Here are the refinance rates for today, May 16, 2022: Lower rates


Several major refinance rates fell today. Fixed refinancing over 15 years and over 30 years saw their average rates fade. In addition, the average 10-year fixed refinancing rate also fell.

Although refinance rates fluctuate slightly on a daily basis, homeowners can expect to see rates increase over the course of this year. Over the past few months, rates have trended higher from historic lows seen during the pandemic and are now closer to 2018 rate levels. This means that if you are looking to cut dollars and interest from your current monthly mortgage payments, these could be the lowest rates of 2022. Be sure to think about your goals and situation, and compare offers to find a lender who can meet your needs. .

30-year fixed rate refinancing

For 30-year fixed refinances, the average rate is currently 5.35%, down 16 basis points from the same period last week. (One basis point equals 0.01%.) One reason to refinance a 30-year fixed loan from a shorter loan term is to lower your monthly payment. This makes 30-year refinances good for people who have trouble making their monthly payments or just want a little more leeway. In exchange for the lower monthly payments, the rates on a 30-year refinance will generally be higher than the rates on a 15- and 10-year refinance. You will also repay your loan more slowly.

15-year fixed-rate refinancing

The current average interest rate for 15-year refinances is 4.75%, down 1 basis point from a week ago. Refinancing a 15-year fixed loan from a 30-year fixed loan will likely increase your monthly payment. However, you will also be able to pay off your loan faster, saving you money over the life of the loan. You’ll also typically get lower interest rates than a 30-year loan. This can help you save even more in the long run.

10-year fixed rate refinancing

The current average interest rate for a 10-year refinance is 4.62%, down 13 basis points from a week ago. You’ll pay more each month with a 10-year fixed refinance compared to a 30- or 15-year refinance, but you’ll also get a lower interest rate. A 10-year refinance can help you pay off your home much faster and save on long-term interest. Just be sure to carefully review your budget and current financial situation to make sure you can afford a higher monthly payment.

Where are the rates going

At the start of the pandemic, refinance rates fell to historic lows, but now interest rates are hovering around pre-pandemic levels. The Federal Reserve recently raised rates for the second time in 2022 and plans to raise them several times over the course of the year. Given this policy, along with strong economic growth and inflation, which is at its highest level in four decades, rates should continue to rise this year. Although there have been some temporary interest rate cuts, it is impossible to predict when another cut might occur. This means it’s a good idea to try to take advantage of the refinance 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 is a table with the average refinance rates provided by lenders across the country:

Average refinancing interest rate

Product Rate Last week Switch
30-year fixed refi 5.35% 5.51% -0.16
15-year fixed refi 4.75% 4.76% -0.01
10-year fixed refi 4.62% 4.75% -0.13

Rates as of May 16, 2022.

How to find the best refinance rate

When researching refinance rates online, it’s important to remember that your specific financial situation will influence the rate you’ll be offered. Market conditions are not the only factor in interest rates; your particular application and your credit history will also play an important role.

Having a high credit score, a low rate of credit utilization, and a history of regular, on-time payments will generally help you get the best interest rates. 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. Also, don’t forget to factor in potential fees and closing costs.

Since the start of the pandemic, many lenders have been stricter with whom they approve a loan. As such, you can’t qualify for a refinance – or a low rate – if you don’t have a strong credit rating.

Before applying for a refinance, you need to make your application as strong as possible in order to get the best rates available. If you haven’t already, try to improve your credit by monitoring your credit reports, using credit responsibly, and carefully managing your finances. You should also shop around with multiple lenders and compare offers to ensure you get the best rate.

When should I refinance?

Generally, it’s a good idea to refinance if you can get a lower interest rate than your current interest rate or if you need to change the term of your loan. It is true that over the past year, interest rates have reached a historic low. But when deciding to refinance, be sure to consider factors other than market interest rates.

Refinancing may not always make financial sense. Consider your personal goals and financial situation. How long do you plan to stay at home? Are you refinancing to lower your monthly payment, pay off your home sooner – or for a combination of reasons? Also keep in mind that closing costs and other fees may require an upfront investment.

Note that some lenders have tightened their requirements since the start of the pandemic. If you don’t have a good credit score, you may not qualify for the best rate. Refinancing can be a great decision if you get a good rate or can pay off your loan sooner, but think carefully if it’s the right choice for you.


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