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Today, average refinance rates stayed higher than they have been in recent months
The average 30-year fixed rate was steady at 3.99%, while the average 15-year and 10-year refinance rates dropped slightly.
Mortgage rates have generally risen so far in 2022, with a recent upward trend coming after a positive jobs report from the U.S. Bureau of Labor Statistics last week in which the economy added 467,000 jobs. Also pushing rates toward 4% is persistently high inflation. Positive trends in the pandemic, including the drop in COVID cases, could give the economy more of a boost.
Refinance interest rates are constantly fluctuating. However, they’re still exceptionally low right now. For those looking to refinance their existing mortgage, this may be the perfect time to secure a record-low rate.
Refinance rates currently are:
Check out mortgage refinancing rates for your area here.
2022 Refinance Rate Trends
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. Last year inflation hit 7%, a rate we haven’t experienced since 1982, according to the U.S. Bureau of Labor Statistics. While the Omicron variant – as well as other COVID-19 variants – may hinder mortgage rate increases. That said, the threat of new coronavirus strains isn’t forecast to cause rates to drop over the long term.
What These Refinance Rate Changes Mean for Homeowners
Although rates have increased dramatically in recent weeks, low refinance rates are still in place. It may make sense to refinance, especially when you compares today’s rate to any other time in mortgage rates history. However, the decision refinance involves more than just comparing interest rates. It’s also important to consider your financial and life goals. If you plan on moving within the next five years, a refinance may not make sense. Refinancing will only result in savings on your monthly payment if you keep it until the breakeven point, when you’ve saved as much as you spent to take out the loan.
Another option is converting your homes equity into hard cash with a home equity line of credit (HELOC). Having extra cash on hand may help you with your other financial goals, even …….