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Today, a number of benchmark mortgage refinance rates climbed.
Both the 15-year fixed and 30-year fixed saw their average rates increase. At the same time, average rates for 10-year fixed refinances also saw growth.
Mortgage refinance rates are constantly shifting. However, they’re still near lows that we’ve never seen before. For those looking to refinance their existing mortgage, this may be a great opportunity to reduce your interest rate.
Here are the average rates for 30-year, 15-year, and 10-year refinance loans are:
Compare refinance rates for a wide range of different loans here.
Mortgage Rate Forecast: Where Are Refinance Rates Headed in 2021?
Experts believe interest refinance and mortgage rates will rise in 2022. One reason for this forecast increase in rates is the Fed’s move to begin reducing its purchases of mortgage-backed securities. A strong economy and high inflation also contribute to higher rates. However, the pace that refinance rates increase could be reduced by the uncertainty surrounding the Omicron variant and other potential COVID-19 variants. 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 incremental increases, refinance rates should remain incredibly favorable for borrowers, as they are some of the lowest in mortgage rates history. Now is a good time to refinance if you haven’t done so in the past couple of years. If you can lower your interest rate by at least 1%, you can save money with a refinance, as a general principle.
As home prices have skyrocketed, the option to turn your home’s equity into cash has become in favor. In many situations, a cash-out refinance can make sense, especially when consolidating debt or remodeling your home.
Homeowners who are on the fence about refinancing will want to consider whether or not it makes sense for their situation. Refinance rates are likely to continue an upward trajectory in the long term, so it may be worth crunching the numbers with a few lenders to see if you can benefit.
Refinance Closing Costs
Closing costs are the fees you pay when you refinance a mortgage. 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 …….