Here Are Today’s Refinance Rates, Oct. 24, 2022: Rates Move Higher
Both 15-year fixed and 30-year fixed refinances saw their average rates rise over the last week. The average rates for 10-year fixed refinances also saw growth.
Like mortgage rates, refinance rates fluctuate on a daily basis. With inflation at a 40-year highthe Federal Reserve has hiked the federal funds rate five times in 2022 to try to slow it down. Though mortgage rates are not set by the central bank, its rate hikes increase the cost of borrowing money and eventually impact mortgage and refinance rates and the broader housing market. Whether refinance rates will continue to rise or fall will depend largely on how things play out with inflation. If inflation cools, rates will likely follow suit. But if inflation remains high, we could see refinance rates maintain their upward trajectory.
If rates for a refi are currently lower than your existing mortgage rate, you could save money by locking in a rate now. As always, consider your goals and circumstances, and compare rates and fees to find a mortgage lender who can meet your needs.
30-year fixed-rate refinance
For 30-year fixed refinances, the average rate is currently at 7.24%, an increase of 5 basis points over this time last week. (A basis point is equivalent to 0.01%.) One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. This makes 30-year refinances good for people who are having difficulties making their monthly payments or simply want a bit