![]() (A basis point equals 0.01%.) A 30-year fixed refinance typically has lower monthly payments than a 15- or 10-year refinance. ![]() 30 year fixed rate refinancingįor 30-year fixed refinancing, the average rate is now 7.07%, up 3 basis points from a week ago. As always, consider your goals and circumstances, compare interest rates and fees, and find a mortgage lender that can meet your needs. If your refi interest rate is currently lower than your existing mortgage rate, you can save money by fixing your interest rate now. ![]() However, if inflation remains high, refinancing rates may continue their upward trajectory. If inflation subsides, interest rates are likely to follow suit. Whether refinancing rates continue to rise or fall depends heavily on how inflation unfolds. Mortgage rates are not set by the central bank, but raising them would increase the cost of borrowing money, ultimately impacting mortgage and refinancing rates and the broader housing market. With inflation at his 40-year high, the Federal Reserve has said he will raise the federal funds rate five times in 2022 in an attempt to curb surging inflation. Like mortgage interest rates, refinancing rates fluctuate daily.
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