The trajectory of interest rates will depend on how the U.S. economy rebounds from the coronavirus pandemic.
Mortgage rates continue to hover around all-time lows — and if the economic rebound from the coronavirus shutdowns is prolonged, rates could move even lower.
The 5-year Treasury-indexed hybrid adjustable rate mortgage rose one basis point over this last week, averaging 3.18%. The 15-year fixed rate mortgage, meanwhile, fell one basis point to an average of 2.72%. As people have lost their jobs or income, many have had to enter into forbearance agreements to avoid missing monthly mortgage payments. But that has put stress on the mortgage industry, as millions of homeowners are now skipping payments. While lenders have reduced rates to all-time lows throughout this episode, mortgage rates have not fallen as sharply as the 10-year Treasury.
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