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)
