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Today, a few closely followed mortgage refinance rates saw growth.
Both the 15-year fixed and 30-year fixed saw their mean rates increase. At the same time, average rates for 10-year fixed refinances also moved up.
Take a look at today’s refinance rates:
Check out mortgage refinancing rates for your area here.
Where Are Refinance Rates Headed in 2022?
Experts believe interest refinance and mortgage rates will rise in 2022. The Federal Reserve has begun unwinding its pandemic-era support of the bond market, and is widely expected to begin raising short-term interest rates in March of 2022. Last year inflation hit 7%, a rate we haven’t experienced since 1982, according to the U.S. Bureau of Labor Statistics. It is possible that the Omicron variant, or other variants, could slow down mortgage rate increases. The threat of new Coronavirus strains, however, isn’t expected to result in a drop in rates in the long run.
What the Refinance Rate Trends Mean for You
Even with recent increases, low refinance rates linger. It can make sense to take out a new home loan because today’s rates are still some of the lowest in mortgage rates history. However, the decision refinance involves more than just comparing interest rates. You’ll want a mortgage refinance to fall in line with your goals for your finances and life in general. How soon you plan on moving or refinancing again, is an important consideration. For the potential savings on your monthly payment to outweigh the fees you pay to refinance, you’ll need to keep the loan until the breakeven point.
You may also want to turn your home’s value into cash with a home equity line of credit (HELOC). Borrowing additional money against your home can make sense, if you know what you want to use that money for..
Refinance Closing Costs
You will pay upfront fees of 3% to 6% of your loan amount when you take out a new home loan. It is a significant expense that needs to be taken into account in the refinancing process. Your monthly savings may not have exceeded the upfront fees if you refinance too often or sell your home soon after refinancing.
Average 30-Year Refinance Rates
Right now, the average 30-year fixed refinance has an interest rate of 4.01%, an increase of 25 basis points over …….
Source: https://time.com/nextadvisor/mortgages/daily-rates/refinance-rates-today-february-10-2022/
