Today's mortgage refinance rates are valid for all terms |  April 7, 2022
Today’s mortgage refinance rates continue to climb |  April 18, 2022

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

See mortgage refinance rates for April 18, 2022, up from last Thursday. (Credible)

Based on data compiled by Credible, mortgage refinance rate increased across all mandates since last Thursday.

Rates were last updated on April 18, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re considering doing a cash refinance or refinancing your home loan to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.

What does that mean: Although refinance rates continue to rise, homeowners looking to borrow to finance a major purchase, project, or expense will still find the lowest interest costs with a cash refinance. Refinance rates remain significantly lower than other common financing options like personal loans and credit cards.


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

The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with 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 your lowest mortgage refinance rate

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

According to a study by Freddie Mac.

Be sure to shop around and compare current mortgage rates from several mortgage lenders if you decide to refinance your mortgage. You can do it easily with Credible’s free online tool and view 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 how mortgage refinance rates move. 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 borrowing 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% deposit.

The credible mortgage refinance rates listed here will only give you an idea of ​​today’s average rates. The rate you receive may vary depending on a number of factors.

Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do it easily with Credible and view your pre-qualified rates in just three minutes.

Are refinance rates higher than purchase rates?

Refinance rates are generally higher than rates for new mortgages to buy a home. Here are some factors that influence the higher rates:

  • Risk – A borrower who refinances on a shorter term to get a lower interest rate and pay off their loan sooner may end up with a higher monthly payment. This higher payment could translate into an increased risk of default. Similarly, in cash refinances, the borrower’s debt-to-equity ratio increases – and possibly their risk of default.
  • Revenue – A lender may be able to make more money with a purchase loan than with a refinance. Many homebuyers choose longer terms for purchase mortgages, which come with higher interest rates. Refinancing at a shorter term and/or lower interest rate reduces the amount of interest the lender earns over the life of a loan.
  • Costs – Refinancing a mortgage comes with many of the same closing costs you’ll face when taking out a new mortgage, such as an appraisal, attorney’s fees and more. Closing a refinance also has costs for the lender. But while the lower interest rate and shorter term you get with a refinance benefits you financially, the lender will earn less interest over the term of the refinanced loan.
  • Your credit — Hopefully your credit continues to improve once you become a homeowner. But that’s not always the case for everyone. A homeowner whose credit rating has actually dropped since the original home purchase may seem like a bigger risk to lenders, who may charge a higher interest rate to offset the perceived risk.

You have a financial question, but you don’t know who to contact? Email The Credible Money Expert at and your question may be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.


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