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Current refinance rates on Feb. 3, 2022: Rates rise

Several important refinance rates were higher today.

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John Greim/Getty
A few benchmark mortgage refinance rates increased today. Both 15-year fixed and 30-year fixed refinances saw their average rates go up. In addition, the average rate on 10-year fixed refinance also moved up. Although refinance rates fluctuate , they have been quite low recently. For those looking to lock in a good rate, now is a great time to refinance a house. But as always, make sure to first consider your personal goals and circumstances before refinancing, and talk to multiple lenders to find a lender who can best meet your needs.

30-year fixed-rate refinance

For 30-year fixed refinances, the average rate is currently at 3.76%, an increase of 3 basis points over this time last week. (A basis point is equivalent to 0.01%.) Refinancing to a 30-year fixed loan from a shorter loan term can lower your monthly payments. If you’re having difficulties making your monthly payments currently, a 30-year refinance could be a good option for you. However, interest rates for a 30-year refinance will typically be higher than rates for a 15-year or 10-year refinance. It'll also take you longer to pay off your loan.

15-year fixed-rate refinance

For 15-year fixed refinances, the average rate is currently at 3.13%, an increase of 8 basis points over last week. Refinancing to a 15-year fixed loan from a 30-year fixed loan will likely raise your monthly payment. But you'll save more money over time, because you're paying off your loan quicker. 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save even more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 3.20%, an increase of 20 basis points over last week. Compared to a 30-year and 15-year refinance, a 10-year refinance will usually have a lower interest rate but higher monthly payment. A 10-year refinance can be a good deal, since paying off your house sooner will help you save on interest in the long run. Just be sure to carefully consider your budget and current financial situation to make sure that you can afford a higher monthly payment.

Where rates are headed

We track refinance rate trends using information collected by Bankrate, which is owned by CNET's parent company. Here's a table with the average refinance rates supplied by lenders across the country:

Average refinance interest rates

Product Rate Last week Change
30-year fixed refi 3.76% 3.73% +0.03
15-year fixed refi 3.13% 3.05% +0.08
10-year fixed refi 3.20% 3.00% +0.20

Rates as of Feb. 3, 2022.

How to find personalized refinance rates

It's important to understand that the rates advertised online may not apply to you. Though current market conditions will be a factor, your particular interest rate will depend largely on your application and credit history.

Generally, you'll want a high credit score, low credit utilization ratio, and a history of making consistent and on-time payments in order to get the best interest rates. Researching interest rates online is always a good idea, but you'll need to connect with a mortgage professional to get your exact refinance rate. Also remember to account for potential fees and closing costs.

It’s also worth noting that in recent months, lenders have been stricter with their requirements. If you have a low credit score or a poor credit history, you might have trouble getting a refinance at the lowest interest rates.

To get the best refinance rates, you’ll first want to make your application as strong as possible. The best way to improve your credit ratings is to get your finances in order, use credit responsibly, and monitor your credit regularly. You should also shop around with multiple lenders and compare offers to make sure you’re getting the best rate.

Is now a good time to refinance?

Most people refinance because the market interest rates are lower than their current rates or because they want to change their loan term. While interest rates have been low in the past few months, you should look at more than just the market interest rates when deciding if a refinance is right for you.

To decide whether a refinance is right for you, consider all of the factors including how long you plan to stay in your current home, the length of your loan term and the amount of your monthly payment. 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 beginning of the pandemic. If you don't have a solid credit score, you may not qualify for the best rate. Refinancing can be a great move if you get a good rate or can pay off your loan sooner -- but consider carefully whether it's the right choice for you.