BROADCASTS.com

Concern about the Wuhan coronavirus is pushing mortgage rates lower. That may seem like a weird cause and effect relationship, but there is a good reason for it.

 

The latest rates for a 30-year mortgage have fallen to their second-lowest level in three years. Freddie Mac reported last week that the average 30-year fixed-rate mortgage was 3.51% and the 15-year fixed-rate mortgage was down to 3%. That’s for the week ending January 20th. If you compare it to the average for that same mortgage in January of last year, it’s almost 1% lower. And some economists expect rates to fall further as the coronavirus spreads.