With the coronavirus stressing the global community and rocking the U.S. stock market, mortgage rates dipped to the lowest levels in three years this week. The 30-year fixed-rate mortgage averaged 3.45 percent, hovering over the all-time low of 3.31 percent seen in 2012 after the Great Recession. Experts are unsure if rates will continue to face downward pressure due to the coronavirus’s spread or if they will rebound, but with current rates low, homebuyers and homeowners are jumping to lock down a mortgage or refinance their home.
Mortgage rates dropped once again to the lowest level since October 2016, as investors fretted over the threat posed by the outbreak of the COVID-19 coronavirus.
The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 27, a decrease of four basis points from the previous week, Freddie Mac reported Thursday.
The 30-year fixed-rate mortgage hit its all-time low back in November 2012 in the wake of the recession, when the average rate fell to 3.31%.
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