What Are Today’s 10-Year Refinance Rates?
On Thursday, May 26, 2022 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 10-year refinance rate is 4.510% with an APR of 4.530%.
Current 10-Year Refinance Rates
|30-Year Fixed Rate||5.260%||5.270%|
|30-Year FHA Rate||4.430%||5.260%|
|30-Year VA Rate||4.470%||4.650%|
|30-Year Fixed Jumbo Rate||5.230%||5.230%|
|20-Year Fixed Rate||5.290%||5.300%|
|15-Year Fixed Rate||4.570%||4.590%|
|15-Year Fixed Jumbo Rate||4.560%||4.570%|
|10-Year Fixed Rate||4.510%||4.530%|
|5/1 ARM Rate||3.810%||4.730%|
|5/1 ARM Jumbo Rate||3.750%||4.540%|
|7/1 ARM Rate||4.670%||4.340%|
|7/1 ARM Jumbo Rate||4.710%||4.280%|
|10/1 ARM Rate||4.770%||4.490%|
|30-Year Fixed Rate||5.280%||5.300%|
|30-Year FHA Rate||4.450%||5.260%|
|30-Year VA Rate||4.460%||4.560%|
|30-Year Fixed Jumbo Rate||5.240%||5.240%|
|20-Year Fixed Rate||5.320%||5.330%|
|15-Year Fixed Rate||4.600%||4.620%|
|15-Year Fixed Jumbo Rate||4.600%||4.610%|
|10-Year Fixed Rate||4.500%||4.530%|
|5/1 ARM Rate||3.910%||4.840%|
|5/1 ARM Jumbo Rate||3.850%||4.840%|
|7/1 ARM Rate||4.600%||4.360%|
|7/1 ARM Jumbo Rate||4.650%||4.270%|
|10/1 ARM Rate||4.680%||4.470%|
Rates as of Thursday, May 26, 2022
What Is a 10-Year Fixed-Rate Mortgage Refinance?
A 10-year mortgage refinance is a home loan that comes with a 10-year repayment term and replaces your existing mortgage. After you pay off the loan’s principal in those 10 years, you own your home outright. The interest rate on the loan is fixed, meaning it will never fluctuate.
When Is the Right Time to Refinance?
Refinancing is a great idea for those looking to lower their interest rate or decrease their monthly payments. It’s also beneficial for homeowners who want to change their adjustable-rate mortgage to a more stable fixed-rate mortgage. But any refinance offer you receive should have more favorable terms than your current mortgage, which will depend on your credit profile and what the interest rate environment is.
When a 10-Year Refinance Loan Makes Sense
A 10-year refinance loan makes sense if you want to pay off your mortgage quickly. Most mortgages tend to be 15 or 30 years long, so a 10-year refinance loan would put you on a faster path to owning your home outright. However, your monthly payments will be significantly higher than a 15- or 30-year loan, so make sure you have room in your budget for this loan. And for refinancing to make sense, you’ll want a loan with an interest rate lower than your existing mortgage.
Even though you’re saving money in the long run, you’ll have to pay closing costs upfront to get a refinance loan. Closing costs can be anywhere between $1,000 and $5,000.
How Do I Find The Best Fixed 10-Year Refinance Rate?
Shopping around will be key to finding the best fixed 10-year refinance rate. We recommend getting at least three Loan Estimates from three different lenders to see what rates and terms you qualify for. Every lender has its own proprietary underwriting process, so you could get a stronger offer with one bank over another. You’ll want to weigh APR, repayment periods, fees, closing costs, and other factors before making a final decision.