Impel Wealth Management Moving Life Forward
Nathan Ollish CFP(R) AIF(R)
April 9, 2021

This Week from Nathan D. Ollish

Should I Still Refinance My Mortgage?
Many of us are well aware of how hot the housing market is right now and have either experienced this firsthand, or probably know somebody who has. Not only are the existing home sales and new construction markets hot right now, but the refinance market continues to do well also. The refinance market has begun to slow over the last few months, as rates have increased slightly but does this mean you should no longer consider refinancing your existing mortgage?

Below is a chart from Freddie Mac going back to 1973 when they first began to track monthly averages for mortgage rates, further illustrating how low rates are today from a long-term historical perspective. According to data recorded in the chart below, the national average for a 30-year fixed mortgage fell below 3% in August of 2020 and bottomed in December of 2020 at 2.68%. At the end of March of 2021, the national average was still sitting at 3.08%. Looking at the same chart from Freddie Mac illustrates that the national average for a 30-year fixed mortgage 5 years ago was 3.69%.  
Some of the potential benefits of refinancing your mortgage include reducing your monthly payments which could increase your monthly cash flow, pay off an existing mortgage ahead of schedule, or trade an adjustable-rate mortgage for a low fixed rate. Another potential benefit could be refinancing your mortgage to a lower interest rate while at the same time utilizing the equity you have in your home to gain access to cash for an immediate or future need.

No two situations are alike, so if you find yourself questioning whether refinancing your home is a good option for you, we would be happy to help! Please feel free to reach out to our office as we all keep Moving Life Forward.  


Nathan D. Ollish, CFP®, AIF®
Financial Advisor
Is there something we can help you with? Please call me at 330.800.0182 or email me directly at
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