Mortgage Refinance Rates Today: 10-Year and 15-Year Rates Hold | April 1, 2022

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to provide you with the tools and confidence you need to improve your finances. Although we endorse products from our lending partners that compensate us for our services, all opinions are our own.

See mortgage refinance rates for April 1, 2022, which are mixed from yesterday. (Credible)

Based on data collected by Credible, mortgage refinance rates they have risen for two longer timeframes and have been flat for two shorter timeframes since yesterday.

Rates last updated on April 1, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re thinking about doing a cash-out refinance or refinancing your home mortgage to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can view pre-qualified rates in as little as three minutes.

What does this mean: Mortgage refinance rates have skyrocketed in recent weeks, particularly for longer terms, which tend to be the most popular. Homeowners who can manage a higher payment can refinance over 10 or 15 years to save the most interest over the life of their mortgage. And homeowners looking to borrow to pay for a big expense like home improvements will find that cash-out refinance rates are still lower than options like personal loans or credit cards.


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 disrupted economies around the world, the rate The average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners with 2019 and earlier mortgages could potentially realize significant interest savings by refinancing at 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 the lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt you might secure 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.

Borrowers can save an average of $1,500 over the life of their loan by buying just one additional rate quote, and an average of $3,000 when comparing five rate quotes, according to research from freddy mac.

Be sure to shop around and compare current mortgage rates from various mortgage lenders if you decide to refinance your mortgage. Can do it easily with Credible’s free online tool and check 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 the movement of mortgage refinance rates. 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 applying for 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% down payment.

The credible mortgage refinance rates reported here will only give you an idea of ​​current average rates. The rate you receive may vary based on a number of factors.

Do you think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. Can do this easily with Credible and check your pre-qualified rates in just three minutes.

Are refinance rates higher than purchase rates?

Refinancing rates are generally higher than new mortgage rates for buying a home. Here are some factors that influence higher rates:

  • Risk – A borrower who refinances to a shorter term to get a lower interest rate and pay off their loan sooner may end up with a higher monthly payment. That higher payment could translate into a heightened risk of default. Similarly, in cash-out refinances, the borrower’s debt-to-income ratio increases, and possibly their risk of default.
  • Income – A lender can make more money on a purchase loan than on a refinance. Many homebuyers choose longer terms for mortgage purchases, which come with higher interest rates. Refinancing to a shorter term and/or lower interest rate reduces the amount of interest the lender earns over the life of a loan.
  • Costs — Refinancing a mortgage carries many of the same closing costs that you will face when you get a new mortgage, such as an appraisal, attorney fees, and more. Closing on a refinance also has costs for the lender. But while the lower interest rate and shorter term you get with a refinance benefits you financially, the lender will earn less interest over the life of the refinanced loan.
  • your credit – Hopefully, your credit will continue to improve once you become a homeowner. But that is not always the case for everyone. A homeowner whose credit score has dropped since he initially purchased the home may appear to be a higher risk to lenders, who may charge a higher interest rate to offset the perceived risk.

Do you have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at 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 including home loans, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance and more.

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