Economy, Finance, Taxes

Current Mortgage Refinance Rates, January 20, 2022 | Rates Tick Higher

Many aspects of your life can impact your travel preferences

Today, a number of notable mortgage refinance rates advanced.

Both the 15-year fixed and 30-year fixed saw their average rates trend upward. The average rate on 10-year fixed refinance mortgages also increased.

Refinancing rates are constantly changing. However, they’re still near lows that we’ve never seen before. For those looking to refinance their existing mortgage, this might be the right move to lock in a great deal on an interest rate.

Current Mortgage Refinance Rates, January 20, 2022 | Rates Tick Higher

The average mortgage refinance rates are as follows:

Mortgage Rate Forecast: Where Are Refinance Rates Headed in 2021?

With refinance and mortgage rates, there is a high potential for significant volatility. Overall, however, rates should trend higher in 2022. Strong economic conditions and higher inflation have contributed to this predicted rate hike. However, there is uncertainty surrounding the COVID-19 Omicron strain and the potential impact of other Coronavirus variants on the economy. The trend of rising rates is probably going to continue going forward, but weekly or daily rate movement is not likely to be consistent.

What the Refinance Rate Trends Mean for You

Refinance rates may marginally increase, but overall borrowers can get excited about these low rates, which are some of the lowest in mortgage rates history. For those that haven’t refinanced recently, you may want to consider it. Homeowners could save thousands with a rate and term refinance if they can secure a new rate that is 0.75% to 1% lower than their current rate, as a general rule of thumb.

As home prices have skyrocketed, the option to turn your home’s equity into cash has become in favor. If you want to consolidate your debt or remodel your home, a cash-out refinance might be a good option..

Homeowners who are on the fence about refinancing will want to consider whether or not it makes sense for their situation. Shopping around for the best refinance deal becomes increasingly important as rates rise.


You will pay upfront fees of 3% to 6% of your loan amount when you take out a new home loan. If you refinance, this is a significant expense you should take into account. Refinancing often or selling a house soon after refinancing can result in your monthly savings not exceeding the fees you paid.

30-Year Fixed Refinance Rates

Right now, the average 30-year fixed refinance has an interest rate of 3.58%, an increase of 8 basis points from what we saw last week.

You can use our mortgage calculator to determine how much your mortgage will cost you every month and find out how much less interest you’ll pay by making additional payments. Our mortgage calculator will also show you how much interest you’ll be charged over the entire loan term.

Average 15-Year Refinance Rates

For 15-year fixed refinances we’re seeing an average rate of 2.90%, an increase of 10 basis points from a week ago.

Monthly payments on a 15-year refinance loan are tougher to fit into a monthly budget than a 30-year mortgage payment would be. However, a shorter loan term can help you build up equity in your home much more quickly.

10-Year Refi Rates

The average 10-year, fixed refinance rate is 2.92%, an increase of 10 basis points from a week ago.

Monthly payments with a 10-year refinance term would cost even more than what you’d pay on a 15-year loan. The upside is you’d end up paying even less interest over the life of the loan.


Our refinance interest rates are based Bankrate’s daily rate data, which is owned by the same parent company as NextAdvisor. These daily refi interest rate averages are based on a consumer profile of the following:

  • At least 20%+ equity
  • Principal residence
  • Credit score of 740+
  • Existing single-family detached home (not new construction)

The information provided to Bankrate from lenders across the country is specified in the table below:

30-year mortgage refinance rate3.58%3.50%+0.08
15-year fixed refinance rate2.90%2.80%+0.10
10-year fixed refinance rate2.92%2.82%+0.10