Mortgage Rates: Time To Revisit

COVID has permeated our lives to such a degree that it is easy to miss significant opportunities that are right in front of you. Currently, one of the biggest opportunities is historically low mortgage interest rates. In March of this year, 30-year mortgage rates dropped to an all-time low of 3.25%. The 15-year fixed-rate was 2.625%, a near all-time low. As of last week, rates have again hit new record lows of 2.625% for 30-year fixed and 2.375% for a 15-year fixed.

What should you do?

 With these low rates, if you have a mortgage, there is a good chance refinancing could save you money…a lot of money. Take a moment to review the interest rate on your current mortgage. If your rate is at least one percent higher than these prevailing rates…AND, you plan to stay in your home for five years or more, consider whether it would be advantageous to refinance.

Back in March, I said that ‘time is not your friend,’ meaning I thought rates would begin to rise. Then COVID hit, and the Federal Reserve dropped rates to near-zero, creating another opportunity to consider either refinancing. If you do not own a home, now would be a great time to consider jumping into the market. As we come out of COVID (hopefully) based on a vaccine or effective treatment, I do expect rates to begin to rise, so do not procrastinate. Meet with a mortgage lender or your financial advisor now and consider your options.


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Mortgage Rates Drop to Record Low

  • Rates dropped to record lows
  • 30-year conventional @ 2.625%
  • 15-year conventional @ 2.375%
  • If your rate is 1% higher, consider refinancing


Stewart H. Welch, III, CFP, AEP, is the founder of THE WELCH GROUP, LLC, which specializes in providing fee-only investment management and financial advice to families throughout the United States. He is the author or co-author of six books, including  J.K. Lasser’s New Rules for Estate, Retirement and Tax Planning- 6th Edition (John Wiley & Sons, Inc.); THINK Like a Self-Made Millionaireand 100 Tips for Creating a Champagne Retirement on a Shoestring Budget.


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