Today’s 15-Year Mortgage Refinance Rates Continue to Offer the Best Savings Opportunities | October 26, 2022
Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.
Based on data compiled by Credible, mortgage refinance rate fell for three key terms and rose for another term since yesterday.
Rates were last updated on October 26, 2022. These rates are based on the assumptions presented here.
If you’re considering doing a cash refinance or refinancing your home loan to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.
What does that mean: 20- and 30-year mortgage refinance rates fell slightly today, providing a small window of savings for homeowners looking to refinance over the longer term. Meanwhile, 15-year rates also fell slightly and 10-year rates rose slightly. Homeowners who can handle higher monthly payments can consider 15-year rates – at 6.375%, these are currently the lowest available. With rates for three key terms down since yesterday, homeowners waiting to refinance might consider locking in a rate today.
WHAT IS CASH-OUT REFINANCING AND HOW DOES IT WORK?
How mortgage rates have changed over time
Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.
The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates.
If you’re ready to take advantage of today’s mortgage refinance rates that are below average historical lows, you can use Credible to check rates from multiple lenders.
How to get your lowest mortgage refinance rate
If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt, you could guarantee you a lower rate. It’s also a good idea to compare rates from different lenders if you’re hoping to refinance, so you can find the best rate for your situation.
According to a study by Freddie Mac.
Be sure to shop around and compare current mortgage rates from several mortgage lenders if you decide to refinance your mortgage. You can do it easily with Credible’s free online tool and view your pre-qualified rates in just three minutes.
How does Credible calculate refinance rates?
Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage refinance rates move. Credible’s average mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.
The rates assume a borrower has a credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.
The credible mortgage refinance rates listed here will only give you an idea of today’s average rates. The rate you receive may vary depending on a number of factors.
Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do it easily with Credible and view your pre-qualified rates in just three minutes.
What is the average cost of refinancing?
Typically, you will incur costs — $5,000 on average, depending on Freddie Mac — when refinancing your mortgage.
Your exact refinance costs will depend on several factors, including your loan amount and where you live. Typical refinance costs include:
- The cost of registering your new mortgage
- Expert fees
- Lawyer’s fees
- Lender fees, such as origination or underwriting
- Title Service Fee
- Credit application fees
- Mortgage points
- Prepaid interest charges
Keep in mind that there is no such thing as a truly no-cost refinance. Lenders who market “no-fee loans” usually charge a higher interest rate and build the cost into the loan, which means you’ll pay more interest over the life of the loan.
Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.