Refinance rates for Feb. 11, 2022: Rates tick higher – CNET

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For 10-year fixed refinances, the average rate is currently at 3.28%, an increase of 8 basis points from what we saw the previous week. A 10-year refinance will typically feature the highest monthly payment of all refinance terms, but the lowest interest rate. A 10-year refinance can be a good deal, since paying off your house sooner will help you 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.

30-year fixed-rate refinance

The current average interest rate for 15-year refinances is 3.36%, an increase of 23 basis points compared to one week ago. Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. On the other hand, you’ll save money on interest, since you’ll pay off the loan sooner. Interest rates for a 15-year refinance also tend to be lower than that of a 30-year refinance, so you’ll save even more in the long run.

15-year fixed-rate refinance

Some lenders have tightened their requirements in recent months, so you may not be able to get a refinance at the posted interest rates — or even a refinance at all — if you don’t meet their standards. If you can get a lower interest rate or pay off your loan sooner, refinancing can be a great move. But carefully weigh the pros and cons first to make sure it’s a good fit for your situation.

10-year fixed-rate refinance

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

Where rates are headed

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.
A number of mortgage refinance rates went up again today, making some homeowners wonder if it’s still a good time to refinance. There were increases in the average rates for 10-year fixed, 15-year fixed and 30-year fixed refinances, and rates are expected to rise throughout 2022. If you’re in the market for a refi, make sure to first think about your goals and circumstances, and always compare offers to find a lender who can best meet your personal needs.

Average refinance interest rates

Product Rate A week ago Change
30-year fixed refi 4.01% 3.76% +0.25
15-year fixed refi 3.36% 3.13% +0.23
10-year fixed refi 3.28% 3.20% +0.08

It’s important to understand that the rates advertised online may not apply to you. Though current market conditions will be a factor, your particular interest rate will depend largely on your application and credit history.

How to find personalized refinance rates

Generally, you’ll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. To get your personalized refinance rates, you’ll need to speak with a mortgage professional, as the rates you qualify for may differ from the rates advertised online. Also remember to account for potential fees and closing costs.To decide whether a refinance is right for you, consider all of the factors including how long you plan to stay in your current home, the length of your loan term and the amount of your monthly payment. And don’t forget about fees and closing costs, which can add up.The average 30-year fixed refinance rate right now is 4.01%, an increase of 25 basis points compared to one week ago. (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 more breathing room. 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.Rates as of Feb. 11, 2022.

When should I refinance?

We started 2022 with low refinance rates, but there’s been an uptick recently due to two major factors: inflation and economic growth. That said, rates can always rise and fall for many reasons. The spread of omicron, for instance, kept rates low throughout December and the start of the new year. Overall, rates are expected to go up this year, particularly with the Federal Reserve’s decision to reduce its bond purchases and increase interest rates. Generally, it’s a good idea to refinance if you can get a lower interest rate than that your current interest rate, or if you need to change your loan term. It’s true that in the past year, interest rates have been at a historic low. But when deciding whether to refinance, be sure to take into account other factors besides market interest rates.Add your email and ZIP Code to receive the latest verified refinance rates. Delivered daily!