Refinance rates fall ahead of this week’s inflation report. Refinance rates on July 9, 2024

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Today’s Average Refinance Rates


Today’s average mortgage rates on July 09, 2024, compared to a week ago. We use rate data collected by Bankrate, as reported by lenders across the US.


Mortgage rates change constantly, but there’s a good chance they’ll be lower this year. To find the lowest rate, shop around and compare offers from different lenders. Enter your information below to get a custom quote from one of CNET’s participating lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool shows lenders’ partner rates that you can use when comparing multiple mortgage rates.


When mortgage rates fell to historic lows during the pandemic, refinancing boomed, as homeowners were able to purchase homes at lower interest rates. But with current average mortgage rates around 7%, taking out a new home loan is not financially viable.

At the beginning of the year, expectations were high that the Fed would cut interest rates in the summer. But inflation has remained high in the past few months and the labor market is strong, making it clear to investors that the Fed will take longer than expected to cut interest rates.

Higher mortgage rates make it less attractive for homeowners to refinance, making them more likely to keep their existing mortgages.

Which way will refinancing rates go in 2024

“The odds are good that rates will be lower in 2024 than they are now,” said Keith Gumbinger, vice president of mortgage site HSH.com. But it’s difficult to predict exactly where mortgage rates will go because it depends on economic data we don’t have yet.

If inflation continues to improve and the Fed is able to cut interest rates, mortgage refinance rates could be between 6% and 6.5% by the end of the year.

But according to Orpheus Divaughn, senior economist at Zillow Home Loans, data showing higher inflation could prompt investors to reconsider the possibility of a Fed interest rate cut, and could push mortgage rates higher.

If you’re considering refinancing, remember that you can’t time the economy: Interest rates fluctuate on an hourly, daily and weekly basis, and are affected by a number of factors. Your best move is to keep an eye on day-to-day rate changes and create a game plan to take advantage of a big percentage drop, says Matt Graham of Mortgage News Daily.

What does refinance mean?

When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you’ll access your equity with a new loan that’s larger than your existing mortgage balance, allowing you to pocket the difference in cash.

If you get a lower rate or can pay off your home loan in a shorter period of time, refinancing can be a great financial move, but consider whether it’s the right choice for you. Lowering your interest rate by 1% or more is an incentive to refinance, allowing you to cut your monthly payment substantially.

How to choose the right refinance type and tenure

Rates advertised online often require specific conditions for eligibility. Your individual interest rate will be affected by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and timely payments will generally help you get the best interest rates.

30-Year Fixed Rate Refinance

Right now the average 30-year fixed refinance rate is 7.03%, a decrease of 2 basis points since last week. (One basis point is equal to 0.01%). A 30-year fixed refinance will typically have a lower monthly payment than a 15-year or 10-year refinance, but it will take you longer to pay off and you will typically pay more interest over the long term.

15-Year Fixed Rate Refinance

The current average interest rate for a 15-year refinance is 6.59%, a decrease of 7 basis points from last week. Although a 15-year fixed refinance will raise your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off your loan sooner. Plus, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run.

10-Year Fixed Rate Refinance

The current average interest rate for a 10-year refinance is 6.43%, a decrease of 25 basis points from last week. 10-year refinances typically have the lowest interest rates of all refinance terms, but the highest monthly payments. A 10-year refinance can help you pay off your home much quicker and save on interest, but make sure you can afford the higher monthly payments.

To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don’t forget to talk to several lenders and shop around.

When to Consider Mortgage Refinancing

Homeowners typically refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance:

  • To get a lower interest rate: If you can get a rate that’s at least 1% lower than your current mortgage, it might be worth refinancing.
  • To change the type of mortgage: If you have an adjustable-rate mortgage and want more security, you can refinance to a fixed-rate mortgage.
  • To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan if you have 20% equity.
  • To change the length of the loan term: Refinancing a loan for a longer term can lower your monthly payment. Refinancing for a shorter term will save you interest in the long run.
  • To leverage your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can get the difference as cash to cover a major expenditure.
  • To release a person from bond: In case of a divorce, you can simply apply for a new home loan in your name and use the funds received to pay off your existing mortgage.

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