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Today’s Mortgage And Refinance Rates, September 12, 2022 | Rates Stay Elevated Above 6%

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Today’s Mortgage And Refinance Rates, September 12, 2022 | Rates Stay Elevated Above 6%

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Jason Stauffer

Jason Stauffer

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Staff Writer

Jason Stauffer is a personal finance reporter who previously covered the housing and mortgage market for NextAdvisor.…

September 12, 2022 | 7 Min Read

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We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

In 2022, mortgage rates rose nearly to levels not seen since before the pandemic, after nearly two years of record-low rates.

The refinance or purchase of your home doesn’t have to be put on hold. Although rates are higher than they were last year, 30-year fixed rates are still close to rates from a few years ago.

The fact is, a homebuyer’s decision involves a lot more than just an interest rate. It’s a lifestyle decision. In spite of the impact of the interest rate market on mortgages, it is not wise to base your decision solely on a few basis points. What’s most important to consider is to set a realistic homebuying budget and stick to it.

Let’s look at current mortgage rates, previous rates, and what all this means for borrowers.

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A handful of principal mortgage rates all grew today. Both 30-year fixed and 15-year fixed mortgage rates were higher. For variable rates, the 5/1 adjustable-rate mortgage (ARM) also cruised higher.

The average mortgage rates are as follows:

  • 30-year fixed mortgage rates are averaging 6.08%
  • 20-year fixed mortgage rates are averaging 6.13%
  • 15-year mortgage rate: 5.40%
  • 10-year fixed mortgage rates are averaging 5.52%
  • Today’s average 5/1 adjustable-mortgage rate is 4.53%

Mortgage Rate Forecast: What Drives Changes in Mortgage Rates?

Mortgage rates have increased because of a variety of economic factors so far this year. Persistently high inflation is a big one, Jacob Channel, senior economic analyst at LendingTree told us. June’s inflation report showed 9.1% inflation, the highest level in 40 years. But July’s most recent CPI report has year-over-year inflation at 8.5% — a sign that inflation is starting to cool.

To combat this inflation, the Federal Reserve increased its benchmark short-term interest rate. Since inflation remained higher than expected, the Fed raised rates by 50 basis points in May, by 75 basis points in June, and by 75 basis point in July.

Following the inflation report, mortgage rates spiked ahead of the Fed’s announcement. “I think what we’re seeing is that lenders had already anticipated that the Fed was going to raise the Fed funds rate by 75 basis points and they began to preemptively push mortgage rates up,” Jacob Channel, senior economist at LendingTree, told us.

“There are signs that some of the main drivers of inflation are easing, such as lower oil and other commodity prices in July, slower wage growth, and declining supply chain pressures. However, service price increases led by housing and pent-up demand for vehicles will keep inflation elevated in the coming months,” Dawit Kebede, senior economist for the Credit Union National Association, said in a statement.

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What do Today’s Mortgage Rates Mean for Your Home Buying Plans?

Despite the dramatic increases, mortgage rates remain at relatively normal levels and are still considered historically favorable mortgage rates.

Home prices are also on the rise, and as rates increase, that will also contribute to the rising cost of home ownership. Prices are up significantly from before the pandemic, with a combination of limited supply of homes, higher costs to build homes and massive demand from buyers leading to the surge.

It’s also important to remember that while mortgage rates are important, and the difference of a point or so can mean a lot of money over a 30-year mortgage, experts advise against trying to time the market to get the best mortgage rate. Focus on finding the right house, and do it when your personal lifestyle and financial situation indicate it’s the right time.

Be sure to get quotes from different lenders to ensure you’re getting the best deal, experts say. “The rate highly impacts your monthly affordability for as long as you will hold this home,” Skylar Olsen, principal economist at Tomo, a digital real estate and mortgage company, told us. “It is actually a critical piece of this decision, and that takes shopping around.”

What to Know About Loans Fees

The industry term for the upfront fees you pay when you get a home loan is closing costs. This includes lender fees and escrow fees, such as taxes and insurance. These fees vary depending on the size of your loan, but are usually 3% to 6% of your loan balance. Your closing costs play a crucial role in determining your annual percentage rate (APR). In other words, the higher your closing costs, the higher your APR will be..

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Looking at Today’s Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates climb. Shorter term, 10-year fixed-rate refinance mortgages also saw an increase.

The refinance averages for 30-year, 15-year, and 10-year loans are:

  • 30-year fixed refinance rates are averaging: 6.08%
  • 20-year fixed refinance rate: 6.13%
  • 15-year refinance rate: 5.42%
  • 10-year fixed refinance rates are averaging 5.53%

Compare nationwide mortgage rates from various lenders .

30-Year Fixed-Rate Mortgage Rates

The average 30-year fixed mortgage interest rate is 6.08%, which is a growth of 3 basis points from last week.

15-Year Fixed Mortgage Interest Rates

The median rate for a 15-year fixed mortgage is 5.40%, which is an increase of 17 basis points from seven days ago.

A 15-year, fixed-rate mortgage’s monthly payment is, without a doubt, a much bigger monthly payment than what you’d get with a 30-year mortgage offering the same interest rate. However, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much earlier.

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5/1 ARM Mortgage Rates

A 5/1 ARM has an average rate of 4.53%, which is an addition of 7 basis points from seven days ago.

An adjustable-rate mortgage is ideal for individuals who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being remarkably higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that your payment could end up being hundreds of dollars higher after a rate adjustment, depending on the terms of your loan.

How We Calculate Our Mortgage Interest Rates

We use Bankrate’s daily mortgage rate data for our mortgage rate trends. These overnight rates are based on a specific borrower profile, which only includes loans for primary residences where the borrower has a FICO score of 740+. Bankrate is part of the same parent company as NextAdvisor.

The current average rates listed below and based on the Bankrate mortgage rate survey:

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Rates accurate as of September 12, 2022.

Pro Tip

Use NextAdvisor’s mortgage calculator to see how your monthly payment changes based on things like your mortgage interest rate, homeowners insurance, and property taxes.

Mortgage Rate Frequently Asked Questions (FAQ):

How Do I Get the Best Mortgage Rate?

Shopping around for a home loan is one of the best ways to secure the lowest interest rate.

The mortgage rate you get depends on a number of factors lenders consider when assessing how the likelihood that you’ll be able to afford your monthly payments for the long term. Your credit score impacts your mortgage rate. And even the value of the property compared to the size of your mortgage is important. So increasing your down payment can reduce your interest rate.

But lenders will consider your circumstances differently. So you can provide the same documentation to three different mortgage providers, and find that none of the mortgage rates and fees you are offered are the same.

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Is It a Good Idea to Lock in My Mortgage Rate Right Now?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool because it protects you if rates go up. And with interest rates being relatively low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should contact your lender. It may offer an extension of the lock, however, you might have to pay a fee for that privilege.

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Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up

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Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up

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Jason Stauffer

Jason Stauffer

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Staff Writer

Jason Stauffer is a personal finance reporter who previously covered the housing and mortgage market for NextAdvisor.…

October 7, 2022 | 6 Min Read

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We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

If you haven’t thought about mortgage rates in a while, you’re in for a surprise.

After a few years of rates near record lows – around 3% or lower for a 30-year fixed rate – averages have roughly doubled since January. Inflation is a big reason why, and rates have continued to climb as the Federal Reserve has ratcheted up its interest rate to tame those high prices.

The good news for homebuyers is that higher mortgage rates have cooled down a piping hot housing market. Home prices have started to dip since the start of summer, and are falling faster in some communities. Unfortunately those higher rates also mean monthly payments are likely to be significantly higher. Be sure to run today’s mortgage rates through a calculator and give yourself plenty of breathing room, as rates are changing quickly.

Let’s look at today’s rates and what they mean for borrowers.

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Looking at today’s mortgage rates a number of notable rates saw growth. The averages for both 30-year fixed and 15-year fixed mortgages both climbed higher. For variable rates, the 5/1 adjustable-rate mortgage (ARM) also trended upward.

Mortgage rates currently are:

  • 30-year fixed mortgage rates are averaging 6.97%
  • 20-year fixed mortgage rates are averaging 6.97%
  • The average 15-year fixed-rate mortgage currently sits at 6.12%
  • 10-year mortgage rate: 6.18%
  • Today’s average 5/1 adjustable-mortgage rate is 5.33%

Mortgage Rate Forecast: What Drives Changes in Mortgage Rates?

Mortgage rates have been pushed up primarily by the highest inflation in four decades. The consumer price index showed prices up 8.3% year-over-year in August, compared to 8.5% in July. Inflation has remained higher than expected.

In response to that high inflation, the Federal Reserve has increased its benchmark short-term interest rate, known as the federal funds rate. In September it raised the federal funds rate by 75 basis points for the third time in a row. While the Fed’s changes don’t directly drive increases in mortgage rates, they have some correlation because they both respond to inflation.

“Inflation is absolutely in the driver’s seat, particularly as it pertains to mortgage rates. Until we get some sustained evidence that inflation is beginning to recede, the upward pressure on mortgage rates will remain,” says Odeta Kushi, deputy chief economist at First American Financial Corporation.

Current Mortgage Rates: Are They Good For Buying a Home Right Now?

The big increase in mortgage rates this year has taken a lot of potential homebuyers out of the market. That could present opportunities for you – if you can afford the higher cost of borrowing money.

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Homebuyers are facing less competition and prices are down compared to their all-time highs earlier this year, but they’re still high. If you can find a deal you can afford, it can still be a good opportunity. After all, nobody knows what mortgage rates and prices will be like next year, and buying a home is a lifestyle decision, not just a financial one.

“It’s always a good time to buy a home, if that’s what is important to you. It’s just about doing your research and making good informed decisions,” says Eileen Derks, head of mortgage at Laurel Road, an online lender owned by KeyBank that specializes in serving health care professionals.

What to Know About Loans Fees

The catchall term for the fees you pay to get a mortgage is closing costs. Everything from the prepaid property taxes to your appraisal fees fall into this category. In general, closing costs are 3% to 6% of your loan amount, so the larger your mortgage the more you’ll pay as a total dollar amount. Paying attention to the closing costs you pay is important because the higher your closing costs, the higher your annual percentage rate (APR) will be.

Looking at Today’s Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates increase. If you’ve been considering a 10-year refinance loan, just know average rates shrank.

The refinance averages for 30-year, 15-year, and 10-year loans are:

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  • Today’s average 30-year fixed refinance rate is: 6.95%
  • 20-year refinance rate: 6.95%
  • 15-year refinance rate: 6.12%
  • 10-year fixed refinance rates are averaging 6.14%

Current Mortgage Rates.

30-Year Fixed-Rate Mortgage Rates

The 30-year fixed-mortgage rate average is 6.97%, which is a growth of 14 basis points from last week.

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 6.12%, which is an increase of 12 basis points from seven days ago.

A 15-year, fixed-rate mortgage’s monthly payment will be much bigger. So finding room in your budget for a 30-year loan’s monthly payment would be easier. However, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much sooner.

5/1 ARM Interest Rates

A 5/1 ARM has an average rate of 5.33%, which is an uptick of 11 basis points compared to last week.

An adjustable-rate mortgage is ideal for households who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being remarkably higher after a rate adjusts.

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For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that your payment could end up being hundreds of dollars higher after a rate adjustment, depending on the terms of your loan.

How We Calculate Our Mortgage Rates

NextAdvisor’s mortgage interest rate averages are pulled from Bankrate’s daily rate data.. These overnight rates are based on a specific borrower profile, which only includes loans for primary residences where the borrower has a FICO score of 740+. Bankrate is part of the same parent company as NextAdvisor.

The average rates listed below and based on the Bankrate mortgage rate survey:

Updated on October 7, 2022.

Mortgage Rate Frequently Asked Questions (FAQ):

How Do I Qualify for the Lowest Mortgage Rate?

Shopping around for a mortgage is a great way to secure the lowest mortgage interest rate.

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The mortgage rate you get depends on a number of factors lenders consider when assessing how likely you are to repay your home loan. Your credit score impacts your mortgage rate. And even the property’s value compared to your loan balance is important. So putting more money into your down payment can reduce your mortgage rate.

But banks will evaluate your situation differently. So you can give the same documentation to three different banks, and get offers with three different mortgage rates and fees that vary just as much.

When Should I Lock in My Mortgage Rate?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool because it protects you if rates go up. And with interest rates being relatively low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should contact your lender. It may be able to extend the rate lock, however, you might have to pay a fee for that privilege.

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Today’s Mortgage And Refinance Rates, October 6, 2022 | Rates Back Up To Almost 6.9%

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Today’s Mortgage And Refinance Rates, October 6, 2022 | Rates Back Up To Almost 6.9%

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Jason Stauffer

Jason Stauffer

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Staff Writer

Jason Stauffer is a personal finance reporter who previously covered the housing and mortgage market for NextAdvisor.…

October 6, 2022 | 6 Min Read

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We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

This isn’t the same mortgage rate environment as last year.

The average interest rate for a 30-year fixed rate mortgage has doubled in the last year, with high inflation largely to blame. Rates have risen significantly as the Federal Reserve has hiked its key interest rate to fight that high inflation.

For homebuyers, those big changes in mortgage rates mean higher monthly payments, even as the prices of homes have started to come down a bit. The most important thing for consumers is to ensure that the house you’re thinking of buying is one you can afford. Factor changes to prices and to mortgage rates into your calculations when determining if the monthly payment is something you can manage.

Let’s look at today’s rates and what they mean for buyers and homeowners.

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A number of closely followed mortgage rates all moved up today. Both 30-year fixed and 15-year fixed mortgage rates were higher. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also were raised.

Take a look at today’s rates:

  • The average 30-year fixed-rate mortgage currently sits at 6.89%
  • 20-year fixed mortgage rates are averaging 6.91%
  • 15-year mortgage rate: 6.07%
  • 10-year fixed mortgage rates are averaging 6.12%
  • 5/1 ARM rate: 5.34%

Mortgage Rate Forecast: What Is Driving Mortgage Rate Change?

Inflation has been high this year, with the consumer price index at 8.3% year-over-year in August. That was down from July’s 8.5%, but still higher than expected, and it prompted the Federal Reserve to raise its key interest rate by 0.75 percentage points for the third time in a row this year.

Those factors have both pushed mortgage rates higher this year, from around 3.3% in January to more than 6% at the end of September.

“Inflation is absolutely in the driver’s seat, particularly as it pertains to mortgage rates. Until we get some sustained evidence that inflation is beginning to recede, the upward pressure on mortgage rates will remain,” says Odeta Kushi, deputy chief economist at First American Financial Corporation.

Current Mortgage Rates: Are They Good For Buying a Home Right Now?

This year’s dramatic surge in mortgage rates has complicated the math for homebuyers. Mortgage costs are significantly higher than they were just a few months ago, oftentimes wiping out any savings that would be seen from lower home prices.

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Home prices remain near their all-time highs and are still higher than they were at the same point last year, despite some drops from their peaks earlier in the summer.

The most important thing is to do the math and calculate your expected monthly payment, and see if that fits your budget. The softening demand for homes could also mean you’re more likely to be able to find a deal or get a seller to agree to concessions, such as paying mortgage points to get you a lower interest rate.

“It’s always a good time to buy a home, if that’s what is important to you. It’s just about doing your research and making good informed decisions,” says Eileen Derks, head of mortgage at Laurel Road, an online lender owned by KeyBank that specializes in serving health care professionals.

Pay Attention to Loan Fees

The industry term for the upfront fees you pay when you get a home loan is closing costs. The fees for your appraisal, title insurance, and any lender origination charges are all part of your closing costs. Certain closing costs vary by loan size, but overall you can expert to pay 3% to 6% of the total loan balance.. Keeping track of your closing costs is crucial because a higher closing cost will result in a higher APR.

Looking at Today’s Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates rise. If you’ve been considering a 10-year refinance loan, just know average rates also moved up.

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The average refinance rates are as follows:

  • 30-year fixed refinance rates are averaging: 6.89%
  • 20-year fixed-rate refinance: 6.91%
  • 15-year fixed-rate refinance: 6.09%
  • 10-year refinance rate: 6.12%

Take a look at mortgage rates for different types of loans.

30-Year Fixed-Rate Mortgage Rates

The 30-year fixed-mortgage rate average is 6.89%, which is an increase of 7 basis points from the previous week.

15-Year Mortgage Rates

The median rate for a 15-year fixed mortgage is 6.07%, which is an increase of 10 basis points from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment is, undeniably, a much bigger monthly payment than what you’d get with a 30-year mortgage offering the same interest rate. However, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much sooner.

5/1 ARM Interest Rates

A 5/1 ARM has an average rate of 5.34%, which is an increase of 14 basis points compared to last week.

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An adjustable-rate mortgage is ideal for households who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being significantly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that your rate could climb higher and your payment might grow by hundreds of dollars a month.

How We Determine Mortgage Rates

We use Bankrate’s daily rate data for our mortgage rate trends. These overnight rates are based on a specific personal financial profile, which only includes loans for owner occupied homes with 20% equity or more. Bankrate is part of the same parent company as NextAdvisor.

This table has current average rates based on information provided to Bankrate by lenders from across the nation:

Updated on October 6, 2022.

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Pro Tip

Use our mortgage calculator to see how your monthly payment changes based on causes like your mortgage rate, homeowners insurance, and property taxes.

Mortgage Rate Frequently Asked Questions (FAQ):

How Do I Get the Lowest Mortgage Rate?

Comparing mortgage offers is one of the best ways to get the lowest mortgage rate.

Your mortgage rate depends on a variety of factors lenders consider when assessing how likely you are to repay your mortgage. Your credit score factors into the decision. And even the value of the property compared to your mortgage balance is important. So increasing your down payment can reduce your interest rate.

But banks will look at your situation differently. So you can provide the same documentation to three different banks, and get offers with three different mortgage rates and fees that vary just as much.

When Should I Lock in My Mortgage Rate?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool because it protects you if rates go up. And with interest rates being relatively low right now, you should lock in your rate as soon as you can.

Advertisement

When you lock in your rate, ask your lender how long the lock will last. A rate lock can be good for anywhere from 30 to 60 days, which typically will give you enough time to close before the lock expires. If you want to extend the rate lock, ask about fees as many lenders charge a fee for extending a rate lock.

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Mortgage Refinance Rates Today, October 4, 2022 | Rates Return Below 7%

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Mortgage Refinance Rates Today, October 4, 2022 | Rates Return Below 7%

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Jason Stauffer

Jason Stauffer

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Jason Stauffer is a personal finance reporter who previously covered the housing and mortgage market for NextAdvisor.…

October 4, 2022 | 6 Min Read

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We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Today, several benchmark mortgage refinance rates made gains.

Both the 15-year fixed and 30-year fixed saw their average rates drop compared to yesterday.

Refinance rates have spiked in the early part of this year and seem poised to continue their upward march. We’ve already seen multiple increases in short-term interest rates and the Fed has plans for more to come.

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Right now, it’s as important as ever for homeowners to carefully consider whether or not now is the right time to refinance. Due to higher interest rates, refinancing costs are increasing. Keep in mind, when deciding to refinance there are other factors outside of just the rate to consider. The interest you’re paying over time is one thing, but the upfront closing costs can be 3% to 6% of the loan amount. That’s potentially thousands of dollars in fees.

Let’s take a look at the current refi rate trends.

Refinance rates currently are:

  • 30-year mortgage refinance rate: 6.83%
  • Currently, the average 15-year fixed-rate refinance is 6.11%
  • The average 10-year fixed refinance rate is 6.14%

Compare refinance rates for a wide range of different loans here.

Where Are Refinance Trending?

July’s Consumer Price Index (CPI) reported annual inflation is lower than June, but still inflated, at 8.5%. And that means refi rates are likely to see more increases as long as inflation remains high.

To fight high inflation the Federal Reserve has been raising short-term interest ratesAll of this means that we could be stuck with high inflation for longer than we’d like, which increases the likelihood that the Fed will need to be more aggressive in raising rates.

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Does Refinancing Still Make Sense?

Generally speaking, homeowners could save thousands with a rate and term refinance if their new rate is 0.75% to 1% below their current rate. That said, the recent spike in refinance rates has drastically reduced the number of homeowners with interest rates that are well above today’s average rates.

There are alternatives to refinancing. With values rising in today’s housing market, homeowners may want to turn that value into cash. With rates where they are, a home equity line of credit (HELOC) may make sense for you because you won’t have to take out a new mortgage. A HELOC can be a reasonable option for financing home repairs or improvements, just be sure to understand all of the fine print regardless fees, the interest rate and the repayment schedule..

Pro Tip: Refinance Closing Costs

For a new mortgage, you will have to pay upfront fees totaling 3% to 6% of the loan amount. It is a significant expense that needs to be taken into account in the refinancing process. Refinancing often or selling a house soon after refinancing can result in your monthly savings not exceeding the fees you paid.

Average 30-Year Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 6.83%, an increase of 8 basis points from what we saw last week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and to understand what the effects of making extra payments would be. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

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Average 15-Year Refinance Rates

Currently, the average rate for a 15-year fixed refinance loan is 6.11%, an increase of 16 basis points from what we saw last week.

Monthly payments on a 15-year refinance loan will be bigger compared to a 30-year refinance at the same rate. However, a shorter loan term can help you build up equity in your home much more quickly.

10-Year Fixed Refi Rates

The average 10-year, fixed refinance rate is 6.14%, an increase of 8 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost even more than what you’d pay on a 15-year loan. The upside is you’d end up paying even less interest over the life of the loan.

How we calculate our refi rates

Our refi rate trends are based Bankrate’s daily rate data, which is owned by the same parent company as NextAdvisor. These overnight refi interest rate averages are based on a customer profile of the following:

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  • At least 20%+ equity
  • Primary residence
  • FICO score 740+
  • Existing single-family detached home (not new construction)

The information provided to Bankrate from lenders nationwide is displayed in the table below:

Rates as of October 4, 2022.

Take a look at mortgage refinance rates for a number of different loans.

Refinance Rate Frequently Asked Questions (FAQ):

Should I Refinance Right Now?

Even though refinance rates are higher than the recent record lows, they are still historically favorable. If you want to reduce your mortgage payment by refinancing to a lower rate, and you haven’t refinanced in the past few years, then now is still a good time to look into refinancing.

However, your interest rate isn’t the only factor to consider when determining if now is the right time for you to refinance. Refinancing into a new home loan can add years onto your mortgage. If you’re close to paying off your existing mortgage, then you’ll want to factor in the trade offs. Those who have been paying on their current mortgage for 10 years may want to refinance to a 20 year loan so that they aren’t adding more years to the loan’s back end. However, you will pay more each month if you choose a shorter-term refinance, although depending on how much you can reduce your interest rate it may balance out.

Make sure the overall deal makes sense before taking advantage of an today’s low refinance rates.

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How to Ensure You Get the Best Refi Rate

Refinance rates are influenced by your personal finances. If you have a higher credit score and lower loan-to-value (LTV) ratios will generally be able to get lower refinance mortgage rate.

But your personal financial situation isn’t the only consideration that affects your mortgage refinance rate. The amount of equity you have in the home also comes into play. You want to have at least 20% equity, or a loan-to-value ratio of 80% or less.

Even the mortgage itself will impact your mortgage refinance rate. A loan with a shorter repayment term generally has lower interest rates than loans with longer repayment terms, all else equal. The type of refinance you need makes a difference in the interest rate. A cash-out refinance loan typically has an interest rate than other types of refinance loans.

Average Cost of Refinancing

The cost of refinancing can vary widely depending on these factors:

  • Where the property is located
  • Type of refinance loan
  • What lender you choose
  • Loan amount
  • Your credit score
  • Home’s equity

In general, refinance closing costs are 3% to 6% of the loan balance. Your state and local regulations can influence what fees and taxes you pay. Having more equity in the home and a higher credit score will make it easier to qualify for the refinance loan, secure a lower rate, and to get lenders to compete for your business.

Mortgage Rates by Loan Type

Mortgage Refinance Rates

  • 30 Year Fixed Refinance Rates
  • 15 Year Fixed Refinance Rates
  • VA Refinance Rates
  • Jumbo Refinance Rates

Home Purchase Interest Rates

  • 30 Year Fixed Mortgage Rates
  • 20 Year Fixed Mortgage Rates
  • 15 Year Fixed Mortgage Rates
  • 10 Year Fixed Mortgage Rates

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EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation
annexation12 hours ago

EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation

An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU....

The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects. The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects.
Uncategorized12 hours ago

The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects.

The weekend was good so far for Dogecoin (DOGE) holders as DOGE price surged to make a new weekly high....

Why This Coin Is Still Attracting Terra (LUNA) And LUNA Classic (LUNC) Investors Why This Coin Is Still Attracting Terra (LUNA) And LUNA Classic (LUNC) Investors
Terra12 hours ago

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Over the last few weeks, the performance of the Terra (LUNA) and LUNA Classic (LUNC) coins has been very volatile....

Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More
Bitgert12 hours ago

Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More

If you have been around the crypto market for a while now, you must have come across Bitgert (BRISE). The...

Artificial Intelligence Market Size To Reach US$407 Billion By 2027 Artificial Intelligence Market Size To Reach US$407 Billion By 2027
Latest News13 hours ago

Artificial Intelligence Market Size To Reach US$407 Billion By 2027

The artificial intelligence market size is driven by big data, cloud applications, and services Artificial Intelligence is inarguably the most...

Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes
Bankruptcy13 hours ago

Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes

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Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop
Uncategorized13 hours ago

Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop

LUNA and LUNC’s prices surged again recently, creating new weekly highs before the market experienced a pullback. Investors have been...

Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up
rates13 hours ago

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Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...

Binance resumes BSC bridge operation after 2M BNB exploit Binance resumes BSC bridge operation after 2M BNB exploit
Exchanges13 hours ago

Binance resumes BSC bridge operation after 2M BNB exploit

Binance resumes BSC bridge operation after 2M BNB exploit Christian Nwobodo · 41 mins ago · 2 min read The...

Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog
ban14 hours ago

Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog

Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading...

Grifters rug over 60 ETH from spoof token created after Binance exploit Grifters rug over 60 ETH from spoof token created after Binance exploit
Binance15 hours ago

Grifters rug over 60 ETH from spoof token created after Binance exploit

Grifters rug over 60 ETH from spoof token created after Binance exploit Oluwapelumi Adejumo · 3 hours ago · 2...

CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000 CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000
Featured15 hours ago

CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000

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Scammers Are Targeting Cryptocurrency Scam Sites To Hijack Their Targeted Audience Scammers Are Targeting Cryptocurrency Scam Sites To Hijack Their Targeted Audience
Best Practices16 hours ago

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Cryptocurrency scam sites are being targeted by other scammers to hijack their traffic and their possible earnings. A recently detected...

Fully funded Chevening Clore Leadership Scholarship 2023/2 Fully funded Chevening Clore Leadership Scholarship 2023/2
Scholarships16 hours ago

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A Fully funded Chevening Clore Leadership Scholarship 2023 is currently ongoing for qualified international students. This scholarship programme is aimed...

Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’ Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’
bitcoin etf18 hours ago

Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’

A filing with the U.S. Securities and Exchange Commission has shown that Fidelity looks to launch an investment product known...

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