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Where are Mortgage Refinance Rates Going in 2019?
At its July 2019 meeting, the Federal Open Market Committee (FOMC) cut interest rates by 0.25%, raising uncertainties in its economic outlook for the remainder of the year. Movement in the Fed's dot plot, which illustrates expectations for rate cuts by year end, signaled active debate among FOMC committee members about whether further rate cuts might be warranted.
The Fed's most recent rate cut sends mixed signals on the direction of the economy in the later half of 2019. Given the uncertain rate environment, it may be a good time to explore whether it's worth locking in your refinance rate now before further market volatility takes hold.
Compare Current Refinance Rates
As of October 23, the Freddie Mac national average for 30-year mortgage rates is 3.99%. The average rate for 15-year mortgages is 3.54%, and the 5/1 ARM mortgage rate is 3.54%. The 30-year and 15-year mortgage rates moved –0.01% and –0.01% each, while 5/1 ARM rates changed by –0.02%. Use the tool at the top of the page to find specific rate estimates for your property.
Should You Refinance Your Mortgage Now?
If you're thinking about refinancing this year, the current dip in interest rates makes it worth shopping for mortgage rates now. To understand the savings at stake, consider that a $200,000 balance for a 30-year loan at today's average rate of 3.99% translates to a monthly payment of $763 before taxes and insurance. At March's average rate of 4.45%, that same balance would have cost $806 per month—a significant difference in monthly and lifetime interest costs compared to today's rate. This illustrates how important it is to shop across multiple lenders to make sure you're getting the best deal possible.
For homeowners considering a cash-out refinance, the higher loan balance means that it may be more efficient to obtain a home equity line of credit (HELOC). If most of the rates above are higher than your original mortgage rate, then a cash-out refinance would mean paying a higher rate on your entire balance for the full remainder of your mortgage term. By contrast, HELOC borrowers only pay interest on whatever amount of credit they decide to draw.
While HELOC rates do tend to be higher than cash-out refi rates, getting a HELOC could allow you to keep a lower rate on the rest of your mortgage debt.
More Mortgage Tips & Analysis
For more information on how to navigate the mortgage experience, take a look at our informational guides and reviews of popular mortgage lenders.