Mortgage rates inched even lower today as the market resumed efforts to react to and account for risks surrounding the coronavirus outbreak. Weaker economic data also played a part. That said, it’s good to remember that the market’s coronavirus reaction is all about the global economy in the first place. A massive epidemic is assumed to take a toll on the economy and slower economic growth helps rates and hurts stocks.
Today was somewhat special because the average conventional 30yr fixed mortgage rate officially hit the lowest levels since the middle of 2016. This was more a factor of how low they already were yesterday. While today’s bond market improvement was fairly substantial it didn’t translate to a huge change from most mortgage lenders.
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Source: mortgagenewsdaily.comNew feed