3% is also an excellent mortgage rate. Remember, the lower your mortgage rate is, the less money you'll pay over the life of your loan.
In the last few years, mortgage rates have stayed historically low, sitting at right around 3 to 4% for a conventional 30-year mortgage. If that still sounds high to you, know that 30 years ago, mortgage rates were closer to 10%.
Since the start of the pandemic in 2020, mortgage rates have been even lower than that 3 to 4%. That's because the Federal Reserve made a commitment to keeping rates low for the foreseeable future. At the start of 2022, mortgage and refinance rates were around 2.0% to 2.75% for a mortgage, with lower rates going to those with shorter loan terms.