LGIH - Mortgage Rates Approaching Decade-Lows on Coronavirus-Fueled Uncertainty
Homeowners looking to refinance and home buyers shopping for a mortgage are getting good news. In part as a result of ongoing coronavirus worries, mortgage rates have fallen and are near their lowest levels since 2013. According to Mortgage News Daily's rate survey, the annual interest rate on a 30-year fixed mortgage was 3.33%, while a 15-year fixed mortgage could be had with a 3.08% interest rate.
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The biggest driver behind the drop in interest rates for mortgages looks to be investor concerns over the impact of coronavirus outbreaks around the world. As the spread of the virus has accelerated, global stock markets have dropped sharply as investors have fled the volatility of equities for the perceived safety of bonds.