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Mortgage Rates Drop to 8-Year Low

Mortgage News > Mortgage Rates Drop to 8-Year Low
Date: 02/25/2020    Mortgage Rates Drop to 8-Year Low

Renewed fears about the Corona virus pushed mortgage interest rates down to lows not seen in almost 8 years, according to Mortgage News Daily. For prime borrowers on conventional loans, the average rate on a 30-year fixed-rate mortgage fell to 3.34% today. Rates sank that low for one day in the summer of 2016 but have not been consistently that low since 2012. Low mortgage rates have helped push refinance applications 165% higher than last year, according to the Mortgage Bankers Association.

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