Mortgage Refinance Rates on April 25, 2022: Some rates Increase


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Several important mortgage refinance rates today. Both 15-year fixed and 30-year fixed refinances saw their mean rates climb. At the same time, average rates for 10-year fixed refinances didn’t fluctuate. 

Homeowners can expect to see refinance rates rise over the course of this year. Although rates are higher now than at the start of the pandemic, multiple economic factors are likely to keep pushing rates up. Refinance rates also fluctuate daily, but if you’re looking to shave dollars and interest off of your current monthly mortgage payments, these could be the lowest rates this year. Make sure to think about your goals and circumstances, and compare offers to find a lender who can meet your needs.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 5.26%, an increase of 2 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. Because of this, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. Be aware, though, that interest rates will typically be higher compared to a 15-year or 10-year refinance, and you’ll pay off your loan at a slower rate.

15-year fixed-rate refinance

The current average interest rate for 15-year refinances is 4.47%, an increase of 2 basis points over last week. A 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan. But you’ll save more money over time, because you’re paying off your loan quicker. You’ll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

10-year fixed-rate refinance

For 10-year fixed refinances, the average rate is currently at 4.51%, unmoved over last week. Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can help you pay off your house much faster and save on interest in the long run. But you should confirm that you can afford a higher monthly payment by evaluating your budget and overall financial situation.

Where rates are headed

Interest rates are expected to go up this year, as the Federal Reserve recently raised rates for the first time since 2018 and plans to increase them multiple times in 2022. During the pandemic, refinance rates dropped to historic lows, but given factors like Federal Reserve policy, strong economic growth and inflation — which reached its highest in four decades — we’re now seeing interest rates closer to pre-pandemic levels. While there have been some temporary dips in interest rates, it’s impossible to predict when another drop might occur. That means it’s a good idea to try to take advantage of refinancing now and lock in a decent rate. 

We track refinance rate trends using data collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates provided by lenders across the US:

Average refinance interest rates

Product Rate A week ago Change
30-year fixed refi 5.26% 5.24% +0.02
15-year fixed refi 4.47% 4.45% +0.02
10-year fixed refi 4.51% 4.51% N/C

Rates as of Apr. 25, 2022.

How to find the best refinance rate

It’s important to understand that the rates advertised online may not apply to you. Your interest rate will be influenced by market conditions as well as your credit history and application.

Having a high credit score, low credit utilization ratio, and a history of consistent and on-time payments will generally help you get the best interest rates. You can generally get a good feel for average interest rates online, but make sure to speak with a mortgage professional in order to see the specific rates you qualify for. And don’t forget about fees and closing costs which may cost a hefty amount upfront.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. This means that if you don’t have great credit ratings, you might not be able to take advantage of lowered interest rates — or qualify for a refinance in the first place.

To get the best refinance rates, you’ll first want to make your application as strong as possible. You can do that by monitoring your credit, taking on debt responsibly, and getting your finances in order before applying for a refinance. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

When to consider a mortgage refinance

In order for a refinance to make sense, you’ll generally want to get a lower interest rate than your current rate. Aside from interest rates, changing your loan term is another reason to refinance. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

A refinance may not always make financial sense. Consider your personal goals and financial circumstances. How long do you plan on staying in your home? Are you refinancing to decrease your monthly payment, pay off your house sooner — or for a combination of reasons? Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the beginning of the pandemic. If you don’t have a solid credit score, you may not qualify for the best rate. Refinancing can be a great move if you get a good rate or can pay off your loan sooner — but consider carefully whether it’s the right choice for you.


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