July Refinance Rates 13, 2022 Rates Rise

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The average rates for both 15-year fixed refinances and 30-year fixed refinances increased. Also, the average rate for fixed refinances of 10-years saw an increase.

Refinance rates fluctuate daily, just as mortgage rates. Rates have been rising steadily since the start of 2022. We expect this trend to continue into the next year. With inflation at an all-time high of 40 years, the Federal Reserve has raised interest rates three more times than it did in recent years and is expected to increase them further in 2022. Rate increases increase the cost to borrow money. Refinances may be more expensive for homeowners. It may be beneficial to lock in your rate early if you are looking to lower the monthly mortgage payment. Consider your goals and financial situation, then compare rates and fees to find a mortgage lender that can meet them.

Refinance at a fixed rate for 30 years

The 30-year fixed rate for refinances is at 5.68%. That’s an increase by 16 basis points over one week ago. (A basis points is equal to 0.01%.

A 30-year fixed refinance will usually have lower monthly payments that a 15-year, 10-year or 10-year refinance. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. A 30-year refinance typically has higher interest rates than a 15-year, 10-year, or 10-year refinance. Your loan will take longer to repay.

Refinance with fixed rate 15-years

The average rate of a 15 year fixed refinance loan on the market is currently at 4.90%. This is 12 basis points more than what we observed last week.

The monthly payment for a fixed refinance of 15 years will likely be higher than that for a 30-year loan. You’ll also save interest because you’ll be able to pay the loan off sooner. The interest rates for a 15 year refinance are also lower than those of a 30-year refinance. This means that you will save more long-term.

Refinance at a fixed rate for 10 years

The current 10-year average interest rate is 4.81%. That’s an increase of 9 basis point from the week before.

The 10-year refinance typically has the highest monthly payment, but the lowest interest rates. A 10-year refinance is a great way to pay off your home faster and save interest over the long term. You should carefully evaluate your finances and budget to ensure you can afford a monthly payment that is higher.

Where are the rates headed?

Refinance rates fell to historic lows at the start of the pandemic. However, they have been steadily rising since the beginning this year. The Federal Reserve’s actions and inflation are both driving the rise in refinance rates. Inflation is at its highest level for four decades. The Fed raised interest rates by 0.75 percent, the largest increase in nearly three decades. It also plans to continue raising them. You could raise them even moreTo slow the economy through 2022. It’s a smart idea to refinance now, and lock in a decent rate of interest before rates rise again.

CNET’s parent company Bankrate provides data that allows us to track the trends in refinance rates. Here is a table that shows the average refinance rates provided by US lenders.

Average refinance rate







ProductRateLast weekChange
30-year fixed refi5.68%5.52%+0.16
Fixed refi of 15 years4.90%4.78%+0.12
Fixed refi for 10 years4.81%4.72%+0.09

Rates as of July 13, 2022

How to find the best refinance rate for you

It is important to realize that online rates may not be applicable to you. Market conditions and your credit history will have an impact on the interest rate.

You will get the best interest rates if you have a good credit score and low credit utilization ratio. Also, you should have a history making on-time payments. While you can see an overview of the average interest rates online, it’s best to talk to a mortgage professional to find out which rates are available to you. First, make sure your application is as strong and complete as possible to qualify for the best refinance rates. It is important to manage your finances and to monitor your credit frequently to improve credit scores. Do not forget to talk with multiple lenders.

If you are able to pay your loan off sooner or get a low rate, refinancing could be a great option. However, you need to carefully evaluate whether this is the best decision for you right now.

When should I refinance my loan?

Refinances should be considered if you are able to obtain a lower interest rate than the current rate. Refinances can be made for a variety of reasons, not just changing interest rates. Don’t forget to include fees and closing costs. These can add up.

The pool of individuals eligible to refinance has decreased significantly as interest rates have increased rather slowly since the start of the year. You may not get any financial benefits from refinancing your loan if your interest rates were lower when you bought your house.

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