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Today, a few closely followed mortgage refinance rates made gains.
Both the 15-year fixed and 30-year fixed saw their mean rates increase. And average rates for 10-year fixed refinances also inched up.
Mortgage refinance rates are constantly changing. However, they’re presently low, making them a potentially great deal for borrowers. For those looking to refinance their existing mortgage, this may be the right move to lock in a great deal on an interest rate.
Take a look at today’s refinance rates:
Check out mortgage refinancing rates for your area here.
2022 Refinance Rate Trends
Refinance and mortgage rates could in be for some ups and downs in the coming months. Overall, however, interest rate are forecast to grow in 2022. Strong economic conditions and higher inflation have contributed to this predicted rate hike. The uncertainty surrounding the COVID-19 Omicron variant and the possibility of other Coronavirus variants affecting the economy could offset rising rates. Despite rising rates being predicted by most experts for the future, you won’t be able to expect consistent gains from week to week or from day to day.
How the Refinance Rate Forecast Impacts You
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. Refinancing may not make sense if you plan to move and sell the home with the next five years. Depending on how long you keep the new loan, the ongoing savings may not be enough to offset the upfront fees.
A home equity line of credit (HELOC) is a useful alternative to refinancing if you want to turn your properties equity into cash. Borrowing additional money against your home can make sense, if you know what you want to use that money for..
What to Know About Refinance Fees
As part of the refinancing process, you may have to pay upfront fees called closing costs. A loan’s closing costs can range from 3% to 6% of the loan amount, making them a costly expense. Your monthly payment may drop with a refinance, but make sure you keep the loan long enough …….