RECORD LOW MORTGAGE RATES
US Mortgage rates have hit their lowest level ever all stemming from the concerns of the Coronavirus outbreak that started in China and has been spreading around the globe. As investors move to safer assets it’s pushing yields on 10 and 30 year US Treasury Bonds to record low levels. US Mortgage rates typically follow the long-term Treasury bonds.
Mortgage rates dropped to 3.29% from 3.45% last week on a 30 year fixed and to 2.79% on a 15 year fixed rate from 2.95% last week.
Rates on a 30 year fixed haven’t been this low since tracking began back in 1971. Not even the housing crisis back in 2009-2012 saw rates this low! That’s amazing!
For home owners, it’s a great time to consider refinancing. You stand to save huge amounts of money on interest. For those looking to buy it is definitely time to lock in at a low rate. Who knows if rates will go lower. Last week it was reported that Mortgage applications increased by 10% in the US year over year.
If you have any questions or need assistance getting started with the home buying process, please let me know.