Today’s Mortgage, Refinance Rates: March 19, 2022

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Mortgage rates have been increasing fairly swiftly so far this year as the


Federal Reserve

winds down pandemic-era policies. These policies were initially put in place to boost the economy as it adjusted to the “new normal” brought on by COVID-19.

Even though rates are up by pandemic standards, they’re still relatively low historically. And as home values ​​have risen so dramatically in the past couple of years, many homeowners are now in an ideal spot to take advantage of their home’s equity with a cash-out refinance.

A cash-out refinance is a mortgage that lets you tap into your home’s value and turn it into cash. Though there are limits to how much you can take out, if you have enough equity, you can use the cash from a cash-out refinance to do things like fund a home improvement project that further increases the value of your home, or pay off high-interest debt.

Plus, if you got your mortgage a few years ago when rates were higher, you may still be able to snag a lower rate by refinancing.

Mortgage rates today

Mortgage refinance rates today

Mortgage Calculator

You can plug today’s mortgage interest rates into our free mortgage calculator to see how different rates will impact your monthly payments.

Mortgage Calculator

$1,161
Your monthly estimated payment

  • payment to 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Pay an additional $500 each month would reduce the loan length by 146 months

You can plug today’s mortgage interest rates into our free mortgage calculator to see how different rates will impact your monthly payments.

How do mortgage rates work?

A mortgage interest rate is the fee a lender charges for borrowing money, expressed as a percentage. For example, you get a mortgage for $200,000 with an interest rate of 2.75%.

Mortgage rates can be either fixed or adjustable. A fixed-rate mortgage keeps your rate the same for the entire length of your loan. An adjustable-rate mortgage locks in your rate for the first few years or so, then changes it periodically. With a 7/1 ARM, your rate would stay steady for the first seven years, then shift annually.

The longer your mortgage term, the higher your rate will be. For instance, you’ll pay more on a 30-year mortgage than a 15-year mortgage. Longer terms do come with lower monthly payments, though, because you’re spreading out the repayment process.

How do I get the best mortgage rate?

Here are a few steps you can take to get the lowest mortgage rate possible:

  • Consider fixed vs. adjustable rates. You may be able to get a lower introductory rate with an adjustable-rate mortgage, which can be good if you plan to move before the intro period ends. But a fixed rate could be better if you’re buying a forever home because you won’t risk your rate going up later. Look at the rates your lender offers and weigh your options.
  • Look at your finances. The stronger your financial situation, the lower your mortgage rate should be. Look for ways to increase your credit score or lower your debt-to-income ratio, if necessary. Saving for a higher down payment also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Picking the right one for your financial situation will help you land a good rate.