The average rate on a 30-year fixed mortgage has hit a record low of 3.29%, driven down by investors shifting money into the safety of U.S. Treasurys as the viral outbreak deepens.
This Feb. 18, 2020, photo shows a real estate sign in front of a home for sale in San Francisco. On Thursday, Feb. 27, Freddie Mac reports on this week’s average U.S. mortgage rates.
The tumble in long-term mortgage rates came in a week when the Federal Reserve made a surprise emergency cut in its benchmark interest rate to support the economy in the face of the spreading coronavirus. Investors seeking safety and anticipating further rate cuts by the Fed have shifted money into Treasurys and other fixed-income securities that are perceived as safe havens. Long-term mortgage rates tend to closely track the yields on the 10-year Treasury.
On Thursday, Freddie Mac's survey of loan rates showed that the average rate on a 15-year fixed mortgage sliding this week to 2.79% from 2.95% last week. The growing anxiety over the spreading COVID-19 virus, its potential economic damage and whether governments around the world will be able to contain it triggered a renewed slide in the U.S.. The Standard & Poor's 500 index was down nearly 2% in late-morning trading Thursday. Treasury yields reached further lows as anxiety escalated.
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