Current Mortgage Refinance Rates, April 27, 2022 | Rates reach 5.43%

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Today, several notable mortgage refinance rates have seen growth.

The need to find the best refinance rate becomes increasingly important as refinance rates increase.

“There have been bigger moves in mortgage rates in the past, but they’ve taken a lot longer to unfold,” Greg McBride, chief financial analyst at Bankrate, told NextAdvisor. In the short term, one of the best ways to offset rising rates is to get quotes from at least two or three lenders.

If you’re looking for a mortgage refinance, you’ll also want to carefully consider the fees you’ll pay. You might get a lower than market interest rate only to end up with thousands in extra fees. This is why understanding all the ins and outs of a loan offer is important.

Let’s take a look at current refinance rates and where they stand historically.

What are today’s refinance rates?

As of Wednesday, April 27, 2022, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 30-year fixed mortgage refinance rate is 5.430% with an APR of 5.440%. The average 15-year fixed mortgage refinance rate is 4.700% with an APR of 4.740%. The average 5/1 variable rate mortgage refinance (ARM) rate is 3.560% with an APR of 4.740%.

Current Mortgage Rates and Refinance Rates

Product Interest rate APR
30-year fixed rate 5.430% 5.440%
30-year FHA rate 4.720% 5.600%
PV rate over 30 years 4.980% 5.180%
30-year fixed jumbo rate 5.410% 5.430%
20-year fixed rate 5.430% 5.470%
Fixed rate over 15 years 4.700% 4.740%
15-year fixed jumbo rate 4.670% 4.710%
ARM rate 5/1 3.560% 4.740%
Jumbo ARM 5/1 rate 3.420% 4.650%
ARM rate 7/1 4.520% 4.350%
Jumbo ARM 7/1 rate 4.580% 4.280%
ARM rate 10/1 4.660% 4.470%
Product Interest rate APR
30-year fixed rate 5.420% 5.440%
30-year FHA rate 4.780% 5.630%
PV rate over 30 years 4.960% 5.090%
30-year fixed jumbo rate 5.380% 5.400%
20-year fixed rate 5.470% 5.500%
Fixed rate over 15 years 4.660% 4.700%
15-year fixed jumbo rate 4.640% 4.670%
ARM rate 5/1 3.670% 4.760%
Jumbo ARM 5/1 rate 3.440% 4.660%
ARM rate 7/1 4.510% 4.390%
Jumbo ARM 7/1 rate 4.580% 4.290%
ARM rate 10/1 4.610% 4.470%

Rates as of Wednesday April 27, 2022

About these rates

Our daily refinance rates are based on daily rate data from Bankrate, which is owned by the same parent company as NextAdvisor. These average overnight refi interest rates are based on a client profile that meets the following criteria:

  • Loan to value (LTV) or 80% or less
  • Principal residence
  • Credit score 740 or higher
  • Single-family detached house

What is driving mortgage refinance rate changes?

Experts predict that refinance rates will continue to rise in 2022 after rising significantly since the start of the year. This is partly due to the Federal Reserve ending its purchases of mortgage-backed securities and raising short-term interest rates.

Inflation, which was the highest in 40 years and reached 8.5% in March, is also behind the increase in refinancing rates. Supply chain issues and shortages could be exacerbated by Russia’s invasion of Ukraine, which also adds an element of uncertainty to markets.

Another factor is COVID-19. While the Omicron variant has faded across much of the United States, a resurgence of the virus could affect markets. Experts say this could lead to more volatility, as it is virtually impossible to predict the future.

With rates where they are, is it a good time to refinance?

Generally, refinancing can save you money if you can get an interest rate 0.75% lower than your current rate. That said, the recent spike in refinance rates has dramatically reduced the number of homeowners with interest rates well above today’s average rates. You can always reduce the overall cost of your loan by refinancing it to a 15-year loan, which will reduce the overall interest paid over time.

There are alternatives to refinancing. With values ​​rising in today’s housing market, homeowners may want to turn that value into cash. With the rates where they are, a home equity line of credit (HELOC) may be right for you because you won’t have to take out a new mortgage. A HELOC can be a reasonable option for financing home repairs or improvements, just make sure you understand all the fine print, regardless of the fees, interest rate, and repayment schedule.

PRO TIP: REFINANCING CLOSING COSTS

When you take out a new home loan, you pay an upfront fee totaling 3-6% of the loan amount. If you are refinancing, this is a major expense to consider. When you refinance frequently or sell your home soon after refinancing, you may not realize enough savings to justify the upfront cost.

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