The Federal Reserve said it would keep its benchmark interest rate near zero until the economic recovery gains ground.
As the federal government rolls out a mass vaccination plan and weighs additional stimulus in the midst of the coronavirus crisis, the central bank is keeping its commitment to help everyday Americans through the pandemic.
That means rock-bottom rates will stick around, for now.
Currently, the average 30-year fixed-rate home mortgage is near a record low at 3%, down from 3.77% a year ago, according to Bankrate.
Homeowners can shave a few hundred dollars off their monthly payment by refinancing at a lower rate if they haven’t already.