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Mortgage Refinance Rates for September 13, 2022: Rates Rising

Average rates for both 15-year fixed and 30-year fixed refinances climbed Tuesday. The average rate for 10-year fixed refinancing also rose.

Like mortgage rates, refinancing rates fluctuate daily​​​. With inflation at a 40-year high , the Fed has raised the federal funds rate four times this year and is poised to raise it again in 2022 in an attempt to slow rampant inflation . Although mortgage rates are not set by the central bank, these federal rate hikes increase borrowing costs. Whether refinancing rates continue to rise or fall will depend on what happens next to inflation. If inflation starts to cool, interest rates may cool with it. But if inflation remains high, we could see refinancing rates keep on an upward trajectory. If your current refi rate is lower than your existing mortgage rate, you can save money by locking in your rate now. As always, consider your goals and circumstances, and compare rates and fees to find a mortgage lender that will meet your needs.

30 Year Fixed Rate Refinance

Average Current 30 The one-year fixed refinance rate was 6.11%, up 10 basis points from the same period last week. (One basis point equals 0.01%.) A 30-year fixed refinance typically has lower monthly payments than a 10- or 15-year refinance. If you’re currently struggling to make monthly payments, a 30-year refinance might be a good option for you. Note, however, that the interest rate will generally be higher and you will pay off the loan at a slower rate than a 10- or 15-year refinance.

15 Year Fixed Rate Refinance

For 15 Year Fixed Rate Refinance, Average Rate It is currently 5.41%, up 21 basis points from last week. A 15-year fixed refinance will likely increase your monthly repayments compared to a 30-year loan. On the other hand, you’ll save on interest because you’ll pay off the loan faster. The 15-year refinance rate also tends to be lower than the 30-year refinance rate, so you’ll save more in the long run.

10-Year Fixed Rate Refinance

Current Average Rate for 10-Year Refinance is 5.46 %, up 17 basis points from last week. A 10-year fixed refinance pays more per month than a 30- or 15-year refinance—but your interest rate will also be lower. A 10-year refinance can help you pay off your home faster and save on interest. However, you should analyze your budget and current financial situation to ensure that you are able to pay higher monthly payments.

Interest rates headed

At the start of the pandemic, refinancing rates fell to All-time lows, but they have mostly been climbing since the start of the year. The rise in refinancing rates is due to inflation hitting a 40-year high and the actions of the Federal Reserve. The Fed recently raised interest rates by another 0.75 percentage point and is preparing to raise rates again this year to slow economic growth. However, it is unclear what will happen next in the market. If inflation continues to rise, interest rates could climb. But if inflation starts to cool, rates could level off and start falling.

We track refinancing rate trends using information collected by Bankrate, which is owned by CNET’s parent company. Below is a table of average refinancing rates offered by lenders nationwide:

Average refinancing rates

product rate last week Change
30 years fixed refi 6.11% 6.01% +0.10

15 years fixed refi 5.41% 5.20% +0.21
10 years fixed refi 5.46% 5.29%


Rates as of September 13, 2022.

How to Buy Refinance Rates

Be sure to understand that the rates advertised online May not apply to you. Your interest rate will be affected by market conditions as well as your credit history and application.

Having a high credit score, low credit utilization, and a history of consistent on-time payments will often help you get the best rates. You can find average interest rates online, but be sure to speak with a mortgage professional to find out what specific rates you qualify for. To get the best refinance rate, you first want to make your application as robust as possible. The best way to improve your credit rating is to keep your finances in order, use your credit responsibly and monitor your credit regularly. Don’t forget to talk to multiple lenders and shop around.

If you’re getting good interest rates or can pay off your loan faster, refinancing may be a good option – but think carefully about whether it’s the right option for you right now.

When should I refinance?

For refinancing to make sense, you generally want to get a lower rate than your current rate. Besides interest rates, changing loan terms is another reason to refinance. When deciding whether to refinance, be sure to consider factors other than market interest rates, including how long you plan to stay in your current home, the length of the loan, and the monthly payment amount. And don’t forget fees and transaction fees, which can add up.

As interest rates have risen steadily since the beginning of the year, the number of people eligible for refinancing has dropped significantly. If you bought a house when interest rates were lower than current rates, you probably won’t get any financial benefit from refinancing your mortgage.



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