Current 10-Year Fixed Refinance Rates for May 2022

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Terms and Phrases that may be used in this Mortgage Rate Table

Upfront costs: The upfront costs are charged for originating the loan. These costs are commonly labeled as Origination, Application, Processing, Underwriting, or Administration fees. The upfront costs may not include all costs associated with securing your mortgage. Please visit the Consumer Financial Protection Bureau’s website or consult a loan officer or broker for more information.

Points: Points are fees paid directly to the lender in exchange for a reduced interest rate. A point is equal to 1% of the borrowed funds. By paying points, you save money on interest over your mortgage’s term.

5-year cost: This is an estimated amount you’ll pay in interest and costs, such as the upfront costs and points, for the identified time. The estimated amount does not include principal payments or other costs, such as taxes, insurance, or private mortgage insurance. Your actual loan terms, such as the rate, annual percentage rate, monthly payment, and upfront costs, may be different because of other factors, such as your credit score, income, and employment history.

Calculate your monthly payment:

Principal: The face value of a loan, independent of the interest charged on the loan amount.

Interest: Payments made to a lender by a borrower in exchange for a loan.

Property Tax: Any tax on real estate or certain other forms of property.

Private mortgage insurance (PMI): An insurance policy that compensates lenders for losses from a mortgage loan default.

Homeowner association (HOA): A private association formed by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision.

One-time fees breakdown: These fees are estimates of the fees charged by the lender for processing, approving and funding a loan.

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

ProductInterest RateAPR
30-Year Fixed Rate5.260%5.270%
30-Year FHA Rate4.430%5.260%
30-Year VA Rate4.470%4.650%
30-Year Fixed Jumbo Rate5.230%5.230%
20-Year Fixed Rate5.290%5.300%
15-Year Fixed Rate4.570%4.590%
15-Year Fixed Jumbo Rate4.560%4.570%
10-Year Fixed Rate4.510%4.530%
5/1 ARM Rate3.810%4.730%
5/1 ARM Jumbo Rate3.750%4.540%
7/1 ARM Rate4.670%4.340%
7/1 ARM Jumbo Rate4.710%4.280%
10/1 ARM Rate4.770%4.490%
ProductInterest RateAPR
30-Year Fixed Rate5.280%5.300%
30-Year FHA Rate4.450%5.260%
30-Year VA Rate4.460%4.560%
30-Year Fixed Jumbo Rate5.240%5.240%
20-Year Fixed Rate5.320%5.330%
15-Year Fixed Rate4.600%4.620%
15-Year Fixed Jumbo Rate4.600%4.610%
10-Year Fixed Rate4.500%4.530%
5/1 ARM Rate3.910%4.840%
5/1 ARM Jumbo Rate3.850%4.840%
7/1 ARM Rate4.600%4.360%
7/1 ARM Jumbo Rate4.650%4.270%
10/1 ARM Rate4.680%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. 

Pro Tip

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.