The 30 year fixed rate dropped to its lowest level in more than seven years last week, amidst increasing concerns regarding the economic impact from the spread of the coronavirus, as well as the tremendous financial market volatility. The market has hit new all-time lows every day this week. It is important to get your rate locked as the market's volatility could wipe out all gains quickly.
Please use caution while shopping for interest rates online as these rates may be for top-tiered borrowers only (with over 720 middle credit scores and 20% equity / down payment). Speaking directly to a Loan Officer (RMLO) will insure an ACCURATE quote before incurring any cost. Ask for a Loan Estimate before pulling the trigger and don't forget a lower credit score will increase your interest rate.
The Fed & bond market (which dictate interest rates) will be watching the economic data and the impact from the coronavirus closely. Once it looks like the impact is waning, we could see sharp upward pressure in rates but that would require a similar bounce in the economic data that has already begun to suffer due to coronavirus.
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