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With the fed cutting interest rates to try and counteract the economic impacts of coronavurius, mortgage rates have fallen to their lowest levels on record. The average rate on a 30-year fixed mortgage is now 3.29%.
The average rate on a 30-year fixed-rate mortgage fell to 3.29% from 3.45% last week, mortgage-finance giant Freddie Mac said. Mortgage rates are closely linked to yields on the 10-year Treasury, which this week dropped below 1% for the first time following an emergency Federal Reserve rate cut. A decline in mortgage rates typically boosts home sales. But a worsening coronavirus epidemic and the efforts to contain it—quarantines, business shutdowns and travel restrictions—could keep would-be home buyers on the sidelines during what is usually a busy spring selling season.
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