Homeowners can still get lower interest rates with shorter terms as rates rise for both 20-year and 30-year terms.
Credible data shows that mortgage rates have been mixed since yesterday. Two rates are rising, and two rates remain steady.
- 30-year fixed rate refinance HTML5_ : 6.750%
- 20 year fixed-rate refinance HTML4_ : 6.750% up from 6.500%. +0.250
- 15-year fixed-rate refinance – 5.500%
- Ten-year fixed-rate refinance? 5.500%
Rates were last updated on September 23, 2022. These rates are based upon the assumptions listed here.
Credible is a great option if you are thinking about a cash-out refinance or refinancing your mortgage to lower the interest rate. Credible offers a free online tool that allows you to compare rates from different mortgage lenders. In just three minutes, you can view prequalified rates.
This means: Refinance rates have risen for both 20-year and 30-year terms today. Rates for longer repayment terms are now closer to 7%. The 10- and 15-year rates are the best for homeowners, as they have held steady at 5.5% for five consecutive days. Although shorter terms mean homeowners will pay more monthly, they can help them become mortgage-free faster. Cash-out can be a great option for homeowners who want to finance home improvements. They offer a lower rate than other financial products like personal loans or credit cards.

WHAT IS’ CASH-OUT REFINANCING?’, AND HOW DOES IT WORK?
How have mortgage rates changed over time
Today’s mortgage interest rate is well below the 16.63% average annual rate that Freddie Mac recorded in 1981. The average interest rate on a 30-year fixed-rate mortgage was 3.9% in 2019, a year before the COVID-19 epidemic that decimated economies around the globe. The average interest rate for 2021 was 2.9%, which is the lowest annual average over 30 years.
Homeowners with mortgages in 2019 or older can potentially save significant interest by refinancing at one of today’s low-interest rates.
You can take advantage of mortgage refinance rates below historical averages by using Credible to compare rates from multiple lenders.
How can you get the lowest mortgage to refinance rates
A better credit rating and the payment of any other debt could help you get a lower rate. If you are looking to refinance, it is a smart idea to compare rates from different lenders to ensure you get the best rate.
According to research by Freddie Mac, Borrowers can save an average of $1,500 over the loan’s life by getting just one rate quote and an average of $3,000 by comparing five rate quotes.
If you are looking to refinance your mortgage, make sure to compare rates from different mortgage lenders. You can easily do this with Credible’s online tool. It takes just three minutes to see your prequalified rates.

How does Credible calculate the refinance rates?
The movement of mortgage refinances rate can be affected by economic conditions, central bank policy changes, investor sentiment, and other factors. The Credible average mortgage refinances rate reported in this article is based on information from partner lenders who receive compensation from Credible.
Rates assume that a borrower has a credit score of 740 and is applying for a conventional loan to purchase a home as their primary residence. Rates also assume that there are no discount points (or very few) and that 20% of the down payment is required.
These are only representative of the current average mortgage refinance rates. Rates can fluctuate depending on many factors.
Do you think it is the right time for a refinance? Compare rates from multiple lenders and shop around. You can easily do this with Credible. In just three minutes, you will see your prequalified rates.
Can you negotiate to refinance rates?
Real estate transactions are often open to negotiation. You may be able to negotiate a lower rate with your lender.
Negotiations may be easier if you have a high credit score and a low debt-to-income ratio. It may help to be open to compromise. If you are willing to pay upfront mortgage discount points, your lender might agree to a lower rate of interest.
Comparing rates and loans from different mortgage lenders is the best way to get the lowest interest rate.
Have a finance-related question but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com, and your question might be answered by Credible in our Money Expert column.
