Today’s 20-Year Mortgage Refinance Rates Steady | October 25, 2022

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See mortgage refinance rates for October 25, 2022, which are mixed from yesterday. (Credible)

Based on data collected by Credible, mortgage refinance rates they are mixed today, with one key rate up, two down and one holding steady from yesterday.

Rates last updated on October 25, 2022. These rates are based on the assumptions shown here.

If you’re thinking about doing a cash-out refinance or refinancing your home mortgage to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare rates from multiple mortgage lenders. You can view pre-qualified rates in as little as three minutes.

What does this mean: Thirty-year mortgage refinancing rates rose a quarter point to 7.25% today. Meanwhile, 10-year and 15-year rates declined and 20-year rates were flat. Homeowners looking to refinance may want to consider shorter terms, as they are more than three-quarters of a point lower than 30-year rates. But homeowners who want a longer-term refinance should stick to 20-year rates.


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 disrupted economies around the world, the rate The average interest rate for a 30-year fixed-rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average in 30 years.

The historic drop in interest rates means homeowners with 2019 and earlier mortgages could potentially realize significant interest savings by refinancing at 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 the lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt you might secure 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.

Borrowers can save an average of $1,500 over the life of their loan by buying just one additional rate quote and an average of $3,000 when comparing five rate quotes, according to research from freddy mac.

Be sure to shop around and compare current mortgage rates from various mortgage lenders if you decide to refinance your mortgage. You may do it easily with Credible’s free online tool and check 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 the movement of mortgage refinance rates. 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 applying for 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% down payment.

The credible mortgage refinance rates reported here will only give you an idea of ​​current average rates. The rate you receive may vary based on a number of factors.

Do you think it might be the right time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You may do this easily with Credible and check 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 variety of reasons, including getting a lower interest rate, changing your monthly payment amount, and lowering interest costs. In general, if you can lower your interest rate by at least 0.75%, refinancing might be a good move.

But before you refinance, be sure to weigh your closing costs and estimate how long it will be before your refinance savings cover your refinance costs.

Do you have a finance-related question, but don’t know who to ask? Email the credible money expert at and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics including home loans, mortgage refinancing, and more. He has been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance and more.

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