixed refinance rate is currently 5.14%, an increase of 4 basis points from a week ago. A 15-year fixed refinance will most likely increase your monthly payment compared to a 30-year loan. However, you will also be able to pay off your loan faster, saving you money over the life of the loan. 15-year refinance rates are generally lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed rate refinancing

The current average interest rate for a 10-year refinance is 5.20%, an increase of 4 basis points from last week. You’ll pay more each month with a 10-year fixed refinance compared to a 30- or 15-year refinance, but you’ll also get a lower interest rate. A 10-year refinance can help you pay off your home much faster and save on interest. But you need to confirm that you can afford a higher monthly payment by evaluating your budget and your overall financial situation.

Where are the rates going

At the start of the pandemic, refinance rates fell to historic lows, but have been rising steadily since the start of this year. Refinance rates are rising due to inflation, which is at its highest level in four decades, as well as actions taken by the Federal Reserve. The Fed recently hiked interest rates by 0.75 percentage points — the biggest increase in nearly three decades — and plans to raise them multiple times throughout 2022 to slow the economy. This means it’s a good idea to take advantage of the refinance now and lock in a decent rate before it continues to rise.

We track refinance rate trends using data collected by Bankrate, which is owned by CNET’s parent company. Here is a table with the average refinance rates provided by lenders across the country:

Average refinancing interest rate

Product Assess Last week To change
30-year fixed refi 5.88% 5.89% -0.01
15-year fixed refi 5.14% 5.10% +0.04
10-year fixed refi 5.20% 5.16% +0.04

Rates as of June 23, 2022.

How to Shop for Refinance Rates

It is important to understand that prices advertised online may not apply to you. Your interest rate will be influenced by market conditions as well as your credit history and demand.

Having a high credit score, a low rate of credit utilization, and a history of regular, on-time payments will generally help you get the best interest rates. You can get a good idea of ​​average interest rates online, but be sure to speak with a mortgage professional to see the specific rates you qualify for. To get the best refinance rates, you must first make your application as strong as possible. The best way to improve your credit rating is to get your finances in order, use your credit responsibly, and monitor your credit regularly. Remember to speak with several lenders and shop around.

Refinancing can be a great decision if you get a good rate or can pay off your loan sooner, but think carefully if it’s the right choice for you right now.

Is it the right time to refinance?

For a refinance to make sense, you’ll generally want to get an interest rate that’s lower than your current rate. Besides interest rates, changing the term of your loan is another reason to refinance. When deciding to refinance, be sure to consider factors other than market interest rates, including how long you plan to stay in your current home, how long your loan term is, and the amount of your monthly payment. And don’t forget fees and closing costs, which can add up.

As interest rates have risen steadily since the start of the year, the pool of people eligible for refinancing has shrunk considerably. If you bought your home when interest rates were lower than today, you probably won’t see any financial benefit from refinancing your mortgage.

CNET

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