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Check out the mortgage refinancing rates for Jan. 31, 2022, which are mixed from last Friday. (iStock)
Based on data compiled by Credible, current mortgage refinance rates edged down for longer refinance terms while holding steady for shorter terms compared to last Friday.
- 30-year fixed-rate refinance: 3.625%, down from 3.750%, -0.125
- 20-year fixed-rate refinance: 3.250%, down from 3.375%, -0.125
- 15-year fixed-rate refinance: 2.875%, unchanged
- 10-year fixed-rate refinance: 2.875%, unchanged
Rates last updated on Jan. 31, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
Homeowners considering a cash-out refinance to fund repairs or improvements to their homes have an opportunity to lock in a low rate and secure a manageable monthly payment. And homeowners who just want to lower their interest rate and realize interest savings still have a chance to do so with today’s relatively low refinance rates.
These rates are based on the assumptions shown here. Actual rates may vary.
If you’re thinking of refinancing your home mortgage, consider using Credible. Whether you’re interested in saving money on your monthly mortgage payments or considering a cash-out refinance, Credible’s free online tool will let you compare rates from multiple mortgage lenders. You can see prequalified rates in as little as three minutes.
Current 30-year fixed refinance rates
The current rate for a 30-year fixed-rate refinance is 3.625%. This is down from last Friday. Refinancing a 30-year mortgage into a new 30-year mortgage could lower your interest rate, but may not have much effect on your total interest costs or monthly payment. Refinancing a shorter term mortgage into a 30-year refinance could result in a lower monthly payment but higher total interest costs.
Current 20-year fixed refinance rates
The current rate for a 20-year fixed-rate refinance is 3.250%. This is down from last Friday. By refinancing a 30-year loan into a 20-year refinance, you could secure a lower interest rate and reduce total interest costs over the life of your mortgage. But you may get a higher monthly payment.
Current 15-year fixed refinance rates
The current rate for a 15-year fixed-rate refinance is 2.875%. This is …….