Mortgage Rates Touch 3-Year Low

For those looking to refinance their mortgage (or with children looking to purchase a new home) now may be a great time: the average 30-year, fixed rate mortgage now stands at around 3.56%, a three-year low. According to the Wall Street Journal, “as recently as November, the 30-year mortgage rate was 4.94%, a 7½-year high. The difference in rates between then and now would shave $182 off the monthly payment for a typical home sold in the U.S., given the median price of $280,800.”

One problem for younger generations looking to purchase their first home: a significant shortage of affordable, starter homes. That’s one reason why refinancing activity has jumped significantly in recent months, but existing home purchases continue to run below prior year levels.


OWM provides financial planning, investment management, and retirement coaching to affluent individuals, business owners, and families.