Mortgage rates are near historical lows – thirty year mortgage rates are well below 4%.
Last week the impact of the Coronavirus was felt on financial markets worldwide. The DOW dropped into correction territory along with most other major indices. 10 Year treasuries tumbled to from a high of approximately 2.5% one year ago to a low of 1.05%.
Mortgage rates are based, in part, on 10 year treasuries. When these rates fall, so do mortgage rates.
If you have not reviewed your mortgage recently, the time to do so may be now.