If there’s a dubious silver lining to be found regarding the coronavirus pandemic it might be the drop in mortgage rates.
During the week ending March 5th, the 30-year fixed mortgage rate took a 16 basis point hit and dropped to 3.29%, the lowest it’s been in since November of 2012, just after the recession. The 15-year rate followed in suit, losing the same 16 basis points before leveling out at 2.79%, while the 5/1 adjustable rate remained somewhat more stable, losing only 2 basis points to level off at 3.18%.
Making the best of a bad situation, savvy homeowners could take this opportunity to refinance at these lower rates, saving thousands over the lifetime of the loan.
Original article can be found here.