Mortgage Refinance Rates Today: 10- and 15-Year Rates Remain Stable |  September 20, 2022

Mortgage Refinance Rates Today: 10- and 15-Year Rates Remain Stable | September 20, 2022

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Check out the mortgage refinance rates for September 20, 2022, which have been mixed since yesterday. (Credible)

Based on data compiled by Credible, mortgage refinance rate have been mixed since yesterday, with two key rates up and two stable.

Rates last updated on September 20, 2022. These rates are based on the assumptions presented here.

If you’re considering doing a cash refinance or refinancing your home loan to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.

What does that mean: With 30- and 20-year mortgage refinance rates approaching 6.5%, homeowners considering refinancing might consider shorter repayment terms. At 5.5%, the 15-year and 10-year rates will reduce interest costs over the life of a loan. But homeowners who want a longer repayment term can still save with 30- and 20-year rates, which are still lower than rates for other home improvement financing options like a credit card or personal loan.


How mortgage rates have changed over time

Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.

The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates.

If you’re ready to take advantage of today’s mortgage refinance rates that are below average historical lows, you can use Credible to check rates from multiple lenders.

How to get your lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt, you could guarantee you a lower rate. It’s also a good idea to compare rates from different lenders if you’re hoping to refinance so you can find the best rate for your situation.

According to a study by Freddie Mac.

Be sure to shop around and compare current mortgage rates from several mortgage lenders if you decide to refinance your mortgage. You can do it easily with Credible’s free online tool and view your pre-qualified rates in just three minutes.

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage refinance rates move. Credible’s average mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.

The credible mortgage refinance rates listed here will only give you an idea of ​​today’s average rates. The rate you receive may vary depending on a number of factors.

Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do it easily with Credible and view your pre-qualified rates in just three minutes.

When is it worth refinancing?

Refinancing a mortgage can be a great way to save money. But it’s not always the best decision for every homeowner.

People refinance for a number of reasons, including getting a lower interest rate, changing their monthly payment amount, and lowering their interest charges. Generally, if you can lower your interest rate by at least 0.75%, refinancing may be a good decision.

But before you refinance, be sure to weigh closing costs and calculate how long it will take for your savings from refinancing to cover refinancing expenses.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at and your question might be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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