Mortgage Rates Plunge to 8-Year Low

Mortgage rates are falling fast, and they could sink even lower. Mortgage News Daily reported that the 30-year fixed-rate mortgage averaged 3.34% on Monday, a rate last reached in 2012 and briefly in 2016.

Long-term mortgage rates loosely follow the 10-year Treasury yield. Coronavirus fears are hitting financial markets and prompting bond yields to move lower; mortgage rates are following suit.

Source: “Coronavirus Fears Cause Mortgage Rates to Plunge to 8-Year Low,” CNBC.com (Feb. 24, 2020)