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Refinance rates for Jan. 26, 2022: Rates rise


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Refinance rates for Jan. 26, 2022: Rates rise


Jeff Greenberg/Getty Images

Several benchmark mortgage refinance rates ticked up today.

Both 15-year fixed and 30-year fixed refinances saw their average rates go up. At the same time, average rates for 10-year fixed refinances also made gains.

Refinance interest rates are never set in stone — but rates have been historically low. For those looking to secure a good rate, now is an ideal time to refinance a house. But as always, make sure to first consider your personal goals and circumstances before refinancing, and shop around for a lender who can best meet your needs.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 3.68%, an increase of 11 basis points compared to one week ago. (A basis point is equivalent to 0.01%.)

One reason to refinance to a 30-year fixed loan from a shorter loan term is to lower your monthly payment. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. 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 current average interest rate for 15-year refinances is 3.01%, an increase of 11 basis points over last week.

With a 15-year fixed refinance, you’ll have a larger monthly payment than a 30-year loan. But you’ll save more money over time, because you’re paying off your loan quicker. 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

For 10-year fixed refinances, the average rate is…



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