As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward a four-year low. They could sink even lower.
The average rate on the popular 30-year fixed mortgage hit 3.42% on Friday, according to Mortgage News Daily. That is for borrowers with strong financials and credit scores. On Monday that rate could move even lower.
That rate hit 3.34% for one day in the summer of 2016, before spiking much higher that fall. Before that, rates were this low in 2012. While rates generally follow the 10-year yield, there are certain market factors that keep rates above a certain level. And those payoffs, or refinances, are surging right now. Applications to refinance a home loan are up around 165% annually, according to the Mortgage Bankers Association.
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