Mortgage Rates at Record Lows Due to Coronavirus Fears

Dated: March 6 2020

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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!

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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....

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