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Mortgage Refinance Rates for March 28, 2022: Rate Eases Mortgage Refinance Rates for March 28, 2022: Rate Eases
Jim Lane/Getty In general, refinance rates for mortgages were varied with one notable rate dropping. The average rate nationwide for a 15-year fixed-rate refinance... Mortgage Refinance Rates for March 28, 2022: Rate Eases


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Jim Lane/Getty

In general, refinance rates for mortgages were varied with one notable rate dropping. The average rate nationwide for a 15-year fixed-rate refinance moved higher, while 30-year fixed refinance rates went down. At the same time, average rates for 10-year fixed refinances moved up. Homeowners can expect to see refinance rates rise over the course of this year. Although rates are higher now than at the start of the pandemic, multiple economic factors are likely to keep pushing rates up. Refinance rates also fluctuate daily, but if you’re looking to shave dollars and interest off of your current monthly mortgage payments, these could be the lowest rates this year. Make sure to think about your goals and circumstances, and compare offers to find a lender who can meet your needs.

30-year fixed-rate refinance

The average rate for a 30-year fixed refinance loan is currently 4.52%, a decrease of 1 basis point over this time last week. (A basis point is equivalent to 0.01%.) Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. Because of this, a 30-year refinance can be a good idea if you’re having trouble making your monthly payments. In exchange for the lower monthly payments though, rates for a 30-year refinance will typically be higher than 15-year and 10-year refinance rates. You’ll also pay off your loan slower.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 3.86%, an increase of 7 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. However, you’ll also be able to pay off your loan quicker, saving you money over the life of the loan. You’ll also typically get lower interest rates compared to a 30-year loan. This can help you save even more in the long run.

10-year fixed-rate refinance

The average 10-year fixed refinance rate right now is 4.01%, an increase of 34 basis points over last week. You’ll pay more every month with a ten-year fixed refinance compared to a 30-year or 15-year refinance — but you’ll also have a lower interest rate. A 10-year refinance can help you pay off your house much faster and 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.

Where rates are headed

Interest rates are expected to go up this year, as the Federal Reserve recently raised rates for the first time since 2018 and plans to increase them multiple times in 2022. During the pandemic, refinance rates dropped to historic lows, but given factors like Federal Reserve policy, strong economic growth and inflation – which reached its highest in four decades – we’re now seeing interest rates closer to pre-pandemic levels. While the war in Ukraine has caused temporary dips in interest rates, it’s impossible to predict when another drop might occur. That means it’s a good idea to try to take advantage of refinancing now and lock in a decent rate. We track refinance rate trends using data collected by Bankrate, which is owned by CNET’s parent company. Here’s a table with the average refinance rates reported by lenders nationwide:

Average refinance interest rates

Product Rate Last week Change
30-year fixed refi 4.52% 4.53% -0.01
15-year fixed refi 3.86% 3.79% +0.07
10-year fixed refi 4.01% 3.67% +0.34

Rates as of March 28, 2022.

How to shop for refinance rates

When looking for refinance rates, know that your specific rate may differ from those advertised online. Your interest rate will be influenced by market conditions as well as your credit history and application.

To get the best interest rates, you’ll typically need a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments. 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. You should also take into account any fees and closing costs that might offset the potential savings of a refinance.

You should also know that many lenders have had stricter requirements when it comes to approving loans in the past few months. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

To get the best refinance rates, you’ll first want to make your application as strong as possible. If you haven’t already, try to improve your credit by monitoring your credit reports, using credit responsibly, and managing your finances carefully. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

Is now a good time to refinance?

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. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

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.

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. Refinancing can be a great move if you get a good rate or can pay off your loan sooner, but consider carefully whether it’s the right choice for you.



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