Mortgage Rates at Record Lows Due to Coronavirus Fears

Dated: March 6 2020

Views: 158

Mortgage rates have tumbled to their lowest level in the history of Freddie Mac’s survey of mortgage lenders, which dates to 1971. This decline is being driven by investors shifting money out of the stock market due to deepening concerns over the Coronavirus. 

According to the latest data released Thursday, the 30-year fixed-rate average sank to a new low of 3.29 percent with an average 0.7 point. It was 3.45 percent a week ago and 4.41 percent a year ago. This decline has created a potential opportunity for would-be home buyers as well as for homeowners looking to refinance into a cheaper loan.

Is this enough of a jump to make a difference in your wallet? The answer is yes. There are 8.2 Million homeowners who could save an average of $266 per month by refinancing. That's over $3,000/year.  And with the current market rates, new home buyers could potentially see hundreds of dollars saved on a monthly basis compared to recent years. 

If you have questions about what you can afford in this market, contact a member of our team today. We look forward to serving you!

Blog author image

Brock Hall

Brock Hall is the Barnette Ludlam Team Executive Administrator and Coordinator of Awesome (COA). Brock has 10+ years in the real estate industry with a background in administration, marketing, and des....

Latest Blog Posts

Charleston Real Estate Market Update - May 22, 2020

Charleston Real Estate Market Update - May 22, 2020Here's some good news to send you into the weekend. We are having some of the best weeks ever in the Charleston real estate market. This past week

Read More

How Has Coronavirus Affected the Charleston Real Estate Market?

How Has Coronavirus Affected the Charleston Real Estate Market? Amazingly, our real estate market here in Charleston is faring extremely well. Real Estate was announced as an essential business

Read More

Lowcountry Homes with LAND - Let's Get Spacious!

Calling All Land Lovers!Many people live for the hustle and bustle of city life. They like being constantly connected and close to as many amenities and entertainment options as possible. But,

Read More

Quick Market Update + An Uplifting Opportunity

Quick Market Update + An Uplifting OpportunityCharleston Area Market UpdateSpring is upon us, which in our industry, typically involves a big peak of home buyers checking out properties,,

Read More