According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The drop brought rates to their lowest level since 2012 and matched an all-time survey low. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said rates fell due to uncertainty about the coronavirus. “Market uncertainty around the coronavirus led to a considerable drop in U.S. Treasury rates last week, causing the 30-year fixed rate to fall and match its December 2012 survey low …,†Kan said. “Homeowners rushed in, with refinance applications jumping 79 percent – the largest weekly increase since November 2008.†Kan says rates should remain low for, at least, the near future and will help Americans who hope to refinance their home or purchase a house this spring. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
