A few closely followed refinance rates trailed off today, including 10-year fixed, 15-year fixed and 30-year fixed refinances. Like mortgage rates, refinance rates have been increasing since the beginning of 2022 -- and we expect that trend to generally continue through the remainder of this year. With inflation at a 40-year high, the Federal Reserve has already hiked interest rates three times and appears poised to raise them further in 2022. Rate hikes increase the cost of borrowing money, and homeowners considering a refinance may only find higher rates as the year goes on. If you're looking to lower your monthly mortgage payment, it could be advantageous to lock in a rate sooner than later. Make sure to think about your goals and circumstances, and compare rates and fees to find a mortgage lender who can meet your needs.