According to the Freddie Mac Primary Mortgage Market Survey®, home mortgage rates hit a record low this week since 1971! Thirty year fixed mortgage rates dropped to 3.29%, with five year adjustable mortgages sinking to 3.18%. This is the second consecutive week of a decline, and many believe we will continue to see a decline in the market. Many area crediting this drop to the current Coronavirus outbreak that has been heavily impacting the stock market, and believe with the virus spreading its way across the United States this will continue to be the case.
2019 has been a record year with the lowest mortgage rates since 2011, and in turn has caused an influx of those looking to re-finance their homes. This is good news for those looking to re-finance, but could be unfortunate for future home buyers, as demand is high. Those looking to re-finance are encouraged to do so quickly, as low rates are not guaranteed.