The coronavirus outbreak has created a state of fear within financial markets. Uncertainties have caused bond yields to lower and as a result mortgages rates have dropped as well. Right now, mortgage rates are at a historic eight-year low and could dip even lower. The last time rates were this low was the summer of 2016 for a brief period before spiking back up that fall. Previous to 2016, rates have not been this low since 2012.
“When rates fall this quickly, it’s not so much that big banks draw the line on mortgage rates, but rather, the underlying mortgage-backed securities market refuses to improve as quickly as the Treasury market…both mortgages and Treasuries are feeling the impact of coronavirus panic. That’s pushing rates lower…”, said Matthew Graham, chief operating officer at Mortgage News Daily.
The residual effects of the coronavirus are something we can’t simply ignore. Now is the time for house-hunters, and homeowners looking to refinance, to take advantage of historically low rates.
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